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Home Storage

Hydrostor Raises $200 Million to Advance Compressed Air Energy Storage Projects

Palak by Palak
February 17, 2025
in Storage
Reading Time: 1 min read
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Hydrostor
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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.

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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.

Tags: Air EnergyHydrostorInvestmentStorageTechnology
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