General Compression Completes 2nd Tranche of $20.9 Million Series A Fundraising
Company Successfully Achieves Technical Milestones and Closes Remainder of Series A Round. New Funds to Continue the Development of Advanced Compressed Air Energy Storage Technology and Projects
NEWTON, Mass., Oct. 20 /PRNewswire/ -- General Compression, Inc. ("GC"), a Massachusetts company developing an innovative compressed air energy storage system that burns no fuel when generating electricity, announced today that it has completed the 2nd Tranche of a $20.9 Million Series A Fundraising after the commissioning and successful testing of a 30kW Proof of Concept module of its patent-pending GCAES™ technology.
"Achieving the Tranche II technical requirements and closing our Series A Round are important company milestones that not only provide the funding capacity to continue the development of commercial scale General Compression Advanced Energy Storage module and projects, but further validate the merits of our near-isothermal compression/expansion technology. Our results from the GCAES™ Proof of Concept testing were conclusive and very promising," said Eric Ingersoll, CEO of General Compression.
About General Compression
Founded in 2006, General Compression, Inc. has made patent-pending advancements in the fields of isothermal compression and expansion to provide utility-scale storage for renewable electricity sources such as wind and solar. GC's near-isothermal compressor/expander module is used to create 2.4 MW to 1,000 MW, 8 to 300 hour discharge, compressed air energy storage projects. Company founders Eric Ingersoll, David Marcus, and Michael Marcus launched GC with a vision of creating Dispatchable Wind™ to integrate low-cost bulk storage with wind farms to eliminate the issues of intermittent power generation. The company's technology and projects are designed to set clean, domestic wind power on a path to become the dominant electric power generation source in the United States. General Compression raised over $20.9 million in 2010 from investors US Renewables Group, Duke Energy and Northwater Intellectual Property Fund LP II. GC can be found on the web at www.generalcompression.com.
For additional information, please contact David Marcus, President, at 617-559-9999.
SOURCE General Compression, Inc.
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