Hydrostor gets USD 8m in growth capital to back A-CAES projects
The Goderich A-CAES Facility in Ontario, Canada. Source: Hydrostor Inc.
Hydrostor Inc, the Canadian developer of Advanced Compressed Air Energy Storage (A-CAES) projects, has obtained CAD 10 million (USD 8m/EUR 6.7m) of growth capital from BDC Capital to advance its global pipeline of projects.
Hydrostor will use the financing to accelerate key near-term milestones on projects in North America and Australia, the company said, adding that it expects to reach final investment decisions on active projects in the next 12 to 18 months.
The firm’s total pipeline of schemes in various stages of development exceeds 6 GW and 65 GWh of long-duration storage capacity in total around the world. Over the past months, Hydrostor announced A-CAES projects in California and Australia with a combined capacity surpassing 1,200 MW. They are under active and advanced development stages.
“Hydrostor is unique in its ability to cost-effectively store vast amounts of otherwise curtailed renewable energy, such as wind and solar, and in doing so, addresses one of the key barriers to realizing a net-zero energy grid,” commented Zoltan Tompa, Director, BDC Capital’s Cleantech Practice.