SustainX develops isothermal compressed-air energy storage technology and holds multiple US patents for core elements of its approach. The company has completed a pilot plant and is working to commercialize by building its first megawatt-scale system. The recent funding will support continued development of its patented technology and accelerate deployment of MW-scale systems. SustainX is on track to demonstrate a one-megawatt grid-connected system in collaboration with AES Energy Storage under a US Department of Energy Energy Storage Program award. Founded in 2007 by engineers at the Thayer School of Engineering at Dartmouth College, the company is based in West Lebanon, New Hampshire. The financing activity described in the articles reflects progress toward commercialization rather than disclosed revenue or user metrics. SustainX, founded in 2007 and based in West Lebanon, N.H., develops ICAES™ (Isothermal Compressed-Air Energy Storage) systems for bulk grid storage. Its core product uses pistons to compress air into above-ground vessels while maintaining nearly constant temperature during compression and expansion to improve efficiency and reduce cost versus other above-ground options. The design relies on ambient-temperature, nontoxic working fluids, mature industrial components, and proprietary thermodynamic and hydraulic control innovations; the company holds four U.S. patents on core aspects of the technology. SustainX targets the emerging market for grid-scale storage created by renewable generation and aims to displace gas-fired peaker plants. Financially, the company has secured a new $14.4M venture financing and earlier received about $5.4M from NSF SBIR and the U.S. Department of Energy Energy Storage Program. SustainX plans to develop and demonstrate a grid-scale prototype in partnership with AES Energy Storage capable of powering roughly 1,000 typical U.S. homes. SustainX is developing a technology for utility-scale energy storage that stores large amounts of energy using compressed air. The company received a $5.39M award from the US Department of Energy to develop the technology and advance to a full-scale demonstration. The DOE- and SustainX-funded demonstration will culminate in deployment of a 1 megawatt, 4 megawatt-hour system hosted at an AES Energy Storage LLC-affiliated site. The DOE award is funded under the American Recovery and Reinvestment Act of 2009. Previously SustainX received a Small Business Innovation Research grant from the National Science Foundation and venture capital funding from Polaris Venture Partners and Rockport Capital Partners. The company was spun out of Dartmouth College last year and employs 10 people at its site in West Lebanon, New Hampshire.

Total raised

$25M

Funding rounds

3

Latest round

Equity

Latest activity

May 2011