Hydrostor, a Toronto, Canada-based global long-duration energy storage (LDES) developer and operator, raised $200M in funding.
Backers included Canada Growth Fund, Goldman Sachs Alternatives, and Canada Pension Plan Investment Board.
The transaction cosisted of a $150M USD convertible note financing commitment from the above investors. In addition, CGF has made available an additional $50M USD convertible development expenditure loan facility to fund a portion of development costs for Hydrostor’s Canadian projects, such as the Quinte Energy Storage Centre project, a 500 MW/4,000 MWh A-CAES project to be developed in Lennox and Addington County, Ontario.
The company intends to use the funds to support its continued investment in Advanced Compressed Air Energy Storage (A-CAES) projects in Canada and around the world.
Hydrostor is a developer and operator of long duration energy storage systems. It leverages a proven technology solution for delivering long duration energy storage (eight hours or more) to power grids around the world. Its technology uses compressed air and water to store energy. This patented technology allows grid operators to draw on clean energy, even when there is no sun to fuel solar panels and no wind to generate energy from turbines.
The company has offices in Melbourne, Australia, and Denver, USA.
FinSMEs
14/02/2025