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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
General Compression Completes $60 Million Series B Financing
Company Developing Dispatchable Wind™ and GCAES™ Grid Storage Power Projects

NEWTON, Mass., Nov. 19, 2012 /PRNewswire/ -- General Compression, Inc. ("GC"), today announced that it has closed on the final tranche of a $60 Million Series B Financing. Proceeds from this round of investment will be used to continue to fund the company's technology commercialization and project development activities. GC's first utility-scale project is currently under development in Texas and will showcase the ability to store intermittent wind generation for use on demand. The demonstration project features a wind turbine integrated with proprietary GCAES™ technology and a salt cavern.

This most recent round of financing was led by Toronto-based Northwater Intellectual Property Funds.  Other investors from the Series B or previous rounds in General Compression include US Renewables Group, ConocoPhillips Company, Duke Energy, Serious Change L.P., and the Wellford Energy Group.

"Closing our B Round reinforces our investors' continued commitment to pursuing the growing market opportunities for Dispatchable Wind™ and utility-scale energy storage projects," said Eric Ingersoll, CEO of General Compression.

About General Compression

General Compression is a Massachusetts-based company developing utility-scale Dispatchable Wind™ and energy storage projects.  The company was founded in 2006 and has created a proprietary fuel-free compressed air energy storage system called GCAES™.  GC can be found on the web at www.generalcompression.com.

SOURCE General Compression, Inc.

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Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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