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Hydrostor Secures Funding to Advance Long Duration Energy Storage in Canada

Hydrostor
·3-min read

Federal programs will accelerate clean energy transition

Toronto, April 15, 2021 (GLOBE NEWSWIRE) -- Hydrostor, a long duration energy storage solution provider, announced today it has received funding from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada to pursue the development of a 300-500 MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.

Approximately $4M has been committed to the project with support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, employing the people, suppliers, and technologies from the oil and gas sector.

The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction. The project will be modeled on the success of Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of long duration energy storage.

The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”

Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."

For more information on the current facilities, please visit: hydrostor.ca

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About Hydrostor
Hydrostor is a long duration energy storage solutions provider that provides reliable and affordable utility integration of long duration energy storage, enabling grid operators to scale renewable energy and secure grid capacity. Hydrostor supports the green economic transition, employing the people, suppliers, and technologies from the traditional energy sector to design, build, and operate emissions-free energy storage facilities. Hydrostor has developed, deployed, tested, and demonstrated that its patented Advanced Compressed Air Energy Storage (A-CAES) technology can provide long duration energy storage and enable the renewable energy transition. Hydrostor has projects worldwide in various development stages for providing capacity of over 200 MW and for 6 or more hours. Learn more about Hydrostor here: hydrostor.ca

About A-CAES
Advanced-Compressed Air Energy Storage (A-CAES) is a long-duration energy storage system that combines components from existing energy systems to create an advanced, emissions-free storage system that is low-impact, cost-effective, and can be located where the grid needs it. This innovative use of proven technologies provides a scalable, reliable and bankable energy storage solution for utilities and regulators.

A-CAES utilizes renewable energy or excess grid energy to compress air. This compressed air is then funneled into underground purpose-built caverns, displacing water and creating storage capacity. Heat created by this process is captured and stored to reheat the compressed air when energy is needed.

By utilizing proven technologies and components, A-CAES has a supply chain already established, along with a trained workforce from the oil and gas sector, enabling a seamless transition to a renewable economy and energy grid. Learn more about how A-CAES works here: https://www.hydrostor.ca/technology/

About Sustainable Development Technology Canada (SDTC)
Sustainable Development Technology Canada (SDTC) helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world’s most pressing environmental challenges: climate change, clean air, clean water and clean soil. By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming.

Media Contact
Hydrostor Media Relations
Justin Kaiser
hydrostor@yulupr.com
604.828.3647

Natural Resources Canada Media Relations
NRCan.media_relations-media_relations.RNCan@canada.ca
343.292.6100