General Compression Gets $3M

Erin Kutz5/12/10

General Compression,  a Newton, MA-based developer of technology for using compressed air to store energy from wind turbine systems, announced it has wrapped up another $3 million in Series A financing, bringing the round’s total to $20.9 million. The newest tranche comes from the Northwater Intellectual Property Fund, managed by Northwater Capital Management, a private investment firm with offices in New York, Chicago, and Toronto. Duke Energy and U.S. Renewables Group participated in the earlier close of the Series A round. In 2007, Wade profiled General Compression, which is developing a compressor system to increase the reliability of wind power, helping to better transmit stored energy from windmills to the power grid.

Erin Kutz is an Associate Editor for Xconomy. You can reach her by e-mail at ekutz@xconomy.com or by phone at (617) 252-0700, or follow her on Twitter at @erkutz.