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Clean power business Mainspring closes hefty $290m Series E round

22

Clean power generation provider Mainspring Energy has picked up a hefty $290m Series E round from backers including the Canada Pension Plan Investment Board.

Mainspring said it would use the funds to expand operations and scale manufacturing of its clean energy Linear Generators for commercial, industrial, and grid-side customers.

The company says its products deliver significant advantages in cost, reliability, and flexibility, including the ability to dynamically switch between clean fuels like biogas, hydrogen and ammonia using software.

Mainspring announced in May this year that it had hit a $150m first close for the Series E round alongside a major commercial sales deal.

The business has since added another $140m thanks to backing from investors including LightRock, which led the round, Bill Gates, Khosla Ventures and Shell Ventures.

Company CEO and founder Shannon Miller said, “The world-class group of investors in our Series E represents some of the top clean energy and climate investors in the world.

“They are deeply committed to meeting our mutual goal of clean, reliable, affordable power for all.”

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