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Hydrostor Secures Us$250 Million Investment From Goldman Sachs Asset Management To Accelerate Growth

Jan 10, 2022•over 3 years ago

Amount Raised

$250 Million

Toronto

Description

Hydrostor Inc. (“Hydrostor”), a leading long-duration energy storage solution provider, today announced a preferred equity financing commitment of US$250 million from the Private Equity and Sustainable Investing businesses within Goldman Sachs Asset Management (“Goldman Sachs”).

Company Information

Company

Hydrostor

Location

Toronto, Ontario, Canada

About

Hydrostor currently has a total pipeline of projects in various stages of development internationally, aggregating to more than 6 GW and 65 GWh of long-duration storage. Hydrostor has developed, deployed, tested, and demonstrated that its patented Advanced Compressed Air Energy Storage (“A-CAES”) technology can provide long-duration energy storage and enable the renewable energy transition. Hydrostor has projects worldwide in various development stages for providing capacity of over 200 MW each. Curtis VanWalleghem, CEO, Hydrostor, said: “Hydrostor is proud to receive the support of BDC Capital’s Cleantech Practice to advance our world-leading technology that will accelerate global decarbonization efforts and mitigate climate change. Zoltan Tompa, Director, BDC Capital’s Cleantech Practice, said: “Hydrostor is a world-leading developer of reliable and emissions-free long-duration energy storage systems. Hydrostor is unique in its ability to cost-effectively store vast amounts of otherwise curtailed renewable energy, such as wind and solar, and in doing so, addresses one of the key barriers to realizing a net-zero energy grid.

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