Clean energy projects remain popular among big time investors, as returns in this sector have proven to be quite strong over time. However, in order to attract investors it is imperative that the alternate energy project should be both superior to current alternatives while also being feasible. Peter Thiel, the veteran entrepreneur and venture capitalist behind major projects including Facebook (first outside investor), Linkedin, PayPal (co-founder), Yammer and Yelp has gotten behind an alternative energy startup called LightSail Energy, located in Berkeley, California.
The project generates heat energy via compressed air that is pumped into a tank and then subsequently discharged on demand, thus creating an air-based battery for the electrical grid. The air compressors essentially use the surplus energy produced by power plants in order to produce compressed air themselves, which is then pumped into the tank and then released to power a turbine that creates electricity. It is a solution that utilizes heat energy that was previously being wasted.
Due to this new technology, LightSail Energy has been able to successfully complete its D round of venture capital investment. During this round, Peter Thiel and his team managed to collect a huge sum, totalling $37.3 million from various parties. This project has already got the backing of IT tycoon, Bill Gates as well as fellow power players Khosla Ventures, but it seems that Thiel is keen on raising more funds in order to ensure that things run seamlessly.
LightSail Energy’s star studded line-up of investors and executive pedigree, has played a crucial role in enticing investors to make their investment in this project. Apart from the capitalists, engineers played a major role in making this project a hit with their hard work, spending years to make this clean tech project as efficient as possible using the latest compressed air technology.
LightSail Energy is not the only firm working with the technology, as a couple of other companies are also basing their alternative energy projects around the same concepts and execution. Here is the Canadian born co-founder and CSO Danielle Fong discussing her past (entered Dalhousie University in Nova Scotia at age 12) and the history behind LightSail as part of Forbes Magazine’s 30 Under 30.
Source: GigaOM
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