SustainX, a West Lebanon, New Hampshire-based developer of a technology for energy storage using compressed air, has received $14.4m in financing.
Through the GE Ecomagination Challenge’s “Powering the Grid” program, GE Energy Financial Services, a unit of GE (NYSE: GE), has joined Cadent Energy Partners and existing investors Polaris Ventures and Rockport Capital in the round.
The company intends to use the financing to continue developing its technology, which is called ICAES™ (for Isothermal Compressed-Air Energy Storage).
SustainX previously received a total of $5.4m in financing from the Small Business Innovation Research program of the National Science Foundation and from the Energy Storage Program of the US Department of Energy. Founded in 2007 and led by CEO Thomas Zarrella, the company has developed an energy storage system that is designed to provide economic value to wind and solar energy providers as well as other grid stakeholders.