Hydrostor, a pioneering company in long-duration energy storage, has secured $200 million in funding to scale its Advanced Compressed Air Energy Storage (A-CAES) technology, with major backing from Canada Growth Fund Inc. (CGF), Goldman Sachs Alternatives, and the Canada Pension Plan Investment Board (CPP Investments).
Funding Breakdown: The investment consists of a $150 million USD convertible note financing from all three partners, along with a $50 million USD development loan specifically aimed at supporting Canadian energy storage projects.
Focus on Canadian Expansion: A significant portion of the funding will support the development of the 500 MW/4,000 MWh Quinte Energy Storage Centre in Ontario’s Lennox and Addington County. This project is poised to become a flagship energy storage site in Canada, strengthening the nation’s renewable energy infrastructure.
“This investment validates Hydrostor’s technology and our ability to bring projects to market,” said Curtis VanWalleghem, CEO and Co-Founder of Hydrostor. He expressed enthusiasm about CGF joining as a major investor, alongside continued backing from Goldman Sachs and CPP Investments.
Global Growth Plans: Hydrostor is preparing for the construction of large-scale A-CAES projects in New South Wales, Australia, and California by 2025. These projects will play a pivotal role in advancing global energy storage capabilities and support the transition to zero-emission energy sources.
Yannick Beaudoin, President and CEO of CGFIM, praised Hydrostor’s success as a Canadian innovation, emphasizing the importance of supporting the company’s expansion both domestically and internationally.
Revolutionizing Energy Storage: A-CAES technology is rapidly gaining recognition as a critical solution to enhance global energy security. By replacing fossil fuel-powered generation with zero-emission storage, Hydrostor’s technology aims to support renewable energy integration, helping countries reduce their reliance on polluting energy sources.
With this strategic investment, Hydrostor is well-positioned to lead the charge in revolutionizing the energy storage industry and contributing to a more sustainable, renewable-powered future.
