September 20 (Renewables Now) - Hydrostor Inc, a Canadian company that develops Advanced Compressed Air Energy Storage (A-CAES) projects, has raised USD 37 million (EUR 33.5m) in growth financing that will allow it to continue advancing existing late-stage projects.
Along with the funding, Hydrostor announced a couple of strategic partnerships with infrastructure investor Meridiam and oilfield service company Baker Hughes (NYSE:BHGE). Meridiam will support the origination and development of Hydrostor projects, while Baker Hughes will supply electric motor compressor and turbine generator solutions.
Renewables developer Elemental Energy, Canoe Financial, ArcTern Ventures, MaRS Catalyst Fund and Lorem Partners all provided financing to Hydrostor in this transaction, which involved a mix of equity, debt, project development and cash commitments, as well as an asset acquisition.
Hydrostor develops utility-scale energy storage facilities utilising its A-CAES technology and purpose-built underground storage caverns. The technology provides long-duration storage like pumped hydro, but can be flexibly sited. While it operates similarly to a gas plant, the facility is entirely non-emitting and cost-effective. The company plans to use the fresh funds to finalise construction work on its second commercial reference facility -- the Angas project in Australia -- and to advance its large-scale A-CAES pipeline, which includes over 2 GW/16 GWh of deployment potential in the US, Canada, Chile and Australia, it said.
RBC Capital Markets served as Hydrostor’s advisor on the transaction.
(USD 1.0 = EUR 0.904)