Hydrostor Announces $200 Million in Funding from Leading Investors to Accelerate Canadian and Global Deployment of its Advanced Compressed Air Energy Storage Projects
Funding round by Canada Growth Fund, Goldman Sachs Alternatives, and CPP Investments will support continued advancement of Hydrostor’s 7 GW of projects in
The transaction comprises a
“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. I’m thrilled to bring Canada Growth Fund onboard as one of our major investors, and equally as excited by the continued support for our company and our technology from Goldman Sachs and CPP Investments,” said Curtis VanWalleghem, Chief Executive Officer and Co-Founder of Hydrostor.
“CGF has an ambitious mandate to support innovation and fiscally prudent economic development by attracting private investment in Canadian projects and technologies,” said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc. (“CGFIM”). “Hydrostor is a Canadian-built success story, and our team is thrilled to promote their IP and accelerate their projects in
Hydrostor’s late-stage projects in
About Hydrostor Inc.
Hydrostor is a leading developer and operator of long duration energy storage systems. Hydrostor leverages a proven technology solution for delivering long duration energy storage (eight hours or more) to power grids around the world. Hydrostor’s technology uses compressed air and water to store energy. This patented technology allows grid operators to draw on clean energy, even when there is no sun to fuel solar panels and no wind to generate energy from turbines.
Hydrostor has a successful utility scale facility commercially contracted to the Independent Electricity System Operator (IESO) located in
Founded in 2010 and with headquarters in
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To learn more, visit https://www.hydrostor.ca/.
About the Canada Growth Fund
CGF is a
For CGF’s Media relations, contact mediacgf@cgf-fcc.ca.
About Canada Growth Fund Investment Management Inc.
In Budget 2023, the Government of
About Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over
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About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in
For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
Advisors
National Bank Financial Inc. and Rothschild & Co. acted as financial advisors to Hydrostor, and Goldman Sachs & Co. LLC acted as placement agent, in connection with the transaction.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250213265815/en/
Emily Smith
Director of External Communications, Hydrostor
703 888 7025
Source: Hydrostor Inc.