Achates Power Signs Joint Development Agreement With Fairbanks Morse EngineFriday, November 1, 2013
Fairbanks Morse Engine, a Wisconsin business that has built opposed-piston engines for nearly 100 years, has signed a joint development and licensing agreement with San Diego-based Achates Power Inc., which has a new design for the opposed-piston engine. Terms of the agreement were not disclosed.
Fairbanks Morse Engine is part of publicly traded EnPro Industries. The Wisconsin builder wants to use Achates technology to reduce emissions and fuel consumption of its diesel and dual-fuel engines. Fairbanks Morse makes engines for ships and backup emergency power at nuclear power plants.
Achates announced in early October that it received $35.2 million in series C financing, bringing its total funding to $90 million.
— SDBJ Staff Report