Energy storage firm General Compression bolsters liquidity
General Compression has closed on the final tranche of a $60m Series B financing with part of proceeds going to help fund development of its first utility-scale energy storage demonstration project.
This most recent round of financing was led by Toronto-based Northwater Intellectual Property Funds. Other investors from the Series B or previous rounds in General Compression include US Renewables Group, ConocoPhillips Company, Duke Energy, Serious Change and the Wellford Energy Group.
"Closing our B Round reinforces our investors' continued commitment to pursuing the growing market opportunities for dispatchable wind and utility-scale energy storage projects," says General Compression chief executive Eric Ingersoll.
The company’s 2MW demonstration project under development in Texas has the backing of ConocoPhillips. It will showcase the ability to store intermittent wind generation for use on demand, and features a wind integrated with proprietary technology and a salt cavern.
Compressed air energy storage (CAES) takes air, compresses and stores it in large underground repositories. When demand peaks, the air is released, driving a turbine to produce electricity. The project looks to demonstrate technology that reduces energy loss by removing heat during compression.