Energy storage startup LightSail raises $37.3M
Despite the much written-about slump in cleantech venture capital investing, LightSail's total raised is now just over $52 million.
Berkeley-based renewable energy storage startup LightSail, in its third year of existence, has raised $37.3 million from investors including PayPal co-founder Peter Thiel, Microsoft co-founder Bill Gates and Kholsa Ventures, bringing the total amount it's raised to $52.3 million.
The company is working on energy storage technology that captures heat from the process of compressing air and reuses that heat to produce energy when needed. LightSail said its technology can make renewable energy systems more valuable, because utilities could use renewable power when its needed most, instead of only when its produced.
Danielle Fong, the startup's chief scientist, invented LightSail's technology and dropped out of her PhD program at Princeton to pursue it at age 17. (Yes. That's right. Seventeen.)
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