Bill Gates-backed EcoMotors buys fellow metro Detroit-based engine tech firm Katech
03-12-2014, 12:33 PM
#1
Bill Gates-backed EcoMotors buys fellow metro Detroit-based engine tech firm Katech DETROIT, MI – Allen Park-based EcoMotors, Inc. has acquired Clinton Township-based Katech, Inc. for an undisclosed price. Both companies specialize in engine technologies, and EcoMotors said in a release that it will leverage Katech’s expertise on this front to further the company’s growth.
“The purchase of Katech will significantly grow EM’s ability to bring things from design to life at a rapid pace, taking us further down the path of redefining how the world is powered,” Amit Soman , EM president and chief operating officer, said in the release. “With this, we are adding a remarkable team with a long-standing reputation for high quality and a proven track record in the space.”
Founded in 2008 and privately held, EcoMotors, uses an opposed-piston, opposed-cylinder (OPOC) engine technology that is aimed at improving fuel efficiency while also keeping down production costs. It counts Bill Gates among its primary investors, as well as Khosla Ventures and Braemar Energy Ventures.
EcoMotors also recently announced a $200 million joint venture with First Auto Works Jingye Engine Company, a subsidiary of First Auto Works, to develop, build, sell and service the OPOC engine in China’s Shanxi Province next year.
Katech, founded in 1977, has provided its technology to General Motors, Ford and Chrysler, and its engine technology has been used by GM’s Corvette Racing team. It is now housed in more than 30,000 square feet at three buildings in Clinton Township.
With the acquisition, EcoMotors has named Tony Mannarino as CEO of Katech. Katech’s former CEO, John Kayl, will remain a consultant to the company. Katech will continue to operate under the Katech brand name.
“The purchase of Katech will significantly grow EM’s ability to bring things from design to life at a rapid pace, taking us further down the path of redefining how the world is powered,” Amit Soman , EM president and chief operating officer, said in the release. “With this, we are adding a remarkable team with a long-standing reputation for high quality and a proven track record in the space.”
Founded in 2008 and privately held, EcoMotors, uses an opposed-piston, opposed-cylinder (OPOC) engine technology that is aimed at improving fuel efficiency while also keeping down production costs. It counts Bill Gates among its primary investors, as well as Khosla Ventures and Braemar Energy Ventures.
EcoMotors also recently announced a $200 million joint venture with First Auto Works Jingye Engine Company, a subsidiary of First Auto Works, to develop, build, sell and service the OPOC engine in China’s Shanxi Province next year.
Katech, founded in 1977, has provided its technology to General Motors, Ford and Chrysler, and its engine technology has been used by GM’s Corvette Racing team. It is now housed in more than 30,000 square feet at three buildings in Clinton Township.
With the acquisition, EcoMotors has named Tony Mannarino as CEO of Katech. Katech’s former CEO, John Kayl, will remain a consultant to the company. Katech will continue to operate under the Katech brand name.
