• Hydrostor lands $200M from top investors to scale Advanced Compressed Air Energy Storage (A-CAES) projects.
• Canada Growth Fund (CGF) contributes $50M for Canadian developments, including a major Ontario project.
• Hydrostor aims to begin construction on projects in Australia and California by 2025.

Hydrostor, a leading long-duration energy storage developer, has secured $200 million USD in funding from Canada Growth Fund Inc. (CGF), Goldman Sachs Alternatives, and Canada Pension Plan Investment Board (CPP Investments). The investment will accelerate the deployment of its Advanced Compressed Air Energy Storage (A-CAES) technology in Canada and globally.

Breakdown of the Investment:

• A $150 million USD convertible note financing from all three investors.
• An additional $50 million USD convertible development expenditure loan from CGF to support Canadian projects.

Canadian Expansion:

The funds will drive development of the 500 MW/4,000 MWh Quinte Energy Storage Centre in Lennox and Addington County, Ontario.

“This investment is another vote of confidence in Hydrostor’s technology and our ability to bring our initial projects to market, as well as continue to build our robust project pipeline,” said Curtis VanWalleghem, CEO and Co-Founder of Hydrostor. “I’m thrilled to bring Canada Growth Fund onboard as one of our major investors, and equally as excited by the continued support from Goldman Sachs and CPP Investments.”

Global Growth:

Hydrostor’s late-stage projects in New South Wales, Australia, and California, USA, are set to begin construction in 2025.

Related Article: Canada Growth Fund Announces $2 Billion Carbon Capture Partnership with Strathcona Resources

“Hydrostor is a Canadian-built success story, and our team is thrilled to promote their IP and accelerate their projects in Canada and globally,” said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc. (CGFIM).

A-CAES technology is positioned as a key solution to enhance global energy reliability, replacing fossil fuel generation with zero-emission storage and advancing renewable energy integration.

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