EtaGen, a Menlo Park, Calif.-based manufacturer of linear generators, closed an $83m Series C financing.
Backers included new strategic investors American Electric Power (AEP), Centrica Innovations, and Statoil Energy Ventures, KCK Group, Louis M. Bacon, and existing investors Bill Gates and Khosla Ventures.
The round brings the total amount raised by EtaGen to $133m.
The company will use the funding to scale its manufacturing and operations and augment its sales, marketing, and service teams.
Founded in 2010 and led by Shannon Miller, Chief Executive Officer, EtaGen manufactures linear generators to deliver onsite electric power to commercial businesses. The EtaGen Linear Generator uses a low-temperature reaction of air and natural gas to drive magnets through copper coils to produce electricity.
The company already has plans for installations with customers in the utility, grocery, banking, logistics, retail, and telecom industries.