The funds from EDC will finance development expenditures for Hydrostor’s Silver City project, being built in Australia
TORONTO–(BUSINESS WIRE)–Hydrostor, a global long-duration energy storage (LDES) developer and operator of advanced compressed air energy storage (A-CAES) projects, has secured $55 million USD in funding from Export Development Canada (“EDC”). The transaction will support development activities for Hydrostor’s 200 MW Silver City Energy Storage Centre project being built in Broken Hill, New South Wales, Australia.
The transaction is comprised of a $55 million secured development expenditure credit facility provided by EDC to finance development expenditures and letter of credit requirements for Silver City.
“This financing from Export Development Canada takes Hydrostor another step closer to bringing our Silver City project to market and proves once again global momentum is growing behind long-duration energy storage technology, particularly A-CAES,” said Curtis VanWalleghem, Chief Executive Officer and Co-Founder of Hydrostor. “The need to guarantee reliable, resilient energy will only continue to grow, and we’re proud to partner with EDC to make our first utility-scale project a reality.”
“At EDC, we’re proud to bring Canadian financing expertise to support Hydrostor’s development of one of Australia’s most ambitious long-duration energy storage projects. This financing underscores our commitment to advancing first-of-a-kind utility-scale renewable energy solutions—key drivers of the global energy transition, both at home and abroad,” said Alison Nankivell, President and CEO of EDC. “By supporting the commercialization of Canadian intellectual property, EDC seeks to bring long-term economic returns back to Canada while raising global visibility to our domestic strength in the renewable energy sector.”
Hydrostor’s A-CAES technology represents a critical solution underpinning the future reliability of energy systems globally, enabling utilities to replace end-of-life fossil generation with zero-emission storage and accelerate the integration of intermittent renewables. In addition to its late-stage projects, Hydrostor has more than 7 GW of early stage projects in its development pipeline in Australia, Canada, Europe, and the U.S.
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 Goderich, Ontario, and two advanced projects under development in Kern County, California and New South Wales, Australia. Hydrostor has an extensive pipeline of early-stage projects in North America, Australia, and Europe.
Founded in 2010 and with headquarters in Toronto, Canada and offices in Melbourne, Australia, and Denver, USA, Hydrostor is backed by Goldman Sachs Alternatives, CPP Investments, Canada Growth Fund and other forward-thinking institutional investors, providing financial security to commit to top-tier energy projects.
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To learn more, visit https://www.hydrostor.ca/.
About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
Contacts
For Hydrostor’s media relations, contact [email protected]
For EDC’s media relations, contact [email protected]
