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Energy Storage Developer General Compression Raises $21m
Investors in the company include US Renewables Group, Duke Energy and Northwater Intellectual Property Fund II.
The new funds will enable the Massachusetts-based company to continue its development of an advanced compressed air energy storage technology, which generates electricity without burning fuel, and further associated projects.
The funding follows the company’s commissioning and successful testing of a low-voltage proof of concept module demonstrating its patent-pending General Compression Advanced Energy Storage (GCAES) technology.
‘Our results from the GCAES proof of concept testing were conclusive and very promising,’ said Eric Ingersoll, CEO of General Compression.
‘Achieving the second tranche technical requirements and closing our Series A round are important company milestones that not only provide the funding capacity to continue the development of commercial scale GCAES module and projects, but further validate the merits of our near-isothermal compression and expansion technology.’
Founded in 2006, General Compression has made patent-pending advancements in the fields of isothermal compression and expansion to provide utility-scale storage for renewable electricity sources such as wind and solar.
Its near-isothermal compressor and expander module can be used to create between 2.4MW and 1GW of power.
The company’s founders Ingersoll, David Marcus and Michael Marcus said they launched General Compression with a vision of integrating low-cost bulk storage mechanisms with wind farms to eliminate the issues of intermittent power generation.
See the company's press release on PR NewsWire. October 22, 2010.