Global long-duration energy storage (LDES) firm Hydrostor has secured US$55 million in funding from Export Development Canada (EDC) to support the development of its 200MW Silver City Energy Storage Centre project being built in Broken Hill, New South Wales.
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.
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Hydrostor co-founder and CEO Curtis VanWalleghem said, “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.
“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.”
EDC president and CEO Alison Nankivell said, “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.
“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.”
Related article: Hydrostor’s A-CAES a ‘game changer’ for Silver City project
The Silver City Energy Storage Centre project will provide crucial long duration energy storage capacity and stability to the Broken Hill region and the wider network, with a total capacity of 200MW and 1,600MWh (8 hours of storage duration at full output).
Once completed, the new energy storage facility will replace ageing diesel generators, nearing their end-of-life. SCESC will support the community’s energy needs and protect against future blackouts by forming the backbone of a mini-grid, which when fully operative will be able to supply Broken Hill with power for days, if not weeks.
