Goldman Sachs invests $250mn in Hydrostor

The money will be used to progress near-term long-duration energy storage projects in California and Australia

Canadian energy storage manufacturer Hydrostor has secured $250mn in investment from asset management firm Goldman Sachs. The investment will be used to support the development and construction of Hydrostor’s advanced compressed air energy storage (A-CAES) projects. The technology uses surplus electricity to produce heated compressed air. The heat is extracted and stored in a thermal store while the compressed air is stored at a constant pressure in a purpose-built cavern. The heat and air can then be recombined to run through a turbine to generate energy when needed. “We are delighted with this investment by Goldman Sachs. It is transformational for Hydrostor and validates the competitivene

Welcome to the PE Media Network

PE Media Network publishes Petroleum Economist, Hydrogen Economist and Carbon Economist to form the only genuinely comprehensive intelligence service covering the global energy industry

 

Already registered?
Click here to log in Subscribe now
to get full access Register now
for a free trialAny questions?
Contact us

Comments

Comments

{{ error }}

Add Comment

{{ comment.comment.Name }} Editor • {{ comment.timeAgo }}

{{ comment.comment.Text }}