Achates Power Signs Joint Development Deal with Fairbanks Morse

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provide, not only to the marine and power generation sectors, but also for automotive, commercial truck, and military applications; that is, clean, significantly more fuel-efficient and lower-cost engines compared to the conventional engines that we’ve been relying on for decades.

X: How big is Achates now?

DJ: As we sign contracts, we hire more people. We have a truly world-class team, which now totals 53 people.

X: Achates has raised a total of nearly $90 million since it was founded in 2004, including $35 million in a Series C round that closed a few weeks ago. Do you expect Achates will need additional rounds of venture capital?

DJ: Obviously, as we sign contracts like this one, our need for investor capital is reduced. We will continuously evaluate our capital structure and will consider the opportunity to raise further growth capital to accelerate all aspects of our business.

X: When will Achates become profitable?

DJ: We are on track to meet our financial goals. This contract is evidence of our customers’ confidence and certainly bolsters our confidence in our business plan.

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Bruce V. Bigelow was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here. Follow @bvbigelow

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