General Compression develops a proprietary fuel-free compressed air energy storage system called GCAES™. Founded in 2006 and based in Massachusetts, the company is led by CEO Eric Ingersoll. It has closed the final tranche of a $60M Series B financing. The company intends to use the capital for technology commercialization and project development activities. GC’s first utility-scale project is under development in Texas and will integrate a wind turbine with its GCAES technology and a salt cavern to store intermittent wind generation for on-demand use. The project will serve as a demonstration of the system’s dispatchable wind and storage capabilities. General Compression develops utility-scale renewable power projects built around a proprietary compressed-air energy storage system that stores intermittent wind energy as high-pressure air in underground geologic formations. Its technology enables dispatchable wind farms that can deliver renewable electricity to customers on demand. The company has closed the first tranche of a $54.5M Series B financing. It plans to use the funds to enhance manufacturing capacity and to build a pipeline of projects. The firm's first project is under construction in Texas with project partner and investor ConocoPhillips. General Compression develops a patent-pending GCAES™ compressed-air energy storage system designed to generate electricity without burning fuel. The company completed commissioning and successful testing of a 30kW proof-of-concept module of its technology. It has completed the 2nd tranche of a $20.9M Series A funding. Investors in the tranche include US Renewables Group, Duke Energy and Northwater Intellectual Property Fund LP II. The capital will be used to continue development of commercial-scale General Compression Advanced Energy Storage modules and projects and to further advance its near-isothermal compression/expansion technology. General Compression was founded in 2006 by Eric Ingersoll, David Marcus and Michael Marcus and is based in Newton, Massachusetts. General Compression develops an advanced compressed air energy storage system designed to store and dispatch renewable power without consuming fuel or emitting carbon. The company plans to build and install its first full-scale General Compression Advanced Energy Storage unit, nominally 2 MW, with a roundtrip electrical efficiency in excess of 70%, in 2010. The financing will support the development of that first commercial-scale unit and a series of storage projects. General Compression and partners intend to develop both integrated wind/storage projects and standalone power storage projects, including a first commercial project in 2011. Projects can be sited near existing wind farms or other generators to better utilize existing transmission lines. The company is based in Newton, Massachusetts.

Total raised

$152M

Funding rounds

4

Latest round

Series B

Latest activity

Nov 2012