Hydrostor, a Toronto, Canada-based world long-duration power storage (LDES) developer and operator, raised $200M in funding.
Backers included Canada Progress Fund, Goldman Sachs Alternate options, and Canada Pension Plan Funding Board.
The transaction cosisted of a $150M USD convertible be aware financing dedication from the above traders. As well as, CGF has made accessible an extra $50M USD convertible improvement expenditure mortgage facility to fund a portion of improvement prices for Hydrostor’s Canadian tasks, such because the Quinte Vitality Storage Centre venture, a 500 MW/4,000 MWh A-CAES venture to be developed in Lennox and Addington County, Ontario.
The corporate intends to make use of the funds to help its continued funding in Superior Compressed Air Vitality Storage (A-CAES) tasks in Canada and world wide.
Hydrostor is a developer and operator of lengthy period power storage programs. It leverages a confirmed know-how resolution for delivering lengthy period power storage (eight hours or extra) to energy grids world wide. Its know-how makes use of compressed air and water to retailer power. This patented know-how permits grid operators to attract on clear power, even when there isn’t any solar to gas photo voltaic panels and no wind to generate power from generators.
The corporate has workplaces in Melbourne, Australia, and Denver, USA.
FinSMEs
14/02/2025
