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Hydrostor, a leading Canadian-based long-duration energy storage solution provider, announced that it has secured $10 million of growth capital from BDC Capital to advance its pipeline of long-duration Advanced Compressed Air Energy Storage (“A-CAES”) projects.
This news comes after Hydrostor’s recent public announcements of A-CAES projects in California and Australia totaling more than 1,200 MW under active and advanced development stages. Around the world, long-duration energy storage is becoming a critical component for countries to achieve their decarbonization targets by supporting more renewables entering the grid.
The financing will be used to accelerate key near-term milestones on projects in North America and Australia, with active projects expected to reach final investment decisions in the next 12 – 18 months. Hydrostor currently has a total pipeline of projects in various stages of development internationally, aggregating to more than 6 GW and 65 GWh of long-duration storage.
Curtis VanWalleghem, CEO, Hydrostor, said: “Hydrostor is proud to receive the support of BDC Capital’s Cleantech Practice to advance our world-leading technology that will accelerate global decarbonization efforts and mitigate climate change. Our affordable long-duration A-CAES systems will enable the global transition currently underway towards sustainable and renewable energy generation.”
Zoltan Tompa, Director, BDC Capital’s Cleantech Practice, said: “Hydrostor is a world-leading developer of reliable and emissions-free long-duration energy storage systems. 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. BDC Capital is proud to be an investor and see this unique Canadian innovation achieve global scale.”