Energy storage Company Hydrostor closes USD $37m in growth financing

• We have secured USD 37 million (EUR 33.5m) in growth financing to advance its late-stage projects.
• The funding will also facilitate strategic partnerships with Meridiam and Baker Hughes, with Meridiam supporting project origination and development and Baker Hughes supplying electric motor compressor and turbine generator solutions. 
• Financing was provided by Elemental Energy, Canoe Financial, ArcTern Ventures, MaRS Catalyst Fund, and Lorem Partners, involving equity, debt, project development, cash commitments, and asset acquisition.
• Our A-CAES technology, operating similarly to a gas plant but emission-free, allows for flexibly sited, long-duration energy storage.
• We plan to utilize the funds to complete construction of its Angas project in Australia and advance its large-scale A-CAES pipeline across the US, Canada, Chile, and Australia. RBC Capital Markets served as Hydrostor’s advisor for the transaction. 

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