Long duration energy storage solutions from Canadian company, Hydrostor, have been granted a $10 million growth capital from BDC Capital; company announced this Wednesday the capital securement, that it would help to advance its projects in North America.
Firstly, Hydrostor offers a one-of-a-kind Advanced Compressed Air Energy Storage (A-CAES) solution; this technology can provide long-duration energy storage and enable the renewable energy transition.
Secondly, the A-CAES technology proven components from mining and gas operations to create a scalable energy storage system; that is low-impact, cost-effective, and also, can store energy from 5 hours; up to multi-day storage where it is needed.
Thirdly, the news of the capital securement 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.
Moreover, the capital would boost Hydrostor’s solutions; as long-duration energy storage is becoming a critical component for countries to achieve their decarbonization targets by supporting more renewables entering the grid.
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A-CAES long duration energy storage solutions to grow in N.A. and Australia
In addition, according to the company’s statement, Hydrostor will use the capital 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 year.
In fact, 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.
On the other hand, about the capital securement, and its relevance for the company, 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.”
He also remarked. “Our affordable long-duration A-CAES systems will enable the global transition currently underway towards sustainable; and also, renewable energy generation.”
Finally, Zoltan Tompa, Director, BDC Capital’s Cleantech Practice, said. “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.”
