Total Energy Ventures, the corporate venture capital arm of French oil and gas producer Total SA, brought additional capital to a second closing of the US$37.3 million Series D financing of energy storage solutions provider LightSail Energy Inc. The deal’s first closing, which included Khosla Ventures, Bill Gates and Canadian venture capital firm Innovacorp, took place in late 2012. Founded in 2009, LightSail has its head office in Berkeley, California. The company operates in Canada through the Nova Scotia-based LightSail Canada Inc.
Total Energy Ventures Invests in LightSail Energy Storage Technology
Low-Cost Technology Aims to Optimize Management of Electric Grids in Response to Soaring Renewables Penetration and Global Electric Demand
BERKELEY, CALIFORNIA – February 19th, 2013 – LightSail Energy announced today that it has raised additional capital in a second closing of its Series D funding, mostly from Total Energy Ventures, the corporate venture capital arm of French Oil and Gas major Total. Total Energy Ventures joins the round led by Peter Thiel and which also includes Khosla Ventures, Bill Gates, Innovacorp and other investors. The additional funding from Total further strengthens LightSail’s investors base.
Founded in 2009, LightSail Energy is applying thermodynamics to develop breakthrough grid-scale energy storage technology that uses compressed air as the storage medium.
“LightSail Energy is very proud to include Total in its recent investment round. Total has been a key player in the Oil and Gas business for almost 90 years, and it has shown great vision, as its early interest and continued support for renewable energy demonstrate. We are excited about the insights and opportunities that this partnership will create for LightSail”, said Steve Crane, co-founder and CEO of LightSail Energy.
“Energy storage is an important enabler for the long-term development of alternative energies and to ensure the stability of electricity supply. We are pleased to support the development of LightSail Energy’s innovative technology”, said François Badoual, CEO of Total Energy Ventures.
ABOUT LIGHTSAIL ENERGY:
LightSail’s technology converts electrical energy to compressed air, and then reverses the process to deliver electrical energy again when it’s needed, keeping round-trip losses to a minimum. LightSail believes that a low-cost grid-scale energy storage solution holds the key to unlocking the true potential of increasingly competitive renewable energies, optimizing power grids, democratizing access to energy, and helping to make the world a safer and better place for future generations.LightSail was founded in 2009 by Danielle Fong, Steve Crane and Ed Berlin.
ABOUT TOTAL ENERGY VENTURES:
Total Energy Ventures is the Corporate Venture arm of the Total Group. Its investments support the development of companies with innovative technologies or business models, in areas such as renewable and alternative energies, oil and gas, energy efficiency, energy storage, waste valorization, greenhouse gases reduction, industrial water, sustainable mobility.
To learn more about LightSail Energy, visit www.lightsail.com.
Steve Crane, Co-founder and CEO
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