Hydrostor Inc. today announced a preferred equity financing commitment of US$250 million from the Private Equity and Sustainable Investing businesses within Goldman Sachs Asset Management.
Hydrostor, a Canadian company with patented advanced compressed air energy storage (A-CAES) technology designed to provide long-duration energy storage, uses proven components from mining and gas operations to create a scalable energy storage system that can store energy from 5 hours up to multi-day storage where it is needed. Hydrostor has projects worldwide in various development stages for providing capacity of over 200 MW each.
Goldman Sachs will fund its investment in tranches tied to project milestones to match Hydrostor’s capital needs and accelerate project execution. The financing will also support Hydrostor’s global development and marketing initiatives, including expansion of its project pipeline and capabilities in markets with significant near-term demand for flexibly sited long-duration energy storage.
Curtis VanWalleghem, Hydrostor CEO noted that this investment by Goldman Sachs is transformational for the company and “validates the competitiveness of our proprietary A-CAES solution as well as the strength of our pipeline of potential projects.” Hydrostor welcomes to its board Charlie Gailliot, Sebastien Gagnon, and Gunduz Shirin from Goldman Sachs.
Charlie Gailliot, Partner and Head of Energy Transition Private Equity Investing within Goldman Sachs Asset Management, said: “As the world continues transitioning to sustainable and renewable energy sources, the need for utility-scale long-duration energy storage is clear, and Hydrostor’s A-CAES solution is well positioned to become a leading player in this emerging global market.”
Last year Hydrostor received CA$4 million ($3.19 million) from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada to pursue its development of a 300-500 MW Advanced Compressed Air Energy Storage (A-CAES) facility in Ontario.
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