cleantech insights

The Week in Cleantech – Nov. 19 – 25


Americans may have spent last Thursday and Friday ceremoniously consuming turkey and taking naps over our Thanksgiving holiday, but that didn’t stop the world of cleantech innovation from soldiering on. The week saw three sizable venture capital rounds:

Compressed-air energy storage startup General Compression closed the final tranche of its Series B round, bringing the total to $60 million. The company is developing its first utility-scale demonstration project in Texas, featuring its GCAES (TM) technology utilizing a salt cavern with the aim of storing intermittent wind generation for use on demand. The round was led by Northwater Capital Management and included strategic investors ConocoPhillips and Duke Energy, among others.

Electric bus maker Proterra closed on a $23 million growth equity round from new investors Hennessey Capital and NMT Capital, along with existing investors Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment, 88 Green Ventures and Vision Ridge Partners. Proterra is reportedly looking to ship between 40 and 60 buses in 2013.

And finally, ICR Turbine Engine, a New Hampshire-based company developing a gas turbine replacement for traditional diesel engines, raised $10 million in its Series A round from New Venture Partners and two unnamed strategic investors. The company says it will use the funding to continue testing and development of its engine, and to initiate commercialization with OEM partners in both the motive and stationary power markets.

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