As a part of EtaGen’s $83 million Series C financing, Centrica Innovations (CI) is set to invest in EtaGen which is a California, U.S based startup developing a Linear Generator that offers businesses affordable and easily attainable onsite power that is also additionally reliable and clean. The investment is a consortium investment for the Series C financing.
According to Christophe Defert, Ventures Director at Centrica Innovations:
“This is an important investment for Centrica Innovations. We invest in companies with pioneering technologies that have the potential to not only disrupt business models, but also allow us to serve our customers with energy solutions that are reliable, clean, flexible and affordable. As a strategic investor, we look forward to working with EtaGen, as the energy industry becomes increasingly distributed and focused on efficiency and lowering emissions.”
EtaGen is a company that is committed for bringing affordable, reliable and clean power and was founded by the founders at Stanford University. The Linear Generator is a novel and highly efficient gas generator that is capable of running at a high capacity factor that produces lower emissions profile than conventional power generation. The Linear Generator also has a greater flexibility and is more cost effective than its competitors.
CEO and co-founder, Shannon Miller, EtaGen commented the following about the new investment:
“Following several years of successful trials of our Linear Generator technology, this investment allows us to fund our commercial product, as well as enhance our business development capabilities. It also allows us to demonstrate our potential to satisfy the distributed generation needs of customers around the world.”
Strengthening Centrica’s innovation technology pipeline, the investment furthers Centrica’s commitment to spend £100 million ($141.2 million) over the next five years in start-ups, incubation and acceleration programs
Founded in 1995, Centrica plc. operates as an integrated energy company in the United Kingdom, the Republic of Ireland, North America, Norway, and internationally. Headquartered in the UK, the company operates through Energy Supply & Services–UK & Ireland, Energy Supply & Services–North America, Connected Home, Distributed Energy & Power, Energy Marketing & Trading, Exploration & Production, Central Power Generation, and Centrica Storage segments. Employing nearly 35191 employees, the company was formerly known asYieldtop plc.
Based in California, U.S, EtaGen manufactures technological products for electricity generation. Some of the services EtaGen offer are semiconductor fabrications, surgical devices, concentrating solar power, gas turbines and automated genetic sequencing services.