CPP Investments commits USD 25m to Hydrostor

The Goderich A-CAES Facility in Ontario, Canada. Source: Hydrostor Inc.

April 20 (Renewables Now) - 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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