Canadian firm Hydrostor has secured financing worth CAD$10 million (£5.7m) to advance its pipeline of long duration advanced compressed air energy storage (A-CAES) projects globally.
The growth capital from the Business Development Bank of Canada (BDC) will be used to accelerate key near-term project milestones in North America and Australia, with active projects expected to reach final investment decisions in the next 12 to 18 months.
The news follows Hydrostor’s recent announcement of A-CAES projects in California and Australia totalling more than 1,200MW under active and advanced development stages.
It currently has a total pipeline of projects in various stages of development internationally, with more than 6GW of long-duration storage.
Curtis VanWalleghem, CEO of Hydrostor said the financing will help advance its technology that will “accelerate global decarbonisation efforts and mitigate climate change”.
Zoltan Tompa, Director, BDC Capital’s Cleantech Practice added: “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.”