Published by Todd Bush on September 21, 2022
MENLO PARK, Calif., Sept. 21, 2022 /PRNewswire/ -- Clean power generation provider Mainspring Energy Inc. today announced the final close of its Series E financing at $290 million.
>> In Other News: Chemours Commends the U.S. Senate for Ratification of the Kigali Amendment
On May 24th this year, simultaneously with announcing a major commercial sales deal, Mainspring disclosed it had completed its first close of the Series E at $150 million. The company has since expanded the raise by an additional $140 million, to reach the $290 million Series E final close.
Global growth equity investor Lightrock led the Series E, joined by Canada Pension Plan Investment Board (CPP Investments), Shell Ventures, Hanwha Power Systems, and other new private investors, along with existing investors Khosla Ventures, Bill Gates, Fine Structure Ventures (the private equity firm affiliated with parent company Fidelity Investments), Princeville Capital, and others.
"The world-class group of investors in our Series E represents some of the top clean energy and climate investors in the world," said Mainspring CEO and Founder Shannon Miller. "They are deeply committed to meeting our mutual goal of clean, reliable, affordable power for all."
Mainspring will use the funds to expand operations and scale manufacturing of its innovative clean energy generators for commercial, industrial, and grid-side customers. Mainspring Linear Generators deliver significant advantages in cost, reliability, and flexibility, including the ability to dynamically switch between clean fuels like biogas, hydrogen, and ammonia with software. The products' full dispatchability allows them to track and firm renewables like solar and wind, and their low emissions make them easily sited and permitted. They can be deployed as a single unit or as a grid-scale array, ranging in output from 230 kW to tens of megawatts of power.
Based in Menlo Park, Calif., Mainspring is delivering a breakthrough new category of clean power generation — the linear generator — to leading customers including Fortune 500 companies like Kroger and Lineage Logistics, and utilities AEP, PG&E, Florida Power and Light, and more. For more information visit https://www.mainspringenergy.com.
SOURCE Mainspring Energy, Inc.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🧪 $400M Bet on Blue Ammonia: Industry Giants Push Carbon Capture in Louisiana 🏭 Linde Signs Long-Term Agreement to Supply Industrial Gases to World-Scale Low-Carbon Ammonia Facil...
Inside This Issue 🔌 BP's Indiana Exit Is Not the Endgame for Clean Hydrogen ☀️ Cadiz Signs Second MOU for Hydrogen - Solar Development at Cadiz Ranch 🏗️ Heidelberg Materials Inaugurates Brevik CCS...
Inside This Issue 🧩 Who Gets Left Behind? Inside the Senate Plan Reshaping America's Clean Energy Future 🌿 TMD Energy Limited Enters into Strategic Memorandum of Agreement to Advance Green Bioener...
Carbon Upcycling Technologies ("Carbon Upcycling"), a leader in carbon and resource utilization, announced today the closing of its USD 18 million investment round led by Builders Vision, a team of...
BUSE Gases Limited is excited to announce a transformative 10-year offtake agreement with Acorn Bioenergy, marking a significant leap forward in our commitment to sustainability and innovation. Un...
Back by Aramco Ventures, Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures, Spiritus is set to transform carbon removal, turbocharging America’s AI-driven future with energy an...
WOKING, England--Linde (Nasdaq: LIN) today announced it has signed a new long-term agreement with Blue Point Number One, a joint venture between CF Industries, JERA and Mitsui & Co.. Under the ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.