General Compression pockets USD 21m in series A financing
(ADPnews) - Oct 20, 2010 - US General Compression Inc (GC), which is developing compressed-air energy storage systems, said Wednesday it had raised USD 20.9 million (EUR 15m) in the second tranche of a series A financing, after successfully testing a 30-kW proof-of-concept module of its technology.
The proceeds will be used by the company to continue with the development of its patent-pending technology, an air energy storage system that burns no fuel when producing electricity.
The General Compression Advanced Energy Storage (GCAES) technology can increase utility reliance on renewables, eliminate wind power curtailment, enhance transmission utilisation, and make dispatchable renewable power available to customers, the company said.
In February, General Compression closed over USD 17 million in commitments to the first round of Series A funding.