Renewable

January 10 (Renewables Now) - The private equity and sustainable investing businesses within Goldman Sachs Asset Management have made a USD-250-million (EUR 221m) preferred equity financing commitment to Canadian long-duration energy storage specialist Hydrostor Inc.

According to the announcement on Monday, the investment will be made in tranches tied to project milestones to match Hydrostor’s capital needs. It will speed up project execution throughout development, construction and operations alongside Hydrostor’s development partners.

Hydrostor is the developer of the patented Advanced Compressed Air Energy Storage (A-CAES) technology. It is a scalable, low-impact and cost-effective system that can store energy from 5 hours up to multi-day storage where it is needed.

The company said in a statement that it plans to use the investment proceeds to support the development and construction of its 1.1 GW/8.7 GWh of A-CAES projects in Australia and California, and to grow its project development pipeline globally.

Hydrostor’s financial advisors in this transaction were Fort Capital Partners and CIBC Capital Markets, while Davies Ward Phillips & Vineberg LLP served as legal counsel.

(USD 1.0 = EUR 0.885)