SustainX, a West Lebanon, New Hampshire-based energy storage company, has received an additional $5.6m in funding.
The round, which include investment from General Catalyst Partners and existing backers, brings the total amount raised in this financing to $20m.
The funds will support continued development of SustainX’s patented Isothermal compressed air energy storage technology.
As stated by CEO Thomas Zarella, “This new round of financing will allow SustainX to develop its first MW scale system and move quickly toward commercialization”.
Founded in 2007 by engineers at the Thayer School of Engineering at Dartmouth College, the company has already received four US patents for core elements of its technology and completed a Pilot plant.
SustainX is cuurently on track to demonstrate its first one megawatt grid connected system in collaboration with AES Energy Storage (under an award funded by the Energy Storage Program at the US Department of Energy).
FinSMEs
04/05/2011