GE Energy Financial Services, Other Investors Fund SustainX to Develop Innovative Energy Storage System for Electrical Grid
March 16, 2011
New Hampshire-based company SustainX has received $14.4 million from GE Energy Financial Services, a unit of GE (NYSE: GE), and other investors to continue developing its technology for energy storage using compressed air. Through the GE Ecomagination Challenge’s “Powering the Grid” program, in which SustainX is a partner, GE Energy Financial Services joins Cadent Energy Partners and prior investors Polaris Ventures and Rockport Capital in the new round of venture financing. The GE Ecomagination Challenge demonstrates GE’s global commitment to accelerate the development and deployment of innovative power-grid technologies through open collaboration, while providing financial support to develop and commercialize innovative technologies.
Details of the financing were not disclosed. A total of $5.4 million in earlier financing for SustainX came from the Small Business Innovation Research program of the National Science Foundation and from the Energy Storage Program of the US Department of Energy. AES Energy Storage, LLC is working with SustainX to demonstrate a full-size system in the field, capable of storing enough energy to power 1,000 typical US homes.
GE Energy Financial Services’ investment in SustainX reflects its commitment to enabling technology innovation by providing not only capital but technology evaluation and potential commercial opportunities with GE, particularly to develop a smarter power grid. The investment is based partly on GE Global Research’s evaluation of SustainX’s technology. ... SustainX was founded in 2007 by engineers at the Thayer School of Engineering at Dartmouth College.