storage

Hydrostor Secures $250M Investment from Goldman Sachs

0
Hydrostor Inc., a  long-duration energy storage solution provider, has received a preferred equity financing commitment of $250 million from the Private Equity and Sustainable Investing businesses within Goldman Sachs Asset Management.
Hydrostor Secures $250M Investment from Goldman Sachs
Artists Rendering of proposed facility in California (Hydrostor)

The investment proceeds will be used to support development and construction of Hydrostor’s 1.1GW, 8.7GWh of Advanced Compressed Air Energy Storage (“A-CAES”) projects in Australia and California that are well underway, and to expand Hydrostor’s project development pipeline globally.

Goldman Sachs will fund its investment in tranches tied to project milestones to match Hydrostor’s capital needs and accelerate project execution throughout development, construction, and operations alongside Hydrostor’s development partners. The financing will also support Hydrostor’s global development and marketing initiatives, including
expansion of its project pipeline and capabilities in markets with significant near-term demand for flexibly sited long-duration energy storage.

Curtis VanWalleghem, Chief Executive Officer of Hydrostor, said, “We are delighted with this investment by Goldman Sachs. It is transformational for Hydrostor and validates the competitiveness of our proprietary A-CAES solution as well as the strength of our pipeline of potential projects.”

Charlie Gailliot, Partner and Head of Energy Transition Private Equity Investing within Goldman Sachs Asset Management, 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. We look forward to working with the Hydrostor team over the coming years and leveraging our firm’s global platform to support Hydrostor’s growth, which will play a central role inthe ongoing energy transition.”

VanWalleghem added, “I would like to thank our existing investors, including ArcTern Ventures, Lorem Partners, Canoe Financial, and Business Development Bank of Canada, all of whom will remain our partners. Hydrostor’s evolution has been made possible by their support and support from various agencies of the Government of Canada. I would also like to
thank outgoing directors Elisabeth Hivon and Tom Rand for their service and welcome Charlie Gailliot, Sebastien Gagnon, and Gunduz Shirin from Goldman Sachs to our board.”

Fort Capital Partners and CIBC Capital Markets acted as financial advisors to Hydrostor, and Davies Ward Phillips & Vineberg LLP served as legal counsel.

Add a comment
Baterías con premio en la gran feria europea del almacenamiento de energía
El jurado de la feria ees (la gran feria europea de las baterías y los sistemas acumuladores de energía) ya ha seleccionado los productos y soluciones innovadoras que aspiran, como finalistas, al gran premio ees 2021. Independientemente de cuál o cuáles sean las candidaturas ganadoras, la sola inclusión en este exquisito grupo VIP constituye todo un éxito para las empresas. A continuación, los diez finalistas 2021 de los ees Award (ees es una de las cuatro ferias que integran el gran evento anual europeo del sector de la energía, The smarter E).