The Oil and Gas Climate Initiative (OGCI) has invested in Achates Power in Series-D equity. This investment closes the Series-D offering through which Achates Power has raised $29.8 million to accelerate the company’s growth, commercialisation and continued technology development.
The OGCI is a CEO-led initiative of 10 oil and gas companies that collaborate on action to lead the industry response to climate change. OGCI Climate Investments, its billion-dollar investment arm, supports the development, deployment and scale up of new technologies that will significantly reduce greenhouse gas emissions.
“OGCI Climate Investments aims to catalyse the deployment of technology that will reduce greenhouse gas emissions on a significant scale. We are pleased to be supporting Achates Power as they develop this pioneering technology, which has the potential to revolutionise the internal combustion engine market and make a substantial impact on transport emissions,” said Dr Pratima Rangarajan, CEO of OGCI Climate Investments.
“At Achates Power, we are committed to continuing to advance the high-efficiency and low-emissions capabilities of the Opposed-Piston Engine and to bring it to market. With the support of OGCI Climate Investments and our investors, we are better positioned to reach our goals. This investment will help us continue to develop and commercialise the most efficient, clean, and practical engine possible,” said David Johnson, president and CEO, Achates Power.