According to a press release submitted by CEO Don Runkle, EcoMotors International has now obtained the necessary financing to complete the engineering and testing of its OPOC (Opposed Piston, Opposed Cylinder) engine technology. In an announcement made July 12, 2010, Mr. Runkle stated that Bill Gates and Khosla Ventures are now exclusive investors in the company. They have invested $23.5 million in Series B funding for the development and global commercialization of EcoMotors’ OPOC engine technology.
Series B funding usually means that a business has been successfully launched and has proven its feasibility. Series B funding stages are used by companies that are past or nearly past the start-up stages of business, but need to find outside investors to finance the further development and marketing of their products. In this case, EcoMotors International has proven its viability by staying in business for two years before seeking outside investors.
The company was established in Troy, Michigan, in early 2008 and is led by CEO Don Runkle and Prof. Peter Hofbauer. Mr. Hofbauer is the Chairman and Chief Technical Officer. Since its establishment, EcoMotors has been rapidly achieving notoriety in the field of internal combustion power and clean energy technology.
EcoMotors claims the unique OPOC engine Prof. Hofbauer designed can be used for a wide variety of purposes, such as automotive, aerospace, agriculture, and marine applications. According to EcoMotors, the OPOC engine can be used in both, private and commercial vehicles. It can also be utilized in auxiliary power units and generators. Basically, the engine can be used anywhere conventional gas and diesel engines are currently being utilized.
Vinod Khosla, who established Khosla Ventures in 2004, stated the opoc technology was the kind of disruptive, environmentally friendly innovations his company was passionate about. Khosla Ventures, which is located in Menlo Park, California, assists entrepreneurs with broadening the potential of their scientific work. The firm supports entrepreneurs in the green technology areas, as well as in more traditional venture areas. Mr. Khosla believes the EcoMotors engine will provide quick payback while being beneficial to large segments of the global population, and that it will not require subsidies or massive infrastructure investments.
Bill Gates, who is widely known as a technology billionaire and philanthropist, believes the EcoMotors engine could be an important step in providing affordable, low-emission transportation, especially in developing countries. Both men think the OPOC engine represents a less dramatic approach to green automotive technology problems because it relies on improving the combustion engine rather than introducing new technology. Integrating new technology, such as solar power or hydrogen, frequently involves altering the current infrastructures. This alteration then makes the product too expensive to be feasible.
The alterations also increase the amount of time it takes to get the market ready for the new product. Since the OPOC engine is suited to the current infrastructure, it will be quicker and less expensive to integrate. Thus, it can be helping to reduce greenhouse emissions during the time it takes for alternative technology to be developed and put into place on the open market.
The OPOC engine design utilizes two cylinders, each with two opposed pistons connected to a common crankshaft. EcoMotors says it delivers up to 50% greater fuel efficiency with a corresponding greenhouse gas emissions reduction. The two-stroke engine is half the size and weight of the conventional four-stroke engines, and is cheaper to produce. The OPOC engine also eliminates several parts currently used by internal combustion engines, such as the cylinder-head and valve-train components.
The OPOC engine provides more flexibility in automobile and truck designing, as well as in other engine applications. Now that EcoMotors has the Series B funding, it plans to complete a 100mpg 5-passenger car prototype based on the OPOC engine this year. However, CEO Runkle expects EcoMotors will make most of its money through licensing its technology to existing engine manufacturers, as well as selling its own engines rather than manufacturing this type of car.
Considering the people involved in this venture, it should be highly successful. Prof. Hofbauer used to be the head of the powertrain development for Volkswagen. He is the man who is behind the original Clean Diesel engine used as a foundation in the Volkswagen Jetta Clean Diesel. The Jetta Clean Diesel won Green Car of the Year honors in 2009.
EcoMotors CEO Don Runkle is the former General Motors vice president of N.A. Engineering who spearheaded the GM EV1 electric car, along with numerous other innovations. Bill Gates founded Microsoft Corporation and the Gates Foundation, and Vinod Khosla was formerly a General Partner at Kleiner Perkins. He also was the co-founder of Sun Microsystems. With these four men working as a team, failure does not seem too likely. They certainly have the necessary inside industrial knowledge and financial management skills needed for success.
References:
Detroit News
EcoMotors International
Entrepreneur
The Independent
TechCrunch
