SustainX Inc., which is developing technology that uses compressed air for energy storage, has received a $14.4 million investment from GE Energy Financial Services, a unit of GE (NYSE: GE) and other investors.

SustainX, located in West Lebanon, N.H., is a partner in GE’s Ecomagination Challenge’s Powering the Grid program. Other investors in the round include Cadent Energy Partners of Stamford, Conn., and prior investors Polaris Venture Partners and Rockport Capital.

In a filing with the U.S. Securities and Exchange Commission, SustainX indicated that the $14.4 million round is part of a $17 million round, with $2.6 million of equity still to be sold. ...

SustainX was founded in 2007 by engineers at the Thayer School of Engineering at Dartmouth College.