US-based electrical generator producer EtaGen completed an $83m series C round on Wednesday that included wind turbine services provider KCK Group and energy companies American Electric Power, Centrica and Statoil.
The round was funded by 10 investors, the other disclosed participants being venture capital firm Khosla Ventures and private investors Louis M. Bacon and Bill Gates, while Centrica and Statoil took part through their Centrica Innovations and Statoil Energy Ventures units.
Founded in 2010, EtaGen provides linear generator systemsto commercial business customers which produce electricity by combining air and fuel to push magnets through copper coils. The systems are scalable and come in 250 kW and 750 kW packages.
The company deployed its first commercial system in September 2017. The series C funds will be used to grow its sales, marketing and service teams as it seeks to expand its operations and manufacturing capabilities.
Centrica Innovations ventures director Christophe Defert said: “We are eager to work with EtaGen commercially and help them add and serve business customers with clean and affordable energy.
“We have never seen a distributed generation technology that is capable of delivering the same combination of economic value, reliability and carbon savings. This is truly a game changer.”
EtaGen has not disclosed details of its earlier rounds but said the series C round increased its overall funding to $133m, and that Khosla Ventures and Bill Gates took part in the round as existing investors.
– Photo courtesy of EtaGen.