SustainX, a US-based provider of batteries using compressed air, has raised $14.4m from seven investors as part of a planned $17m round, according to its regulatory filing.
GE Energy Financial Services, a unit of US-listed industrial conglomerate General Electric, last year said it had backed SustainX last year as part of the first tranche of money from its $200m Ecomagination corporate venturing fund.
Thomas Zarrella, chief executive of SustainX, said: “GE’s backing, alongside that of other investors and the federal government, validates our efforts to develop and commercialize a cost-effective, grid-scale energy storage solution.
“We are on schedule to develop a grid-scale prototype to be demonstrated at an affiliated AES site where we can showcase our transformative energy storage technology.”
Venture capital firms Cadent Energy Partners, Polaris Ventures and Rockport Capital are also backing SustainX.