AAA SustainX takes $20m total

SustainX takes $20m total

SustainX, a US-based provider of batteries using compressed air, has raised $5.6m from venture capital firm General Catalyst Partners and its previous consortium to take the round’s total to $20m.

In March, SustainX raised $14.4m from seven investors, including GE Energy Financial Services and VC firms Cadent Energy Partners, Polaris Venture Partners and Rockport Capital Partners, as part of a then-planned $17m round.

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.

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