Hydrostor has secured a $200 million investment for the development of Advanced Compressed Air Energy Storage (A-CAES) projects in Canada and around the world. This investment was secured from Canada Growth Fund (CGF), Goldman Sachs Alternatives, and Canada Pension Plan Investment Board (CPP Investments). The investment includes a $150 million convertible note financing commitment from these investors.
Additionally, CGF has provided a $50 million convertible development expenditure loan facility to cover a portion of development costs for Hydrostor’s Canadian projects, including the Quinte Energy Storage Centre. This is a 500 MW/4,000 MWh A-CAES project and is set to be developed in Lennox and Addington County, Ontario.
Hydrostor is a Canadian company that develops and operates long-duration energy storage projects. The A-CAES technology integrates compressed air, purpose-built hard-rock caverns, and water with proven components from traditional mining and gas operations to provide a low-impact and low-cost energy storage solution for 8-hour to multi-day durations.
