LightSail Energy
Compressed air energy storage technology startup
From Wikipedia, the free encyclopedia
LightSail Energy (2008–2018) was an American compressed air energy storage technology startup.[1][2] The company shut down in 2018, failing to produce a product. [3][4] The unused tanks were sold away to natural gas companies in 2016. [5]
Type of site | Private |
|---|---|
| Founded | 2008 |
| Headquarters | , United States |
| Founder(s) | Steve Crane, Danielle Fong |
| Key people | Steve Crane, CEO Danielle Fong, CSO |
| Industry | Energy storage |
| URL | www |
Projects
A method of spraying the air with water droplets was proposed by LightSail to increase the efficiency of compressed air tanks. [2] The company initially aimed to power an urban scooter. It later shifted its aim to fitting a compressed air-powered generator inside a standard shipping container.[6][7] In 2014, the company received funding from Nova Scotia for a wind turbine project. This project did not come to fruition, costing the province $2M Canadian dollars.[8][2] Starting in 2016, its remaining tanks were repurposed and sold off to the natural gas industry.[9]
Funding
Investors in LightSail include Khosla Ventures, Peter Thiel, Microsoft founder Bill Gates,[10] Innovacorp, and oil supermajor Total S.A.[11] In 2012, LightSail D-round founding rose 37.5 millions US$.[2] It reached 55 employees in late 2014.[12] By February 2016, LightSail had raised about $70 million in venture capital investment.[13]
In December 2017, the company ran out of money.[2] It cut the workforce down to 15 as it entered "hibernation".[14] In March 2018, the company shut down.[2] An investor cited the emergence of more efficient and cost effective Lithium-ion batteries as the reason for LightSail's commercial failure.[2] Media specializing in startups and renewable energy have described the company as mismanaged. [15][16]