General Compression, the Massachusetts-based renewable energy company, announced it has closed the first tranche of its $54.5 million Series B round. The company, founded in 2006, did not publicize other details of the financing. Already its first project, with GC investor ConocoPhillips, is underway. This recent round of funding was led by Toronto-based Northwater Capital Management, Inc. Other investors in General Compression include US Renewables Group, Duke Energy, and Serious Change L.P.
New Funds Will Finance the Construction of Dispatchable Wind™ Projects.
NEWTON, Mass., June 7, 2011 /PRNewswire/ — General Compression, Inc. (“GC”), a Massachusetts company developing utility-scale, responsive, renewable power projects that feature a proprietary compressed air energy storage system, announced today that it has closed on the first tranche of a $54.5 Million Series B Financing. Funds from this investment round will be used to enhance the company’s manufacturing capacity and to build a pipeline of projects that offer firm power contracts to customers. The company’s first project is currently under construction in Texas with project partner and GC investor ConocoPhillips. This recent round of funding was led by Toronto-based Northwater Capital Management, Inc. Other investors in General Compression include US Renewables Group, Duke Energy, and Serious Change L.P. The second tranche of the Series B Financing is subject to certain milestones.
“The closing of the first tranche of our Series B Round leaves General Compression well-positioned to quickly ramp up our supply chain activity and to develop full-scale Dispatchable Wind™ projects,” said Eric Ingersoll, CEO of General Compression. “We’re very excited about the market opportunities we see, and thankful for the continued support of our investors.”
About General Compression
Founded in 2006, General Compression, Inc. has made patent-pending advancements in the fields of isothermal compression and expansion to enable utility-scale 100% renewable dispatchable power projects. Company founders Eric Ingersoll, David Marcus, and Michael Marcus launched GC with a vision of creating Dispatchable Wind™ to integrate low-cost bulk energy storage with wind farms to eliminate the issues of intermittent power generation and deliver renewable electricity to customers on demand. The company’s technology and projects are designed to set clean, domestic wind power on a path to achieve its full potential as a major electric power generation source. GC can be found on the web at www.generalcompression.com.
SOURCE General Compression, Inc.