General Compression said today it has raised money to further develop a method for storing energy from wind turbines with compressed air.
The Boston-area start-up secured the first tranche in a $54.5 million in a series B round of funding. The full funding is contingent on meeting certain milestones.
General Compression was started in 2006 to adapt air compressors used in other industries to store wind power by pumping pressurized air into underground formations. The company received seed funding in 2007 and has been seeking additional funding and corporate partners to advanced product development.
There are already two installations … Read more