Achates Power

Achates Power is a technology company.

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Updated: Dec 10, 2025 ·

About

Achates Power is a technology company.

Recent News & Mentions

Oct 1, 2017FundingAchates Power - Series D Oct 1, 2013FundingAchates Power - Series C Jan 1, 2010FundingAchates Power - Series B Oct 1, 2009FundingAchates Power - Series A

Financial History

Achates Power has raised $96.0M across 4 funding rounds. Most recently, it raised $30.0M Series D in October 2017.

Total Raised

$96.0M

Valuation

N/A

Funding Rounds Raised

Date	Round	Other Investors
Oct 1, 2017	$30.0M Series D	Andreessen Horowitz, Audacious Ventures, Aventures Capital, Ballistic Ventures, Dig Ventures, Garage Technology Ventures, Geek Ventures, ICONIQ Capital, Lightspeed Venture Partners, Jeff Richards, Sand Hill Angels, Sapphire Ventures, SNR, Tenaya Capital, Ashish Toshniwal, Dharmesh Shah
Oct 1, 2013	$35.0M Series C	Kevin Hartz, ACME Capital, Ambridge Capital, Andreessen Horowitz, Audacious Ventures, Aventures Capital, Ballistic Ventures, Bolt, Dig Ventures, DST Global, FirstMark Capital, Garage Technology Ventures, Geek Ventures, General Atlantic, General Catalyst, Graypes GmbH, Greylock, ICONIQ Capital, IVP, Khosla Ventures, Lightspeed Venture Partners, Glenn Solomon, Hans Tung, Jeff Richards, Sand Hill Angels, Sapphire Ventures, Sequoia Capital, SNR, Sound Ventures, Tenaya Capital, Ashish Toshniwal, Dharmesh Shah, Jabez Dewey, Jawed Karim, Jean-Sébastien Wallez, Jeff Bezos, Jeffrey Lam, Jeremy Stoppelman, Kevin Colas, Marcus Börner, Michael Abramson, Oliver Jung, Rashaun Williams, Shervin Pishevar, Tim Ringel, Vikas Sabnani
Jan 1, 2010	$19.0M Series B	Kevin Hartz, ACME Capital, Ambridge Capital, Andreessen Horowitz, Bolt, DST Global, FirstMark Capital, General Atlantic, General Catalyst, Graypes GmbH, Greylock, IVP, Khosla Ventures, Glenn Solomon, Hans Tung, Sequoia Capital, Sound Ventures, Jabez Dewey, Jawed Karim, Jean-Sébastien Wallez, Jeff Bezos, Jeffrey Lam, Jeremy Stoppelman, Kevin Colas, Marcus Börner, Michael Abramson, Oliver Jung, Rashaun Williams, Shervin Pishevar, Tim Ringel, Vikas Sabnani
Oct 1, 2009	$12.0M Series A	Kevin Hartz, ACME Capital, Ambridge Capital, Andreessen Horowitz, Audacious Ventures, Aventures Capital, Ballistic Ventures, Bolt, Dig Ventures, DST Global, FirstMark Capital, Garage Technology Ventures, Geek Ventures, General Atlantic, General Catalyst, Graypes GmbH, Greylock, ICONIQ Capital, IVP, Khosla Ventures, Lightspeed Venture Partners, Glenn Solomon, Hans Tung, Jeff Richards, Sand Hill Angels, Sapphire Ventures, Sequoia Capital, SNR, Sound Ventures, Tenaya Capital, Ashish Toshniwal, Dharmesh Shah, Jabez Dewey, Jawed Karim, Jean-Sébastien Wallez, Jeff Bezos, Jeffrey Lam, Jeremy Stoppelman, Kevin Colas, Marcus Börner, Michael Abramson, Oliver Jung, Rashaun Williams, Shervin Pishevar, Tim Ringel, Vikas Sabnani

Financial History

Achates Power has raised $96.0M across 4 funding rounds.

Total Raised

$96.0M

Valuation

N/A

Deep Dive

Achates Power is a San Diego–based engineering company that designs and licenses *opposed‑piston* internal‑combustion engines aiming to deliver higher fuel efficiency, lower emissions, and lower cost compared with conventional engines for commercial, military, and passenger applications.[2][3]

High‑Level Overview

Mission: Achates Power’s stated mission is to develop cleaner, more efficient, and cost‑effective engine solutions by commercializing opposed‑piston engine technology and licensing designs, tools, and patents to OEMs and system integrators.[2][4]
Investment philosophy / Key sectors / Impact on startup ecosystem: (Not an investment firm; Achates Power is a technology/engine developer and licensor rather than an investor.)[2][4]
What product it builds: Achates Power develops opposed‑piston, two‑stroke, compression‑ignition engine designs, associated control software, and test/development tools, and it offers engineering services and licensing agreements to manufacturers.[1][4][5]
Who it serves: The company serves engine OEMs, commercial and military vehicle integrators, and other customers needing high efficiency and power‑dense propulsion systems.[4][6]
What problem it solves: Achates targets the efficiency and emissions limits of conventional piston engines by using an opposed‑piston architecture that reduces heat losses, eliminates cylinder heads, and enables higher brake thermal efficiency with emissions control compatible with current aftertreatment systems.[1][3][5]
Growth momentum: Achates has attracted substantial private investment, executed extended lab and dynamometer testing, partnered with organizations including Argonne and Delphi under ARPA‑E funding, and was selected for military engine development—demonstrating technical validation and customer traction prior to a partial asset acquisition by General Atomics Aeronautical Systems in 2024/2025.[1][3][6]

Origin Story

Founders and background: Achates Power was founded in 2004 by Dr. James U. Lemke (a serial entrepreneur and physicist) with co‑founder John Walton and a team of engineers to modernize the opposed‑piston, two‑stroke engine concept using contemporary materials, controls, and simulation tools.[2][3]
How the idea emerged: Lemke believed modern computational tools and component advances could revive the inherent efficiency advantages of opposed‑piston architectures while meeting modern emissions and durability targets.[2]
Early traction / pivotal moments: Early milestones include ARPA‑E funding for the HOPE program and joint work with Argonne National Laboratory and Delphi Technologies, extensive dynamometer testing (thousands of test hours), recognition in industry awards, and a 2017 selection with Cummins for a U.S. Army Advanced Combat Engine program—events that validated the technology and attracted strategic partners and investors.[1][3][8]

Core Differentiators

Unique architecture: The opposed‑piston, two‑stroke layout eliminates cylinder heads and associated cooling losses, offering inherent thermal efficiency and power‑density advantages over conventional four‑stroke engines.[1][5]
Broad fuel flexibility: Achates’ designs have been developed to run on diesel, gasoline, natural gas, JP‑8, and renewable biofuels, enabling use across civil and military fuel infrastructures.[1]
IP and tooling: The company claims a large patent portfolio (hundreds of issued and pending patents) plus proprietary simulation, controls, and test capabilities that accelerate development and licensing for customers.[1][5]
Business model: Revenue comes from engineering services, co‑development partnerships, and technology licensing/royalties—allowing OEMs to manufacture while Achates supplies designs and support.[4]
Demonstrated testing & partnerships: Extensive dynamometer testing and collaborations with national labs and OEM suppliers (e.g., Argonne, Delphi) provide empirical performance data and credibility.[1][3][5]

Role in the Broader Tech Landscape

Trend alignment: Achates rides a continuing industry push to lower vehicle CO2 and criteria emissions while preserving cost and performance—particularly for heavy‑duty, light‑truck, and military platforms where energy density and range still favor liquid fuels.[2][3]
Timing: Global regulations and fleet decarbonization goals increase demand for higher‑efficiency combustion options as complementary or transitional solutions alongside electrification and hydrogen.[3][4]
Market forces in their favor: Need for cost‑effective improvements for billions of ICE vehicles worldwide, military demand for fuel‑flexible, high‑power‑density engines, and OEM interest in licensing proven subsystems favor adoption pathways for technology licensors like Achates.[1][6]
Influence: By providing licensable engine architectures and development know‑how, Achates acts as a multiplier—enabling OEMs to integrate high‑efficiency combustion options without in‑house ground‑up R&D, which can accelerate incremental improvements across the transport sector.[4][5]

Quick Take & Future Outlook

Near term: Expect continued technology maturation via licensing and targeted programs in commercial and defense segments; Achates’ robust test data and strategic partnerships position it to sign additional licensing or co‑development deals with OEMs and integrators.[1][3][6]
Medium term: Market uptake will depend on OEM economics, regulatory pressure, and how the company’s licensed solutions compare to electrification and other low‑carbon powertrains on total cost of ownership and lifecycle emissions.[2][4]
Longer term: If opposed‑piston designs prove reliably lower cost and higher efficiency at scale, Achates’ IP and licensing model could make it an important transitional technology provider—particularly in segments where energy density and refueling speed remain critical.[1][4]
Risks and considerations: Widespread adoption requires OEM manufacturing adaptation, supply‑chain readiness, proven long‑term durability in field fleets, and competitive positioning versus electrification and alternative fuels.[5][3]

Overall, Achates Power has carved a distinct role as a technology licensor focused on modern opposed‑piston engines—combining deep IP, lab‑proven performance, and strategic partnerships to offer a potentially lower‑cost, higher‑efficiency internal‑combustion option for markets where liquid‑fuel energy density and retrofit economics remain decisive.[1][4][6]

Sources

Frequently Asked Questions

How much funding has Achates Power raised?

Achates Power has raised $96.0M in total across 4 funding rounds.

Who are Achates Power's investors?

Achates Power's investors include Andreessen Horowitz, Audacious Ventures, Aventures Capital, Ballistic Ventures, Dig Ventures, Garage Technology Ventures, Geek Ventures, ICONIQ Capital, Lightspeed Venture Partners, Jeff Richards, Sand Hill Angels, Sapphire Ventures.