General Compression, Inc., a Massachusetts-based company developing utility-scale Dispatchable Wind™ and energy storage projects, has closed on the final tranche of a $60m Series B Financing.
The round was led by Northwater Intellectual Property Funds, with participation from US Renewables Group, ConocoPhillips Company, Duke Energy, Serious Change L.P., and the Wellford Energy Group.
Founded in 2006 and led by Eric Ingersoll, CEO, General Compression has created a proprietary fuel-free compressed air energy storage system called GCAES™.
The company intends to use the capital for 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.