Ontario — Hydrostor announced an investment commitment of US$25 million from Canada Pension Plan Investment Board.
The Toronto-based long-duration energy storage solution provider will use the financing to support its strategy of developing, constructing, and operating Advanced Compressed Air Energy Storage facilities globally.
The commitment from CPP comes alongside Goldman Sachs Asset Management’s recently announced US$250 million investment in the company.
“We are very pleased to have an investment manager of CPP Investments’ calibre participate as a co-investor into Hydrostor alongside Goldman Sachs Asset Management,” said Curtis VanWalleghem, Chief Executive Officer, Hydrostor. “CPP Investments joins a list of existing Canadian investors in Hydrostor, including ArcTern Ventures, Lorem Partners, Canoe Financial, and Business Development Bank of Canada.”
“Long-duration energy storage is a critical component in the decarbonization of electrical grids,” said Bruce Hogg, Managing Director, Head of Sustainable Energies, CPP Investments. “Hydrostor’s solutions are well-placed to address this growing need and provide a unique investment opportunity aligned with our focus on the energy evolution.”