Fenwick represented Mainspring Energy, Inc., an onsite power generation provider, in its $95 million Series D financing to accelerate delivery of the company's new product, the Mainspring Linear Generator, to a broad range of commercial, industrial, microgrid and utility customers.
The round, led by Devonshire Investors, the private equity firm affiliated with FMR LLC, the parent company of Fidelity Investments, brought in other new investors, including Princeville Capital, 40 North Ventures and Chevron Technology Ventures, as well as existing investors Khosla Ventures, Bill Gates, ClearSky, AEP, KCK and Equinor.
Mainspring plans to use the funds to scale its U.S. customer deployments, expand its manufacturing operations, grow its current staff by more than 50%, and further build its position in the distributed generation industry. More information can be obtained from the company’s announcement.
The Fenwick transaction team included corporate partners Dawn Belt and Morgan Sawchuk and associates Tracy Kennberg and Karin Hjorth.