Company Timeline

 2004

Founded by NAE Member Dr. James U. Lemke with investment from John Walton, son of Sam Walton, founder of Wal-Mart. Named after Achates, Aeneas’s faithful friend in Virgil’s Latin epic poem “Aeneid” (1st century BC).

 2005

Engine testing began in company’s in-house test cell

 2007

Series A Venture Capital round led by Sequoia Capital with investments from Madrone Capital Partners, Rockport Capital Partners, and InterWest Partners Received DARPA contract to design light-weight, compact UAV engine

 2008

David Johnson, President & CEO, hired 500 hours of testing completed on engine in company test cell

 2009

Second company test cell commissioned Real-time oil control measuring system installed

Winner, Global Cleantech and Going Green Top 100 Lists

Finalist in DOE ARPA-E competition

Business Week names Achates Power, Inc. one of “25 companies to watch in Energy Tech”

Series B Venture Capital round with introduction of new investor, Triangle Peak Partners

 2010

Proprietary combustion system yields superior efficiency and emissions results compared to today’s state-of-the-art Diesel engines

Engine passes NATO 50 hour cyclic durability test

Over 1,000 hours of testing completed in company’s test facility

Additional test stand added to company’s test facility

Winner, GoingGreen Top 100 List

 2011

Surpassed more than 2,500 hours of testing in company’s test facility

Demonstrated more than a 20 percent fuel efficiency improvement compared to today’s best diesel engines and an approximately 55 percent improvement compared to today’s standard gasoline engine

Proven the engine is clean, with engine-out emissions that are compatible with current and future standards

Shown an overall reduction in engine cost, weight and complexity

Winner, GoingGreen Top 200 List

 2012

First firing of the company’s A48 opposed-piston, double crank, spur gear train engine. Company surpasses 3,600 hours of total test time

Named Red Herring 100 Americas finalist

Company founder, Dr. James Lemke, receives 100th patent

Achates Power and AVL selected to develop Next-Generation Combat Engine

 2013

Frost & Sullivan selects Achates Power for 2013 North American New Product Innovation Award in the medium- and heavy-duty commercial vehicle engine marketExceeded more than 4,500 hours of total test time

Company named first runner-up in Securing America’s Future Energy (SAFE) “Energy Security Prize”

Fairbanks Morse Engine signs joint development and licensing agreement with Achates Power to reduce emissions and fuel consumption of Fairbanks Morse proprietary diesel and dual-fuel opposed-piston engines

Achates Power receives CONNECT Most Innovative New Product award in the sustainability category

 2014

Achates Power engine surpasses 5,000 hours of dynamometer testing.Company releases results of light-duty diesel engine study versus a next-generation diesel engine benchmark; demonstrates 30 percent fuel economy improvement and potential to meet Tier 3/LEV III emissions standards

 2015

Achates Power is awarded a $14 million project to develop a Single Cylinder Advanced Combat Engine Technology Demonstrator for the U.S. Army Tank Automotive Research, Development and Engineering Center (TARDEC). With this new contract, Achates has six concurrent customers whose contracts encompass five different engine applications: passenger vehicle, light commercial vehicle, heavy commercial vehicle, military and marine/stationary power.

To satisfy the demands of new customer contracts and rapid growth, Achates opened its midwest operations in metro Detroit. The new customer application engineering facility is based in Farmington Hills, Mich.