General Compression Receives Financing Commitments to Build Utility-Scale Energy Storage System

February 27, 2010 – Vol.14 No.49

General Compression Receives Financing Commitments to Build Utility-Scale Energy Storage System.

General Compression, a Newton, Massachusetts company developing an innovative compressed air energy storage system, today announced it has closed over $17 million in commitments to its Series A round of funding. Led by US Renewables Group ("USRG") of Santa Monica, California, and joined by Duke Energy of Charlotte, North Carolina, the financing will support development of a first commercial scale unit and a series of storage projects thereafter.

With this funding, GC intends to build and install its first full-scale General Compression Advanced Energy Storage (GCAES(TM)) unit in 2010. The GCAES(TM) units have a nominal size of 2 MW and feature a roundtrip electrical efficiency in excess of 70%. Unlike conventional turbomachinery-based compressed air energy storage, GCAES(TM) consumes no fuel and emits no carbon. GCAES(TM) technology can increase utility reliance on renewables, eliminate wind power curtailment, enhance transmission utilization, and make dispatchable renewable power available to customers.

GC and its partners plan to develop both integrated wind/storage projects and standalone power storage projects, including a first commercial project in 2011. GCAES(TM) projects can be sited near existing wind farms, or other generating sources, to more effectively utilize existing transmission lines. Storage facilities can be built in arrays of modular GCAES(TM) units, from 2 MW to 1,000s of MWs, optimized by the profile of regional power demand.

"We are delighted to welcome our new investors USRG and Duke Energy, and we couldn't ask for better strategic and financial partners to help bring our efficient energy storage projects to market. Coupling intermittent wind generation with GC's long-duration storage capability will facilitate massive growth in the next phase of wind energy development. The product of our integrated wind and storage projects is Dispatchable Wind(TM)... wind energy on demand," said Eric Ingersoll, CEO of General Compression.

General Compression, Inc. is developing a near-isothermal compressor/expander module to create 2 MW to 1,000 MW, 8 to 300 hour discharge, compressed air energy storage (CAES) projects. General Compression Advanced Energy Storage (GCAES(TM)) projects enable renewable generators to output energy to almost any power curve required by a customer. The GCAES(TM) system is designed to use the same well-defined geologic storage features that have been targeted by traditional CAES projects and the natural gas industry, including salt formations, saline aquifers and depleted gas fields. GCAES(TM) units require no fuel to turn stored air into power -- reducing operating and permitting costs compared to other CAES technologies, and expanding the number of potential project sites. (2/23/10)

Links:

General Compression
http://www.generalcompression.com

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: Yes