Hydrostor, a company specializing in long-duration energy storage, is making significant strides in the field of renewable energy with its advanced compressed air energy storage (A-CAES) projects. Recently, the company secured $55 million in funding from Export Development Canada (EDC). This funding will be used to facilitate the development of Hydrostor’s 200 megawatt Silver City Energy Storage Centre project, which is currently underway in Broken Hill, located in New South Wales, Australia.
The funding structure includes a secured development expenditure credit facility from EDC, which provides the resources necessary to cover both development costs and letter of credit requirements for the Silver City project. This funding is crucial, as it enables Hydrostor to advance its innovative energy storage solution, which is central to enhancing the reliability of energy systems worldwide.
Hydrostor’s A-CAES technology is particularly important because it offers utilities a way to transition away from traditional fossil fuel energy generation. By replacing aging fossil fuel power plants with zero-emission storage solutions, this technology supports a cleaner and more sustainable energy landscape. Additionally, it aids in the integration of intermittent renewable energy sources, such as wind and solar, which are becoming increasingly prominent in the global energy mix.
Beyond the Silver City project, Hydrostor is actively working on more than 7 gigawatts of early-stage projects across various regions, including Australia, Canada, Europe, and the United States. This broad development pipeline reflects the company’s commitment to playing a leading role in the future of energy storage. With such initiatives, Hydrostor aims to make a meaningful contribution to the transition towards cleaner energy and the overall enhancement of energy storage solutions worldwide.
KEY QUOTES:
“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.”
Curtis VanWalleghem, Chief Executive Officer and Co-Founder of Hydrostor
“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.”
Alison Nankivell, President and CEO of EDC
