Mainspring Energy Valuation, Funding & Investors

Mainspring Energy is valued at $1B as of September 2022.

Last Mainspring Energy valuation

$1B

Series E · Sep 2022

Last Mainspring Energy funding round

$258M

Series F · Apr 2025

Cumulative funding Mainspring Energy raised

$726M

across 5 funding rounds

Key investors in Mainspring Energy

  • Khosla Ventures
  • Lightrock
  • Bill Gates
  • Fine Structure Venture
  • Princeville Capital
  • General Catalyst

Mainspring Energy Overview

About Mainspring Energy

Mainspring Energy is a San Francisco-headquartered clean energy company manufacturing linear generators that convert natural gas, hydrogen, and biogas into electricity at 50% efficiency. Its modular systems provide onsite power for data centers, factories, and utilities, emitting 70% less CO2 than reciprocating engines. Emerging from stealth in 2022, the firm raised $300 million to scale production in Menlo Park.


Founded

2010

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$1B (Sep 2022)

Mainspring Energy Valuation

Mainspring Energy is currently valued at $1B, based on its Series E in September 2022.

The $140M round was led by Lightrock, with participation from Hanwha Systems, Bill Gates, Fine Structure Venture, Princeville Capital, CPP Investments and 3 other investors.

Mainspring Energy's valuation has grown 2.4x from $440M at its Series D in May 2021 to $1B in September 2022, across 3 priced rounds.

Mainspring Energy valuation by funding round

Mainspring Energy valuation by funding round
DateStageValuation
Sep 2022Series E$1B
May 2022Series E$1B
May 2021Series D$440M

Mainspring Energy Funding History

Mainspring Energy has raised a total of $726M across 5 funding rounds.

Mainspring Energy's first fundraising round was a $83M Series C in January 2018. The most recent completed round was a $258M Series F in April 2025.

Mainspring Energy funding rounds

Mainspring Energy funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2025Series FGeneral Catalyst (lead); Temasek; Pictet Private Equity Investors S.A.; M&G Investments; Khosla Ventures; Marunouchi Innovation Partners; DCVC; Gates Frontier Fund; LGT group; Lightrock; Climate Pledge Fund$258M-Mainspring Energy, based in Menlo Park, California, develops and manufactures linear generators that provide fuel-flexible, dispatchable onsite power generation for applications including data centers, EV charging, healthcare, commercial, industrial, and utility sectors. The technology offers scalability from 250 kW to over 100 MW, with hundreds of megawatts in field operations and advanced development for Fortune 500 companies and utilities since commercial shipments began in 2020. Founded in 2010 by Shannon Miller, Adam Simpson, and Matt Svrcek, the company focuses on clean, reliable, low-emission energy solutions to support the transition to distributed power. On April 14, 2025, Mainspring raised $258 million in a Series F funding round led by General Catalyst, with participation from Amazon’s Climate Pledge Fund, DCVC, Temasek Holdings, Marunouchi Innovation Partners, M&G Investments, Pictet Group, and prior investors including Lightrock, LGT Bank, Khosla Ventures, and Gates Frontier. This brings total funding to over $800 million, following a $290 million Series E in 2022. The capital will expand manufacturing capacity, sales operations, and customer growth to meet rising global energy demand. The round adds board members Tom Linebarger, former CEO of Cummins, and Bethany Mayer, ex-CEO of Ixia and Sempra board member, bringing energy and tech expertise. Mainspring positions its linear generator as a pragmatic solution for immediate power needs, leveraging natural gas efficiently while enabling future fuel transitions, addressing clean energy challenges in a rapidly evolving market.
Sep 2022Series ELightrock (lead); Hanwha Systems; Bill Gates; Fine Structure Venture; Princeville Capital; CPP Investments; Trog Hawley Capital; Khosla Ventures; Shell Ventures$140M$1BMainspring Energy Inc. is a clean power generation company based in Menlo Park, California, that develops linear generators—an innovative breakthrough technology for clean power generation. The company's linear generators serve commercial, industrial, and grid-side customers, including Fortune 500 companies like Kroger and Lineage Logistics, and utilities such as AEP, PG&E, and Florida Power and Light. The technology delivers significant advantages in cost, reliability, and flexibility, with the ability to dynamically switch between clean fuels like biogas. On May 24, 2022, Mainspring announced the first close of its Series E at $150 million and simultaneously disclosed a major commercial sales deal. The company subsequently expanded the raise by an additional $140 million, reaching a final Series E close of $290 million on September 21, 2022. Global growth equity investor Lightrock led the Series E, joined by Canada Pension Plan Investment Board (CPP Investments), Shell Ventures, Hanwha Power Systems, and other new private investors, alongside existing investors Khosla Ventures, Bill Gates, Fine Structure Ventures (the private equity firm affiliated with Fidelity Investments), Princeville Capital, and others. The post-money valuation was $1.04 billion. Mainspring used Series E proceeds to expand operations and scale manufacturing of its linear generators for diverse customer segments. The funding round represented significant backing from some of the world's top clean energy and climate investors, reflecting confidence in the company's technology and market opportunity.
May 2022Series ELightrock (lead); Lineage Ventures; Bill Gates; Fine Structure Venture; Princeville Capital; Khosla Ventures$150M$1BMainspring Energy, founded in 2010 by Stanford engineers and headquartered in Menlo Park, California, develops the Mainspring Linear Generator, a device that converts fuel to electricity with high efficiency and ultra-low emissions, enabling flexible power generation for applications like demand response, backup power, diesel replacement, and EV fleet charging while supporting zero-carbon fuels. The company announced the first close of its Series E funding round at over $150 million on May 24, 2022, led by Lightrock with participation from Bill Gates, Khosla Ventures, Fine Structure Ventures, Princeville Capital, and Lineage Ventures. This tranche coincided with a deal to deploy up to 150 generators at Lineage Logistics facilities across the US to support net-zero emissions goals. The funds aim to develop new generator models and accelerate adoption in commercial, industrial, data center, and utility sectors. The Series E round expanded with an additional $140 million by September 21, 2022, bringing the total to approximately $290 million, including further investors like Fidelity, Hanwha Power Systems, Shell Ventures, and CPP Investments. Mainspring positions its technology as key to grid transition and zero-carbon electricity, with radical flexibility to operate multiple fuel types, rapid start-stop, and easy deployment. The funding validates its traction, including prior commercial deals and DOE grants, amid cleantech market growth. Later rounds like Series F in 2025 reached nearly $1B valuation, but the 2022 Series E marks a pivotal expansion phase.
May 2021Series DDevonshire Investors (lead)$95M$440MMainspring Energy is an onsite power generation provider headquartered in Menlo Park, California that develops distributed power generation technology based on linear generator systems. The company's core product, the Mainspring Linear Generator, converts fuel to electricity with ultra-low emissions and offers full dispatchability to enable solar and wind resources, with the ability to dynamically switch between fuels including renewable options. In May 2021, Mainspring closed a Series D financing round of $95 million led by Devonshire Investors (the private equity firm affiliated with FMR LLC, parent company of Fidelity Investments), with participation from new investors including Princeville Capital, 40 North Ventures, and Chevron Technology Ventures, alongside existing investors Khosla Ventures, Bill Gates, ClearSky, AEP, KCK, and Equinor. This brought the company's total capital raised to $228 million at a post-money valuation of $440.31 million. At the time of the Series D, Mainspring's linear generator technology had been in development for a decade and was operating at commercial sites, with the company having secured a $150 million contract with NextEra Energy to finance additional deployments across the country.
Jan 2018Series CKCK; American Electric Power; Louis Bacon; Bill Gates; Equinor; Khosla Ventures; Centrica$83M-Mainspring Energy, based in Menlo Park, California, develops linear generators that convert fuel into electricity for onsite power generation, offering fuel-flexible, low-emission, dispatchable power systems suitable for data centers, EV charging, healthcare, commercial, industrial, and utility sectors. Founded in 2010 by Adam Simpson, Matt Svrcek, and Shannon Miller, the company focuses on scalable, efficient energy solutions to support the transition to lower-carbon power. In 2018, as it prepared to scale manufacturing and sales, Mainspring raised $83 million in a Series C round from investors including American Electric Power, Bill Gates, Centrica Innovations, Equinor, KCK, Khosla Ventures, and Louis Bacon. This round aligned with early commercialization efforts ahead of product shipments starting in 2020. Subsequent funding included a $95 million Series D round led by Devonshire Investors with participation from Princeville Capital, 40 North Ventures, Chevron Technology Ventures, and existing backers like Khosla Ventures, Bill Gates, ClearSky, AEP, KCK, and Equinor, bringing total funding to $228 million at that point. Later rounds comprised a $290 million Series E in 2022 and a $258 million Series F in April 2025 led by General Catalyst, with Amazon’s Climate Pledge Fund, DCVC, Temasek, and others, pushing total financing over $800 million. The company secured a $150 million contract with NextEra Energy for deployments. These funds supported manufacturing expansion, customer sales growth, and hundreds of megawatts in field operations for Fortune 500 companies and utilities. Mainspring received an $87 million DOE grant for a high-volume manufacturing facility in Allegheny County, Pittsburgh, involving a $175 million total investment to produce up to 1,000 linear generators annually, creating over 600 jobs, and nearly doubling capacity. The technology's fuel flexibility allows adaptation to clean fuels, positioning it as a reliable alternative to intermittent renewables for microgrids and industrial operations, with units already deployed commercially.

Who has invested in Mainspring Energy?

25 investors have backed Mainspring Energy across its funding rounds, including Khosla Ventures, Lightrock, Bill Gates, Fine Structure Venture, Princeville Capital and General Catalyst.

Lead investors include General Catalyst, Lightrock and Devonshire Investors.


Mainspring Energy Investors

Investors in Mainspring Energy by funding rounds participated
InvestorHQRoundsRoleFirst check
Khosla VenturesUnited StatesSan Francisco, CA4ParticipantJan 2018
Bill GatesUnited StatesSeattle, WA3ParticipantJan 2018
LightrockUnited KingdomLondon3LeadMay 2022
Fine Structure VentureUnited StatesBoston, MA2ParticipantMay 2022
Princeville CapitalUnited StatesSan Francisco, CA2ParticipantMay 2022
TemasekSingaporeSingapore1ParticipantApr 2025
General CatalystUnited StatesSan Francisco, CA1LeadApr 2025
Lineage VenturesUnited StatesDetroit, MI1ParticipantMay 2022
KCKUnited StatesNew York City, NY1ParticipantJan 2018
American Electric PowerUnited StatesColumbus, OH1ParticipantJan 2018
Pictet Private Equity Investors S.A.SwitzerlandGeneva1ParticipantApr 2025
Louis BaconUnited StatesNew York City, NY1ParticipantJan 2018
Hanwha SystemsSouth KoreaSeoul1ParticipantSep 2022

This data is available for Pro users. Sign up to see all 25 Mainspring Energy investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Mainspring Energy Competitors

Mainspring Energy competitors include listed companies like SP New Energy and Banpu Power, and private ones like MSolar, Qiyuan Core Power Technology, Chint New Energy and Climeworks.

Public and private companies comparable to Mainspring Energy
CompanyHQStatusRevenueEBITDAValuation
SP New EnergyPhilippinesPhilippinesPublicly listed$25M($46M)$958M
MSolarUnited StatesUnited StatesPrivate--$801M
Qiyuan Core Power TechnologyChinaShanghaiPrivate--$1B
Chint New EnergyChinaHangzhouPrivate--$1B
ClimeworksSwitzerlandZurichPrivate--$1.1B
Banpu PowerThailandThailandPublicly listed--$1.1B
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Henan Yicheng New Energy$527M($30M)3.0x-(53.0x)-
Thungela Resources$1.8B($279M)0.4x0.3x(2.3x)3.3x
Power Solutions International$722M$115M1.5x1.6x9.7x10.5x
HighPeak Energy$863M$585M2.4x2.4x3.6x3.6x
XPLR Infrastructure$1.2B$607M11.8x10.7x23.0x-
Rockhopper Exploration-($42M)--(21.3x)(98.3x)
Ceres Power Holdings$44M($51M)22.2x14.2x(18.9x)(78.6x)
Jiangsu Zongyi Co$70M$41M16.0x-27.6x-

This data is available for Pro users. Sign up to see all Mainspring Energy competitors and their valuation data.

Start Free Trial

Common questions about Mainspring Energy

When was Mainspring Energy founded?Mainspring Energy was founded in 2010.
Where is Mainspring Energy headquartered?Mainspring Energy is headquartered in San Francisco, CA, United States.
Is Mainspring Energy publicly listed?No, Mainspring Energy is a private, VC-backed company.
What is Mainspring Energy's valuation?Mainspring Energy was last valued at $1B in its Series E in September 2022.
How much funding has Mainspring Energy raised?Mainspring Energy has raised $726M across 5 funding rounds.
What was Mainspring Energy's last funding round?Mainspring Energy's last funding round was a $258M Series F in April 2025, led by General Catalyst.
Who are Mainspring Energy's investors?Mainspring Energy's investors include Khosla Ventures, Bill Gates, Lightrock, Fine Structure Venture, Princeville Capital, Temasek, General Catalyst, Lineage Ventures, KCK, American Electric Power and 15 others.
Which companies are comparable to Mainspring Energy?Companies comparable to Mainspring Energy include SP New Energy, MSolar, Qiyuan Core Power Technology, Chint New Energy, Climeworks and Banpu Power.

See companies similar to Mainspring Energy

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial