General Compression Completes $60 Million Series B Financing
Company Developing Dispatchable Wind™ and GCAES™ Grid Storage Power Projects
NEWTON, Mass., Nov. 19, 2012
NEWTON, Mass., Nov. 19, 2012 /PRNewswire/ --General Compression, Inc. ("GC"),
today announced that it has closed on the final tranche of a $60 Million
Series B Financing. Proceeds from this round of investment will be used to
continue to fund the company's 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.
This most recent round of financing was led by Toronto-based Northwater
Intellectual Property Funds. Other investors from the Series B or previous
rounds in General Compression include US Renewables Group, ConocoPhillips
Company, Duke Energy, Serious Change L.P., and the Wellford Energy Group.
"Closing our B Round reinforces our investors' continued commitment to
pursuing the growing market opportunities for Dispatchable Wind™ and
utility-scale energy storage projects," said Eric Ingersoll, CEO of General
About General Compression
General Compression is a Massachusetts-based company developing utility-scale
Dispatchable Wind™ and energy storage projects. The company was founded in
2006 and has created a proprietary fuel-free compressed air energy storage
system called GCAES™. GC can be found on the web at
SOURCE General Compression, Inc.
Contact: Ian Lawson, VP Development, +1-617-559-9999,
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