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Hydrostor raises $37 million for battery-free energy storage tech

ImpactAlpha, September 24 – Storing energy from variable renewable energy sources like wind and solar is an ongoing obstacle to the clean energy transition. Some innovators are trying to solve the problem with better and cheaper batteries. Others, like Toronto-based Hydrostor, are developing alternative systems.

Hydrostor has developed a system that uses heat, compressed air and a water reservoir to capture, store and then release generated. Its systems are designed to help electricity grid operators manage demand fluctuations and integrate renewable sources, like wind and solar, into their energy mix. The company claims its system is more cost-effective than today’s batteries.

Hydrostor has three utility-scale facilities underway in Canada and Australia and others planned in the U.S. and Chile.

Sustainable infrastructure investor Meridiam has led Hydrostor’s $37 million debt and equity financing round, which will be used to complete construction on its 5-megawatt Angas project in Australia. Elemental Energy, Canoe Financial, ArcTern Ventures, MaRS Catalyst Fund and Lorem Partners also participated.

The funding is in addition to $9 million in grant capital from the Australian Renewable Energy Agency and the Government of South Australia Renewable Technology Fund. 

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