Goldman Sachs invests US$250 million in long-duration ...

The asset management group of investment banking firm Goldman Sachs is making a US$250 million investment into advanced compressed air ... Skiptocontent SolarMedia Events PVTech SolarPowerPortal CurrentNews Twitter LinkedIn YouTube Facebook Feed Advertising Contact Results Seeallresults Home News Commercial Residential GridScale OffGrid MarketWatch ConnectedTech Resources Events&Webinars UpcomingEvents UpcomingWebinars On-demandWebinars Features News GoldmanSachsinvestsUS$250millioninlong-durationenergystorageproviderHydrostor ByAndyColthorpe January10,2022 Americas,Asia&Oceania,SoutheastAsia&Oceania,US&Canada GridScale Business,Technology LinkedIn Twitter Reddit Facebook Email HowHydrostor’sadvancedcompressedairenergystorage(A-CAES)technologyworks.Image:Hydrostor. TheassetmanagementgroupofinvestmentbankingfirmGoldmanSachsismakingaUS$250millioninvestmentintoadvancedcompressedairenergystorage(A-CAES)companyHydrostor. ThepreferredequityfinancingcommitmentcomesfromGoldmanSachsAssetManagement’sPrivateEquityandSustainableInvestingbusinesses.ItwillbepaidoutintranchestiedtoprojectmilestonesbeingachievedbyOntario,Canada-headquarteredHydrostor.  Hydrostoriscommercialisingitsproprietarycompressedairenergystoragetechnology,claimingitcanbeacost-effectivelong-durationenergystoragesolution.Whilethecompanyhastodateonlybuiltonecommerciallyoperating2.2MW/10MWh+systemwhichcameonlinein2019inOntario,itcurrentlyhas1.1GW/8.7GWhofprojectsinAustraliaandCaliforniawhichareclaimedtobe“wellunderway”. Thefreshinvestmentwillsupportthedevelopmentandconstructionofthoseprojects,andexpandHydrostor’sglobaldevelopmentpipeline. Thecompany’sfirstmegawatt-scalecommerciallyoperatingplant(pictured)wascommissionedinOntarioin2019.Image:Hydrostor. Asearlyas2017,consultancyDeloitteidentifiedthecompany’sOntariopilotschemeasanexampleofinnovationandtechnologicalimprovementintheenergystoragespace,asEnergy-Storage.newsreportedatthetime.  Laterthatyear,HydrostorunveiledHydrostorTerra,itsenergystoragesystemsolutionaimedatprovidingbulklong-durationstorageatacostcompetitivewithnaturalgasplants.Basically,thecompressedairsystemturnsoff-peakelectricityintocompressedair,storedinanisobaricundergroundcavern.  Asitcharges,italsostoresheatgeneratedbythecompressionprocessinanadiabaticthermalmanagementsystem.Thisuseofthermalenergyispartofthe‘A’inA-CAES,givingitbetterroundtripefficiencythanothercompressedairtechnologies,accordingtoHydrostor.TheexistingOntarioprojectservesmultipleapplications,includingpeakingcapacityandancillaryservices.  HydrostorgotsomefundingfromtheAustralianRenewableEnergyAgency(ARENA)andtheSouthAustraliangovernment’sRenewableEnergyTechnologyFundin2017andlastyearEnergy-Storage.newsreportedthattheCanadiangovernmenthadpledgedfinancialsupporttothecompanyforaplanned300MW–500MWprojectatanunnamedlocation.  TheA-CAEScompanysecuredCA$10million(US$8million)ofgrowthcapitallastsummerandfiledapplicationswiththeCaliforniaEnergyCommission(CEC)togetlicensingapprovalfortwoCaliforniaprojects,oneof400MW/3.2GWhinNovemberandanotherof500MW/4,000MWhinDecember.  AreportbyACILAllen,aconsultinggroup,completedathird-partystudylastJunewhichfounda200MW/1,600MWhA-CAESprojectproposedinaremotepartofSouthAustraliacouldcontributemorethanhalfabilliondollarstothelocaleconomywhilemakinglocalelectricitynetworksmorestable. Interestinlong-durationenergystorage GoldmanSachsAssetManagement’sinvestment,whichisthoughttobeamongthelargestcommitmentsbyasingleinvestorintoalong-durationenergystoragecompany,willhelpHydrostoraccelerateprojectexecutionthroughdevelopment,constructionandoperations,togetherwiththecompany’sexistinginvestorsandpartners.  ThefundswillalsobeusedtosupportHydrostor’sdevelopmentandmarketingactivitiesinmarketswhichhaveidentifiedanear-termdemandforlong-durationenergystorage.  Lastyear,FormEnergy,astartupwithanoveliron-airchemistrylong-durationenergystoragetechnologyraisedUS$240millioninafundinground,whilegravity-basedstoragestartupEnergyVaultraisedUS$100millioninaSeriesCfundinground.EnergyVaultlastweekaddedKoreaZinctoalistofinvestorsthatincludesSaudiAramcoandSoftbankVentures.  Otherrecipientsofinvestmentinthelong-durationenergystoragespaceincludevariousflowbattery,thermalandmechanicalenergystoragetechnologycompanies.LastyearatCOP26theLong-DurationEnergyStorageCouncilwaslaunchedrepresenting16ofthosecompaniesamongits24foundingmemberorganisations. InEnergy-Storage.news’‘Yearinreview2021’seriesofrecentarticlesonthestateofplayintheindustry,EPCfirmBurns&McDonnellanddeveloperRecurrentEnergy—keyplayersinthedownstreamdeploymentendofthesector—highlightedtherisinginterestinandexpectedgrowthindemandforlong-durationenergystorage.  advancedcompressedairenergystorage,assetmanagement,energystorageusa,equityfinance,finance,investment,long-durationenergystorage,startup ReadNext Canadianoil&gaspipelinecompanyTCEnergysettobeginsolar-plus-flowbatteryproject October7,2022 EnergyinfrastructuregroupTCEnergyhasbegunworkonasolarPVpowerplantinAlberta,Canada,thecompany’sfirstsolarproject. EquinormovesaheadwithfirstUKgrid-scalebatterystorageproject October6,2022 EquinorhasapprovedthefinalinvestmentdecisionofitsfirstbatteryenergystorageassetintheUK. ForesightGroupinvestsin1.6GWhpumpedhydroenergystorageandwindprojectinScotland October5,2022 AssetmanagerForesightGrouphasinvestedinaco-located1.6GWhpumpedhydroenergystorageandwindprojectinScotland. FormEnergyraisesUS$450millionfor100-houriron-air‘rust’batterytechnology October5,2022 FormEnergyhasraisedUS$450millionfrominvestorsincludingArcellorMittal,bringingthestartup’stotalinvestmenttoUS$800million. Australia’sCEFClendsAU$35.5milliontowardscostofNeoen’sCapitalBatteryproject October5,2022 Australia’snationalCleanEnergyFinanceCorporationhasinvestedtohelpa100MW/200MWhbatterystorageprojectreachfinancialclose. MostPopular Canadianoil&gaspipelinecompanyTCEnergysettobeginsolar-plus-flowbatteryproject WinningsolarPVprojectsinVictoriarenewablesauctioninclude365MW/600MWhofbatterystorage HardernowtomakebusinesscasetodevelopersforbatteriesatEVchargingstationsinUK ChileenergystoragebillpassesSenate,movestotreasuryandfinalvote Bridgingthegapbetweenbatterysupplyandenergystoragedemand Wind-solar-storageplantgets€20millionstateaidinFinland EmailNewsletter EmailAddress Firstname Lastname Company JobTitle CompanyActivity Academic&ResearchEstablishment Analyst BIPV Building&Construction Building&Construction-Architect Building&Construction-CommercialBuildings Building&Construction-HouseBuilder Building&Construction-HouseDeveloper Consultancy Consultancy-Design Consultancy-ElectricVehicles Consultancy-EnergyManagement Consultancy-Environmental Consultancy-Financial Consultancy-GridConnection Consultancy-Planning Consultancy-Storage Consultancy-TaxAdvisor/Accountant Consultancy-TechnicalConsultant 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