Jason Plautz writes in Utility Dive about a new investment in long-duration energy storage.
- Hydrostor is a Toronto-based long-duration energy storage company that has just received $250 million in investments from Goldman Sachs.
- The company uses innovative advanced compressed air energy storage that stores energy in underground caverns and rock formations.
- Hydrostor’s technology will hit U.S. markets with two late-stage projects in California scheduled to be completed soon.
“While the basic idea behind Hydrostor’s technology – using energy to compress air in tunnels and relying on water to maintain pressure – is well-established, VanWalleghem said the company has modified it to reduce wasted heat and allow it to work outside of salt caverns, where most compressed air facilities are. The ability to work in any hard rock cavern, he said, allows Hydrostor to be more site-specific and create utility-scale storage in the most appealing locations for partners.”
Read the full article here.