Energy storage solution provider Hydrostor, today announced it received funding to pursue the development of a 300-500 MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada. In fact, this funding comes from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology.
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Hydrostor secures funding to advance energy storage project
Today, long-duration energy storage solution provider Hydrostor announced it received funding to develop a 300-500MW A-CAES facility in Canada. Indeed, this funding comes from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology.
Accordingly, the funding for the project consists of approximately $4M. Particularly, with support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.
Moreover, with Hydrostor’s A-CAES, Canada will support its green economic transition by designing, building, and operating emissions-free energy storage facilities. Also, by employing the people, suppliers, and technologies from the oil and gas sector.
Therefore, the funding will help complete essential engineering and planning. Besides, it will enable Hydrostor to take critical steps toward construction.
Thus, the project will use Hydrostor’s commercially operating Goderich storage facility. Thus, it will provide up to 12 hours of long duration energy storage.
In this regard, the Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
Additionally, Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. Moreover, this made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally. Notably, to lower electricity rates and decarbonize the electricity sector.”
Finally, the company will continue its advance as a long duration energy storage solutions provider. Actually, the company provides reliable and affordable utility integration of long duration energy storage.
Moreover, it enables grid operators to scale renewable energy and secure grid capacity. Finally, Hydrostor supports the green economic transition, employing the people, suppliers, and technologies from the traditional energy sector.