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Mainspring's linear generator. Photo courtesy of Mainspring.

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.

Go deeper: Clean energy patenting is outpacing fossil fuels, but experts warn it's not enough

Go deeper

Biden administration approves massive solar energy project in California

A solar farm in California. Photo: Sam Lafoca/Construction Photography/Avalon/Getty Images

The Interior Department announced Monday that it has approved a massive solar energy project on California's public lands.

Why it matters: The $550 million project will produce enough energy to power nearly 90,000 homes.

Updated 2 hours ago - World

Death toll mounts as fighting between Israel and Hamas intensifies

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the holy month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 109 Palestinians and seven people in Israel have been killed since recent fighting between Israel's military and Hamas began Monday.

The big picture: Israel began massing troops on its border with Gaza on Thursday, launching attacks from the air and ground as Hamas continued to fire rockets into Israel.

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.