deals, energy, startups
General Compression Announces $17M Series A Round
Howard Lovy 2/23/10
General Compression, a Newton, MA-based energy storage company, announced today that it has “it has closed over $17 million in commitments to its Series A round of funding.” The funding, from U.S. Renewables Group and Duke Energy, will be used to build General Compression’s first commercial-scale wind power storage unit this year. The company declined to elaborate on its press release (pdf here), which did not specify if the $17 million is all new equity investment; General Compression sold $4.8 million in convertible securities in 2007 according to an SEC filing (a pdf of which is here). The startup’s energy storage system uses compressed air to save wind energy and send it out on transmission lines in a reliable way, as Wade described a few years back.
Howard Lovy is Xconomy's Detroit correspondent. You can reach him at hlovy@xconomy.com.
