Hydrostor, a Canadian-based long-duration energy storage solution provider, has announced that it has secured CAN$10 million of growth capital from BDC Capital to advance its pipeline of long-duration Advanced Compressed Air Energy Storage (A-CAES) projects.
This news comes after Hydrostor’s recent public announcements of A-CAES projects in California and Australia totalling more than 1200 MW under active and advanced development stages. Around the world, long-duration energy storage is becoming a critical component for countries to achieve their decarbonisation 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 decarbonisation 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 realising a net-zero energy grid. BDC Capital is proud to be an investor and see this unique Canadian innovation achieve global scale.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
The Summer issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including CEWEP, Enel Green Power, Turboden S.p.A., Cornwall Insight, and more.
Don’t forget to sign up to receive future digital issues of Energy Global for free here.
Read the article online at: https://www.energyglobal.com/energy-storage/05082021/bdc-capital-to-support-hydrostor-energy-storage-projects/