Global investment firm Goldman Sachs’ private equity division has invested $250 million in Canadian long-duration energy storage provider Hydrostor, which plans to build energy storage plants in Australia and California.
Hydrostor said the investment would help it build 8.7GWh long-duration energy storage plants using Advanced Compressed Air Energy Storage (A-CAES) technology, which can store huge amounts of renewable energy over long periods.
Hydrostor’s A-CAES proposed project in Broken Hill, NSW, is a full-scale Advanced Compressed Air Energy Storage (A-CAES) facility that will provide 200MW of capacity, and eliminate the need for major investments in expensive transmission lines and ongoing reliance on highly polluting diesel generators.
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The Goldman Sachs-backed company also has two A-CAES projects planned for California and two in Canada. Based in Toronto, Canada, Hydrostor began operation in 2010 and is a leading developer of utility-scale energy storage facilities.
Hydrostor’s proprietary Advanced Compressed Air Energy Storage (A-CAES) product improves on the mature Compressed Air Energy Storage (CAES) technology by eliminating emissions, increasing efficiency, and providing location flexibility.
Goldman Sachs Asset Management partner and head of energy transition private equity investing Charlie Gailliot said, “As the world continues transitioning to sustainable and renewable energy sources, the need for utility-scale long-duration energy storage is clear, and Hydrostor’s A-CAES solution is well-positioned to become a leading player in this emerging global market.”