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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*

Active Power, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00504W100

(Cusip Number)

January 28, 2003

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o Rule 13d-1 (b)

x Rule 13d-1 (c)

o Rule 13d-1 (d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Page 1 of 7 pages


13G
CUSIP No. 00504W100

	1.	Names of Reporting Persons: North American Equity Investors, Inc.			I.R.S. Identification Nos. of above persons (entities only): 47-0773534

	2.	Check the Appropriate Box if a Member of a Group (See Instructions):
		(a)	o
		(b)	x

	3.	SEC Use Only:

	4.	Citizenship or Place of Organization: Delaware

Number of Shares Beneficially Owned by Each Reporting Person With
			5.	Sole Voting Power: 2,095,600

			6.	Shared Voting Power: -0-

			7.	Sole Dispositive Power: 2,095,600

			8.	Shared Dispositive Power: -0-

	9.	Aggregate Amount Beneficially Owned by Each Reporting Person: 2,095,600

	10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): o N/A

	11.	Percent of Class Represented by Amount in Row (9): 5.04%

	12.	Type of Reporting Person: CO

Page 2 of 7 pages


13G
CUSIP No. 00504W100

	1.	Names of Reporting Persons: Thompson Machinery Commerce Corporation			I.R.S. Identification Nos. of above persons (entities only): 62-1098634

	2.	Check the Appropriate Box if a Member of a Group (See Instructions):
		(a)	o
		(b)	x

	3.	SEC Use Only:

	4.	Citizenship or Place of Organization: Tennessee

Number of Shares Beneficially Owned by Each Reporting Person With
			5.	Sole Voting Power: 2,095,600

			6.	Shared Voting Power: -0-

			7.	Sole Dispositive Power: 2,095,600

			8.	Shared Dispositive Power: -0-

	9.	Aggregate Amount Beneficially Owned by Each Reporting Person: 2,095,600

	10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): N/A

	11.	Percent of Class Represented by Amount in Row (9): 5.04%

	12.	Type of Reporting Person: CO

Page 3 of 7 pages

13G


Item 1.
	(a)	Name of Issuer: Active Power, Inc.
	(b)	Address of Issuer's Principal Executive Offices:		11525 Stonehollow Drive Suite 110 Austin, TX 78758

Item 2.
	(a)	Name of Person Filing: North American Equity Investors, Inc.
	(b)	Address of Principal Business Office or, if none, Residence:		1245 Bridgestone Boulevard LaVergne, TN 37015
	(c)	Citizenship: Delaware
	(d)	Title of Class of Securities: Common stock
	(e)	CUSIP Number: 00504W100

Item 3.	If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
			NOT APPLICABLE
	(a)	o	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
	(b)	o	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
	(c)	o	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
	(d)	o	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
	(e)	o	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
	(f)	o	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
	(g)	o	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
	(h)	o	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
	(i)	o	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
	(j)	o	Group, in accordance with §240.13d-1(b)(1)(ii)(J).


Item 4.	Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
	(a)	Amount beneficially owned:		2,095,600
	(b)	Percent of class:		5.04%
	(c)	Number of shares as to which the person has:

		(i)	Sole power to vote or to direct the vote:	2,095,600
		(ii)	Shared power to vote or to direct the vote:	N/A

Page 4 of 7 pages

13G


		(iii)	Sole power to dispose or to direct the disposition of:
			2,095,600
		(iv)	Shared power to dispose or to direct the disposition of:
			N/A
Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d3(d)(1).

Item 5.	Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o.

Item 6.	Ownership of More than Five Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. NOT APPLICABLE

Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. EXHIBIT ATTACHED

Item 8.	Identification and Classification of Members of the Group.

If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE

Item 9.	Notice of Dissolution of Group.

Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. NOT APPLICABLE

Page 5 of 7 pages

13G



By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Date:	February 6, 2003


North American Equity Investors, Inc.

By:	/s/ DeWitt C. Thompson, V
	DeWitt C. Thompson, V
	President


Thompson Machinery Commerce Corporation

By:	/s/ DeWitt C. Thompson, IV
	DeWitt C. Thompson, IV
	President

Page 6 of 7 pages

EXHIBIT

North American Equity Investors, Inc., the relevant subsidiary, is a direct, wholly-owned subsidiary of Thompson Machinery Commerce Corporation.

Page 7 of 7 pages

NORTH AMERICAN EQUITY INVESTORS INC SC 13G