From the Wires
General Compression Completes $60 Million Series B Financing
Company Developing Dispatchable Wind™ and GCAES™ Grid Storage Power Projects
By: PR Newswire
Nov. 19, 2012 01:36 PM
NEWTON, Mass., Nov. 19, 2012 /PRNewswire/ -- General Compression, Inc. ("GC"), today announced that it has closed on the final tranche of a $60 Million Series B Financing. Proceeds from this round of investment will be used to continue to fund the company's technology commercialization and project development activities. GC's first utility-scale project is currently under development in Texas and will showcase the ability to store intermittent wind generation for use on demand. The demonstration project features a wind turbine integrated with proprietary GCAES™ technology and a salt cavern.
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 L.P., 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," said Eric Ingersoll, CEO of General Compression.
About General Compression
General Compression is a Massachusetts-based company developing utility-scale Dispatchable Wind™ and energy storage projects. The company was founded in 2006 and has created a proprietary fuel-free compressed air energy storage system called GCAES™. GC can be found on the web at www.generalcompression.com.
SOURCE General Compression, Inc.
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