General Compression and SustainX Plan to Merge as GCX Energy Storage
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Two Leading Developers of Fuel-Free Compressed Air Energy Storage Technology Plan to Merge
NEWTON, Mass., and SEABROOK, N.H. –Â General Compression, Inc. and SustainX, Inc., two leaders in the development of fuel-free Compressed Air Energy Storage (CAES) technology, today announced that they have entered into a letter of intent to combine their businesses, subject to certain conditions, into a new entity to be called GCX Energy Storage. Both companies have built utility-scale versions of their technology, a 2 MW by 300 MWh project in Gaines, Texas, and a 1.5 MW by 1 MWh project in Seabrook, NH.
By combining fuel-free CAES technology with low-cost existing and developable salt caverns, the companies believe they will offer a market disrupting long-duration energy storage solution at a cost per kWh stored that is less than one-tenth the costs projected for competing battery technologies.
"We are very excited about a business combination," said Joe Cofelice, CEO of General Compression. "Unlike other energy storage technologies, our ability to optimize power and energy and provide fuel-free long-duration storage (10-200 hours) should enable GCX to firm renewables, economically solve multiple grid related problems, and address transmission constraints. We believe a strong market exists for low-cost and long-duration energy storage in Asia, North America, and Europe."
"SustainX is very pleased to be joining forces with General Compression. By focusing on low-cost salt storage, we believe GCX Energy Storage will be uniquely situated to provide economic energy storage on an unsubsidized basis, and address unmet market requirements for a long-duration energy storage solution," said Tom Zarrella, CEO of SustainX. "The combined resources of SustainX and General Compression will create a clear world leading company focused on long-duration energy storage."
Both Cofelice and Zarrella will remain active in the new entity GCX. Mr. Cofelice will become the CEO of the combined entity. Mr. Zarrella will assume a Board of Director role.
About General Compression
General Compression is a Massachusetts-based company developing a modular, fuel-free compressed air energy storage technology designed for long-duration applications on salt caverns. The company was founded in 2006 and can be found on the web at www.generalcompression.com. About SustainX SustainX's isothermal compressed air energy storage (ICAES™) technology, now in grid-connected operation, is a site-anywhere, zero-emissions solution that enables power- and energy-scalable compressed air storage. The company is on the web at http://www.sustainx.com.
SOURCE SustainX; General Compression, Inc.
CONTACT: David Marcus, SVP Business Development, General Compression, dmarcus@generalcompression.com; or Dax Kepshire, VP General Manager, SustainX, dax@sustainx.com
Web Site: http://www.generalcompression.com
