Wednesday, August 12, 2009

NH energy storage startup SustainX lands $4M

By Mass High Tech staff

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SustainX Inc., a West Lebanon-based cleantech startup, has pulled in $4 million in equity financing, according to a regulatory filing with the U.S. Securities and Exchange Commission.

Although the regulatory filing does not list the company’s investors, SustainX notes on its website that its backers include Polaris Venture Partners, RockPort Capital Partners, National Science Foundation and Angeli Parvi.

SustainX develops compressed-air energy storage technology intended as a non-toxic, low-cost and low-maintenance solution. The company was co-founded in 2007 by Charles Hutchinson, Dean Emeritus and John H. Krehbiel Sr. Professor for Emerging Technologies at the Thayer School of Engineering at Dartmouth College, as well as three PhD graduates of the the Thayer School including Dax Kepshire, Ben Bollinger and Troy McBride. Hutchinson serves as chairman of the company, with Kepshire currently as president and CEO, Bollinger as director of engineering, and McBride as chief technology officer.

Polaris partner Terry McGuire, a 1982 graduate of the Thayer School, is listed in the filing as a director for SustainX.