Attleboro, Mass.-based General Compression Inc. has closed an initial round of funding for more than $5 million to accelerate the development of its dispatchable wind turbine system.
The dispatchable wind urbine system uses high-pressure pipes to collect and store energy. The system is made up of a compressed air wind turbine, a pipeline network that collects and stores compressed air, and a power plant of expanders and generators. By shifting the time when power is sold, a wind farm owner can sell power on peak at a higher price, be more compatible with the needs of the grid, and become eligible for capacity payments, the company says.
"By enabling wind farms to store and sell power at peak hours, General Compression will dramatically improve the profitability and market potential of wind power," says Don Hodel, a founding shareholder of General Compression.
According to David Marcus, General Compression's chief executive officer, the $5 million funding will help commercialize the company's technology.
"This round of funding is a tremendous vote of confidence by the investment community in General Compression's patented compression technology and the disruptive economics of dispatchable wind power," Marcus adds. "With these resources, we will continue to build out our team and execute our development plan."