Hydrostor retains RBC Capital Markets to lead growth equity financing
TORONTO, Oct. 2, 2018 /PRNewswire/ - Hydrostor Inc., a developer of Advanced Compressed Air Energy Storage (A-CAES) projects, has retained the services of RBC Capital Markets to secure growth financing to advance their global pipeline of utility-scale energy storage projects.
Energy storage is now a multi-billion-dollar market, which continues to grow due to the increased penetration of intermittent renewable energy, climate change concerns and stress on the transmission grid. Hydrostor's proprietary A-CAES projects offer a cost effective, emission-free storage solution that can be flexibly sited to deliver hundreds of megawatts of long duration storage. This combination of characteristics makes it unique among commercially-available storage technologies and ideally positioned to help address many of the challenges facing power systems globally.
"The launch of this financing process is the natural next step in Hydrostor's growth" said Curtis VanWalleghem, CEO of Hydrostor. "Building on the proven A-CAES platform and its successful demonstration, the build-out of Hydrostor's global project pipeline represents a unique opportunity to deploy significant capital in the form of contracted large-scale, long-term infrastructure projects, within one of the fastest-growing industry sectors."
About Hydrostor Inc.
Hydrostor, a private company founded in 2010 and based in Toronto, Canada, is a developer of utility-scale energy storage facilities using their proprietary Advanced Compressed Air Energy Storage (A-CAES) technology. The Company is uniquely situated to provide long-duration, non-emitting, cost effective energy storage capacity enabling greater integration of renewable generation with the electrical grid, deferral of costly transmission investments and providing grid stabilization services. Hydrostor has three projects in operation or under construction in Canada and Australia that total more than 25 MWh, and numerous utility-scale projects (each at 400 - 4,000 MWh+) in advanced development across the U.S., Australia and Canada. Hydrostor's solution delivers low-cost, long-duration bulk energy storage that is synchronous and emission-free and can be flexibly located where required by the grid. The technology can also replace retired fossil fuel plants and leverage existing mining infrastructure, facilitating the modernization of these assets as part of the green energy economy.
Learn more at hydrostor.ca, including access to our media kit, A-CAES 3D animation and brochure.
Hydrostor Contact: Curtis VanWalleghem, CEO, curtis.vanwalleghem@hydrostor.ca
RBC Capital Markets Contact: Robert Nicholson, Managing Director, robert.nicholson@rbccm.com
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SOURCE Hydrostor Inc.
