EcoMotors International, a company backed by co-founder Bill Gates, received a new round of funding to develop a new type of green engine.
Tuesday, July 10th, EcoMotors announced it received a third round of funding, for $32.5 million, from New York-based Braemer Energy Ventures, Gates, and California-based venture capitalist firm Khosla Ventures. Both companies are previous investors. EcoMotors tries to develop the opposed piston-opposed cylinder or OPOC, which is a diesel engine that offers 15% to 50% better fuel economy and costs 20% less to build.
Some of EcoMotor’s customers are: Illinois-based Navistar, which produces diesel engines and medium and heavy trucks, Wisconsin-based Generac, which produces generators and Chinese auto company Jiangling Motors that is already taking into consideration the engine for its passenger cars. The engine can be used at any vehicle that requires a diesel engine, but it cannot be retrofitted to existing automobiles.
The company’s partners are Borg Warner Inc., Federal-Mogul Corp., and Robert Bosch LLC, which provide parts for the engine such as pistons, and injectors. EcoMotors also has a joint agreement with Borg Warner to manufacture an electrically controlled turbocharger. The company expects the project reach its end in about five years.