Wednesday, June 8, 2011

General Compression packs away $54.5M in Series B

By Kyle Alspach

Energy storage startup General Compression Inc. said it has secured commitments for $54.5 million in Series B funding, though the company said it has only closed on an unspecified first tranche in the round.

The second tranche “is subject to certain milestones,” the Newton-based company said in a press release. Ian Lawson, the company's vice president of business development, said in an e-mail that the company isn't disclosing the size of the first and second tranches, or the required milestones.

Earlier this month, General Compression said in a filing with the U.S. Securities and Exchange Commission that it had raised $20.4 million in a Series B round. The company amended the filing on Wednesday to say that $54.5 million had been raised, though the company clarified in the filing that it “has only consummated the initial closing.”
In its press release, General Compression said investors in the round include Toronto-based Northwater Capital Management Inc., US Renewables Group of Santa Monica, Calif., Charlotte, N.C.-based Duke Energy Corp. and Serious Change L.P.

Joshua Mailman, managing director of Serious Change, is among the members of the company’s board that hadn’t appeared on previous filings.
General Compression has previously said it plans to work with partners on developing integrated wind storage projects along with stand-alone power storage projects.