Goldman Sachs invests $250 million in Hydrostor to advance long-duration energy storage projects

Hydrostor’s Goderich storage facility, Image: Hydrostor

The investment is planned to support development and construction of Hydrostor’s 1.1 GW, 8.7 GWh of Advanced Compressed Air Energy Storage projects that are well underway in California and Australia, and help expand Hydrostor’s project development pipeline globally.

Hydrostor Inc. today announced a preferred equity financing commitment of US$250 million from the Private Equity and Sustainable Investing businesses within Goldman Sachs Asset Management.

Hydrostor, a Canadian company with patented advanced compressed air energy storage (A-CAES) technology designed to provide long-duration energy storage, uses proven components from mining and gas operations to create a scalable energy storage system that 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.

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