Pinnacle Engines has closed its Series C funding, bringing the total investment in the firm to more than $30 million. Investors included Mitsui Global Investment, VenturEast, Bessemer Venture Partners, New Enterprise Associates and Infield Capital. Also, the firm has named Phil Murtaugh, John Parker, BVR Subbu, Hong Liang Lu and Freeman Shen to its newly formed Asian business advisory board. Headquartered in Silicon Valley, Pinnacle Engines is a maker of “ultra-efficient” engine designs.
SAN CARLOS, Calif., May 8, 2014 /PRNewswire/ — Pinnacle Engines, developer of ultra-efficient engine designs, today announced it has appointed five industry leaders to its newly formed Asian Business Advisory Board. Comprised of individuals known and respected for their extensive experience in Asian markets, the Board will offer strategic business and technological advice to Pinnacle Engines’ executive team. Pinnacle Engines also announced closure of its Series C financing, bringing total investment in the company to more than $30 million. Investors in the round included Mitsui Global Investment, VenturEast and a strategic OEM partner along with its existing investors Bessemer Venture Partners, New Enterprise Associates and Infield Capital.
“The combined power of this additional capital and new advisory board gives us the resources and expertise to innovate rapidly in emerging markets. These advisors bring deep industry knowledge and relationships to our company,” says Ron Hoge, CEO and Chairman of the Board at Pinnacle Engines. “With increasing demand around the world for sustainable automotive solutions, they will greatly assist Pinnacle Engines in introducing its engine technology into multiple Asian market segments.”
“The evolving Asian automotive landscape offers tremendous opportunity for new technologies that enable next generation efficiency and performance. Pinnacle Engines is poised to capture key emerging markets with its low cost, low emissions design and I am thrilled to be invited to advise them at this critical juncture,” commented John Parker, former Executive Vice President at Ford Motor Company.
Pinnacle Engines’ Asian Advisory Board members are:
Phil Murtaugh: An experienced Asian automotive leader, Phil joins the Advisory Board after spending 33 years at General Motors, culminating in his position as Chairman and CEO of GM China Group. Phil also held leadership positions at Chrysler and Isuzu and most recently was the CEO of Coda Automotive. Phil is also a member of Pinnacle’s Board of Directors.
John Parker: In his 41-year career at Ford Motor Company, John focused on emerging markets in Asia and Africa, living and working throughout the region before returning to his homeland of Australia. John was President-Ford India, Vice Chairman & EVP-Mazda Motor Company and EVP- Ford Asia Pacific & Africa.
BVR Subbu: A former President of Hyundai India, BVR brings extensive experience in the Asian automotive industry. Prior to Hyundai, BVR was with Tata Administrative Services and headed marketing at Tata Motors with overall responsibility for formulating and implementing strategies in marketing, sales, service and financing for both commercial vehicles and passenger cars.
Hong Liang Lu: With a genuine curiosity for efficient engine architectures, Hong Liang has been a friend and informal advisor to Pinnacle Engines for the past few years. Previously, Hong was President & CEO of Kyocera Unison and founded Unitech Industries in 1991 focusing on digital and wireless transmissions systems in emerging markets.
Freeman Shen: A Board Member and Group Vice President at Zhejiang Geely Holding Group and Chairman of Volvo Car Group China, Freeman also served as Chairman and CEO of Geely Zhaoyuan International where he played a leading role in Geely’s acquisition and integration of the Volvo Car Corporation. Before Geely, Freeman was CEO of Fiat Powertrain China and President of China operations at BorgWarner Inc.
About Pinnacle Engines
Pinnacle Engines is a Silicon Valley-based technology company addressing the urgent need for a more efficient internal combustion engines. Its patented ultra-efficient, 4 stroke internal combustion engine architecture uses standard components and manufacturing techniques for lowest total cost. Once adopted, the Pinnacle engine technology will have a significant impact on the transportation sector’s petroleum usage and greenhouse gas emissions. Pinnacle’s first commercial engine, jointly developed with its charter OEM partner, will soon launch in Asia. For more information visit www.pinnacle-engines.com.