Fairbanks Morse Engine and Achates Power Team Up to Enhance Opposed-Piston Engines

  Fairbanks Morse Engine and Achates Power Team Up to Enhance Opposed-Piston
  Engines

   Companies to collaborate on power output, fuel efficiency and emissions
 improvements for Fairbanks Morse diesel and dual-fuel opposed-piston engines

Business Wire

BELOIT, Wis. & SAN DIEGO -- October 30, 2013

The leading manufacturer of opposed-piston engines, Fairbanks Morse Engine, an
EnPro Industries (NYSE: NPO) company, has signed a joint development and
licensing agreement with Achates Power, Inc. —an innovator of radically
improved internal combustion engines that are clean, more fuel efficient and
lower cost—to reduce emissions and fuel consumption of Fairbanks Morse
proprietary diesel and dual-fuel opposed-piston engines.

Fairbanks Morse opposed-piston engines have proven their reliability in a wide
range of critical applications including nuclear standby power, emergency
stationary power, telecommunications networks and commercial installations.
Fairbanks Morse is also a provider of marine propulsion and ship service
systems for the U.S. Navy and U.S. Coast Guard.

Achates Power began modernizing opposed-piston engines in 2004, inspired by
the record-setting Junkers Jumo 205 diesel aircraft engine. After more than
4,500 hours of dynamometer testing, the company has demonstrated brake thermal
efficiency of 47.8 percent while meeting the most stringent, global vehicle
emissions standards.

“The benefits of two-stroke, opposed-piston designs are well-known – fewer
moving parts, less maintenance and reduced operating costs,” said Fairbanks
Morse President Marvin Riley. “Fairbanks Morse opposed-piston engines have
logged millions of operating hours and proven their reliability and durability
under a wide range of conditions. We anticipate that enhancing our
field-proven opposed-piston engines with the latest fuel system technology and
advanced combustion system from Achates Power will improve engine power and
efficiencies and make these engines even more attractive for today’s demanding
marketplace.”

“Fairbanks Morse has a long and very distinguished history in the design,
development and manufacture of opposed-piston engines,” said David Johnson,
CEO, Achates Power. “Having spent nearly 10 years applying the latest
technology, science and engineering to modernize and enhance the
opposed-piston engine, we have great confidence in our technology and its
ability to achieve Fairbanks Morse’s goals.”

This announcement closely follows the recent selection of Fairbanks Morse by
Ecopetrol, the primary oil and gas producer in Colombia, to provide five
opposed-piston, two-stroke, dual-fuel engine-driven crude oil pump sets and
auxiliary equipment for the Ayacucho-Covenas pipeline. It also comes after
news of key strategic Achates Power milestones, such as the close of its
Series C financing, formation of an Industry Advisory Board, a joint contract
with AVL Powertrain Engineering to develop the Next-Generation Combat Engine
for the U.S. Army Tank Automotive Research, Development and Engineering Center
(TARDEC) and selection as the first runner up in Securing America’s Future
Energy “Energy Security Prize”.

About Fairbanks Morse

Fairbanks Morse is a worldwide leader in diesel and dual-fuel engine
technology and manufacturing. The company’s mission is to provide the highest
quality diesel and dual-fuel engines and generator sets, OEM parts, and
factory trained field service support. Fairbanks Morse is a trusted provider
of reliable engine drive solutions for a wide range of critical applications.
These include base-load and standby power generation, emergency back-up power
for nuclear plants, and ship propulsion and shipboard power for the U.S. Navy,
the U.S. Coast Guard and commercial vessels. More information is available at
www.fairbanksmorse.com.

About Achates Power, Inc.

Achates Power, Inc. has developed radically improved internal combustion
engines that increase fuel efficiency, reduce greenhouse gas emissions and are
lower cost. Founded in 2004—by serial entrepreneur and influential physicist
Dr. James Lemke—with the mission to build better, more efficient engines, the
San Diego-based company has an experienced staff of engineers and scientists
focused on applying their proven technical know-how and expertise, coupled
with the industry’s leading-edge testing, simulation and analysis tools.
Achates Power has received widespread recognition from groups such as Securing
America’s Future Energy, Frost & Sullivan, BusinessWeek, AlwaysOn, The
Guardian and Cleantech Group for its leadership in the energy and cleantech
sectors. It is backed by top private equity firms Sequoia Capital Partners,
RockPort Capital Partners, Madrone Capital Partners, InterWest Partners and
Triangle Peak Partners. For more information, visit www.achatespower.com,
www.twitter.com/achatespower and www.youtube.com/achatespowerinc.

Contact:

Media Contacts
Sheila Gailloreto
Fairbanks Morse
+1 608-364-8485
Sheila.Gailloreto@FairbanksMorse.com
Jennifer Korail
Airfoil for Achates Power
+1 248-304-1429
korail@airfoilgroup.com