How Much Did Mainspring Energy Raise? Funding & Key Investors

Mainspring Energy has successfully raised $258 million in Series F funding, with Amazon and 10 other investors backing the company. The company is developing advanced technology, specifically a prototype of a linear generator that converts fuel to electricity.

Keep reading to explore the intricacies of Mainspring Energy's fundraising journey and the investors backing this innovative platform.

What Is Mainspring Energy?

Mainspring Energy, founded in 2010, is based in Menlo Park, California. The company was established by Adam Simpson, Matt Svrcek, and Shannon Miller.

They specialize in developing a linear generator that converts various fuels into electricity, offering flexibility in fuel choice including hydrogen, ammonia, and biogas. Their solutions cater to commercial, industrial, healthcare, biogas, mobility, data centers, utilities, and energy infrastructure sectors.

Currently, Mainspring Energy employs between 101-250 people, focusing on providing reliable, flexible, and affordable local power solutions while preparing for a transition to cleaner fuels.

How Much Funding Has Mainspring Energy Raised?

1. Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: January 2010
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To kickstart the development of their linear generator technology.
2. Series C
   • Amount Raised: $83M
   • Date: January 24, 2018
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale up production and expand market reach.
3. Series D
   • Amount Raised: $95M
   • Date: May 4, 2021
   • Lead Investors: Devonshire Investors
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To enhance product development and increase deployment capabilities.
4. Series E
   • Amount Raised: $150M
   • Date: May 24, 2022
   • Lead Investors: Lightrock
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop new linear generator models and accelerate adoption in various sectors.
5. Series E
   • Amount Raised: $140M
   • Date: September 21, 2022
   • Lead Investors: Lightrock
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further expand market presence and enhance product offerings.
6. Grant
   • Amount Raised: Not publicly disclosed
   • Date: April 17, 2023
   • Lead Investors: BloombergNEF
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support research and development initiatives.
7. Grant
   • Amount Raised: $87M
   • Date: October 22, 2024
   • Lead Investors: US Department of Energy
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To advance clean energy technologies and innovations.

Total Amount Raised: $555M. Current Valuation: Not publicly disclosed.

Key Investors

• US Department of Energy
  • Details: A government agency responsible for policies regarding energy and safety in handling nuclear material.
  • Investment Focus Areas: Renewable energy, nuclear energy, energy efficiency.
  • Notable Investments: Not publicly disclosed.
• BloombergNEF
  • Details: A research organization that provides analysis, data, and news on clean energy, advanced transport, digital industry, innovative materials, and commodities.
  • Investment Focus Areas: Clean energy, advanced transport, digital industry.
  • Notable Investments: Not publicly disclosed.
• Lightrock
  • Details: A global private equity platform that invests in sustainable businesses.
  • Investment Focus Areas: Healthcare, education, energy transition.
  • Notable Investments: Not publicly disclosed.
• Devonshire Investors
  • Details: The private investment arm of Fidelity Investments.
  • Investment Focus Areas: Technology, healthcare, financial services.
  • Notable Investments: Not publicly disclosed.
• Khosla Ventures
  • Details: A venture capital firm that focuses on technology and sustainability.
  • Investment Focus Areas: Technology, sustainability.
  • Notable Investments: Various technology startups.

What's Next for Mainspring Energy?

Mainspring Energy's future looks promising with the deployment of up to 150 linear generators in partnership with Lineage Logistics. This opportunity could significantly expand their market presence, especially in the commercial and industrial sectors. The potential for using 100% green fuels and exploring international markets further enhances their growth prospects.

With over $150 million raised in their Series E round, Mainspring is well-positioned for future fundraising. The involvement of high-profile investors like Bill Gates and major venture firms indicates strong backing and potential for additional funding rounds. However, they may face challenges such as technical integration and regulatory hurdles in different regions.

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