TORONTO – Hydrostor, a leading Canadian-based long-duration energy storage solution provider, reported that it has secured $10 million of growth capital from BDC Capital to advance its pipeline of long-duration Advanced Compressed Air Energy Storage 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.”
Hydrostor is a long-duration energy storage solutions provider that provides reliable and affordable utility integration of long-duration energy storage, enabling grid operators to scale renewable energy and secure grid capacity. Hydrostor supports the green economic transition, employing the people, suppliers, and technologies from the traditional energy sector to design, build, and operate emissions-free energy storage facilities. Hydrostor has developed, deployed, tested, and demonstrated that its patented Advanced Compressed Air Energy Storage technology can provide long-duration energy storage and enable the renewable energy transition. A-CAES uses proven components from mining and gas operations to create a scalable energy storage system that is low-impact, cost-effective, and can store energy from 5 hours up to multi-day storage where it is needed. Hydrostor has projects worldwide in various development stages for providing capacity of over 200 MW each.
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage.