General Compression, Inc. (GC) said it has closed over $17 million in commitments to its Series A round of funding. Led by US Renewables Group (USRG) of Santa Monica, CA, and joined by Duke Energy of Charlotte, NC, the financing will support development of a first commercial scale unit and a series of storage projects thereafter.
With this funding, GC said it intends to build and install its first full-scale General Compression Advanced Energy Storage (GCAES) unit in 2010. The GCAES units have a nominal size of 2 MW and feature a roundtrip electrical efficiency in excess of 70%. The Company notes that GCAES is designed to consume no fuel and emit no carbon.
GC and its partners said they plan to develop both integrated wind/storage projects and standalone power storage projects, including a first commercial project in 2011. GCAES are designed to be sited near existing wind farms or other generating sources, with the intention of more effectively utilizing existing transmission lines. Storage facilities can be built in arrays of modular GCAES units, from 2 MW to 1,000s of MWs, optimized by the profile of regional power demand.