Energy storage company raises $17M (Boston)
General Compression Inc., a developer of energy-storage technologies, has landed $17 million in a Series A round of venture funding.
The Newton, Mass.-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.
Read the full report in the Boston Business Journal.
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