GE Energy Financial Services and other investors have offered $14.4m to SustainX to help it continue to develop energy storage technology using compressed air.
SustainX is working with AES Energy Storage to demonstrate a full-size system capable of storing enough energy to power 1,000 US homes.
To store energy, the technology compresses air by using electricity to drive pistons inside cylinders, which leads to high-pressure air stored in above-ground vessels.
To release energy later, the system uses stored air to drive the same pistons that will drive an electric generator.
SustainX CEO Thomas Zarrella said that they are on schedule to develop a grid-scale prototype of the energy storage technology to be demonstrated at an AES site.
GE is providing the funds under its GE Ecomagination Challenge’s ‘Powering the Grid’ programme, along with Cadent Energy Partners, Polaris Ventures and Rockport Capital.