CPP Investments commits USD 25m to Hydrostor

Canada Pension Plan Investment Board, also known as CPP Investments, has made an investment commitment of USD 25 million (EUR 23m) to Canadian long-duration energy storage specialist Hydrostor Inc.

The developer of the Advanced Compressed Air Energy Storage (A-CAES) technology plans to use the proceeds from the financing to build and operate facilities around the world, it said in a statement on Tuesday.

"Long-duration energy storage is a critical component in the decarbonization of electrical grids. Hydrostor's solutions are well-placed to address this growing need and provide a unique investment opportunity aligned with our focus on the energy evolution," said Bruce Hogg, managing director and head of sustainable energies at CPP Investments.

Earlier this year, Hydrostor also got a USD-250-million preferred equity financing commitment from the private equity and sustainable investing businesses within Goldman Sachs Asset Management.

(USD 1.0 = EUR 0.925)

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