The $37 million question: How can we benefit from a solar power grid at night, or a wind-based power grid on a calm day? LightSail Energy cofounders Steve Crane and Danielle Fong believe they have found the answer, and several big-name investors have paid up.

Since 2009 LightSail energy has been using thermodynamics to solve the issues with the current electrical grid. It lacks reasonable energy storage at the megawatt scales needed to support expansion of renewable energy sources, like solar and wind. LightSail has devised a new technology based on compressed air which has the potential to supply renewable energy on demand—and at a lower cost than centralized fossil fuels. In essence, the product converts electricity into compressed air, then reverses the process to provide electrical energy when needed.

The California-based company announced Nov. 5 it raised $37.3 million investment from a small group of high-profile supporters, including Bill Gates, Vinod Khosla and Peter Thiel. “The power grid needs cheap, reliable energy storage, but every single solution to date has been only incremental,” Khosla said in a statement. “They have the potential to totally disrupt the electricity industry’s assumptions with reliable grid-scale storage at a fraction of the cost of today’s battery technology.”

Thiel said it is time for the clean tech industry to find a breakthrough not based on hype. He believes LightSail is the solution.

“For far too long, the clean tech industry has been driven by politicians and ideologues who trade people’s taxes for dreams,” said Thiel. “But hype is not a sustainable energy source. While authentic energy breakthroughs are needed to overcome geological constraints, fraudulent companies have driven out the good. It’s time to find honest companies that can develop technologies that stand on real innovation instead of the backs of taxpayers.”

Samantha Lile

Samantha Lile is a 2002 Missouri State University graduate of journalism and mass media. She has served as a reporter and editor for various newspapers throughout her journalism career. She made the leap into writing full-time after working for a major financial institution since 2000.

Because of her banking background, Samantha is knowledgeable in finance reporting, but is also strong in commentaries, personal profiles, youth studies, horticulture, history and entertainment-related works.

Samantha lives in Ozark, Mo. with her husband of nine years, four dogs and two cats.

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