Hydrostor, a global leader in long-duration energy storage, has secured a $200 million USD investment from Canada Growth Fund (CGF), Goldman Sachs Alternatives, and Canada Pension Plan Investment Board (CPP Investments). This funding will help Hydrostor expand its Advanced Compressed Air Energy Storage (A-CAES) projects in Canada and worldwide.
The investment includes a $150 million USD convertible note financing commitment from the investors. Additionally, CGF has provided a $50 million USD loan to support development costs for Hydrostor’s Canadian projects, including the 500 MW/4,000 MWh Quinte Energy Storage Centre in Ontario.
“This investment is another vote of confidence in Hydrostor’s technology and our ability to bring our initial projects to market, as well as continue to build our robust project pipeline. I’m thrilled to bring Canada Growth Fund onboard as one of our major investors, and equally as excited by the continued support for our company and our technology from Goldman Sachs and CPP Investments,” mentioned Curtis VanWalleghem, Chief Executive Officer and Co-Founder of Hydrostor.
Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc. (“CGFIM”), “CGF has an ambitious mandate to support innovation and fiscally prudent economic development by attracting private investment in Canadian projects and technologies. Hydrostor is a Canadian-built success story, and our team is thrilled to promote their IP and accelerate their projects in Canada and globally.”
Hydrostor’s major projects in Australia and the U.S. are set to begin construction in 2025. It’s A-CAES technology plays a key role in strengthening global energy systems, replacing aging fossil fuel plants with zero-emission storage, and supporting the transition to renewable energy.
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