Source: PR Newswire
WEST LEBANON, N.H., May 3, 2011 /PRNewswire/ — New Hampshire-based energy storage company SustainX has received an additional $5.6 million in funding from Boston based General Catalyst Partners and previous investors, bringing the total for its most recent round of financing to $20 million. The funds will support continued development of SustainX’s patented Isothermal compressed air energy storage technology.
“SustainX is developing a transformative technology solution to address the grid-scale energy storage problem,” said Bilal Zuberi, Principal of General Catalyst. “We are excited about partnering with SustainX founders and management team to bring this solution to market.”
“SustainX’s consistent performance in achieving technical milestones has allowed us to attract a syndicate of top-tier investors, which now includes General Catalyst,” said SustainX CEO Thomas Zarella. “This new round of financing will allow SustainX to develop its first MW scale system and move quickly toward commercialization.”