Distributed power startup Mainspring lands $95 million in new funding
The distributed generation company Mainspring Energy has raised $95 million in new funding led by Fidelity Investment's private equity arm, alongside other new and existing backers like Chevron, Princeville Capital and Bill Gates.
Why it matters: There's growing interest in low-carbon onsite power sources as a way to fight climate change and to create more flexibility and resilience as grids are increasingly stressed by extreme weather.
How it works: The Bay Area firm's technology, called a "linear generator," is designed to run on multiple fuels.
- It uses a "low-temperature reaction of air and fuel to drive magnets through copper coils to efficiently produce electricity."
- CEO Shannon Miller has likened it to "an air hockey table that you’ve wrapped around into a tube."
Where it stands: Mainspring — founded by Stanford engineers in 2010 and formerly called EtaGen — said the new money brings its total capital raised to $228 million.
- The Series D financing will enable Mainspring to add customer deployments, expand manufacturing and add staff, the company said.
- It comes about two months after Mainspring announced a $150 million deal with power heavyweight NextEra Energy Resources to buy Mainspring units and finance customer projects.