October 3, 2019: Hydrostor, a developer of compressed air energy storage projects, announced on September 19, the closing of C$49 million ($37 million) in a ‘growth financing’ that included a combination of equity, debt, project development and cash commitments, and an asset acquisition. RBC Capital Markets acted as Hydrostor’s adviser on the transaction.
Asset and fund manager Meridiam has formed a strategic partnership to support the origination and development of Hydrostor projects.
Renewable energy developer Elemental Energy participated in the fundraising. Hydrostor also received additional funding from existing investors including Canoe Financial, ArcTern Ventures, MaRS Catalyst Fund and Lorem Partners. Energy Technology company Baker Hughes, a GE Company (BHGE), will also be a strategic partner.
Hydrostor says it will use the financing to complete construction of its second commercial reference facility, its Angas Project in Australia, and to advance the company’s pipeline of large-scale CAES projects. Those projects represent over 2GW and 16GWh of deployment potential in the USA, Canada, Chile and Australia.