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General Compression Inc. reports it has landed $17 million in a Series A round of venture funding.
The Newton-based company, which is developing energy storage technology using compressed air, received the funding from Santa Monica, Calif.-based US Renewables Group and Charlotte, N.C.-based Duke Energy Corp. The company said it plans to use the funding to develop its first commercial unit and other storage projects.
The company released a revamped version of its product, the General Compression Advanced Energy Storage unit, in September. The unit uses air compression to store energy from wind farms when they produce more power than needed and release energy during times of peak demand or when the wind is not blowing. The compressed air is pumped into and stored in large underground areas such as salt domes.
In 2007, the company raised $9.9 million in funding, according to filings.
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