General Compression Inc. (GC), a Massachusetts-based company developing utility-scale renewable power projects that feature a proprietary compressed-air energy-storage system, has closed on the first tranche of a $54.5 million Series B financing.
Funds from this investment round will be used to enhance the company's manufacturing capacity and to build a pipeline of projects that offer firm power contracts to customers, according to GC.
The company's first project is currently under construction in Texas with partner and GC investor ConocoPhillips.
