TORONTO, CANADA – September 21, 2023 – Goldman Sachs Asset Management (“Goldman Sachs”) hosted the Long Duration Energy Storage Council (“LDES Council”) board meeting during Climate Week NYC.
Julia Souder, Chief Executive Officer of the LDES Council, said “We are glad to have assembled our board meeting at Goldman Sachs’ office in New York City during Climate Week, and appreciate their support to progress long duration energy storage solutions that are essential for global decarbonization.”
As an investor in several highly scalable clean technology companies including Hydrostor, an LDES Council member, Goldman Sachs recognizes the critical importance of developing proven solutions that enable a reliable and low-cost clean energy transition.
Sebastien Gagnon, a Managing Director at Goldman Sachs, said “Supporting the increasing demand for long duration energy storage will have an important role as we transition to more sustainable resources, and Climate Week provides us with the unique opportunity to bring companies together that are driving large scale decarbonization globally.”
“Being an active member of the LDES Council, and a Goldman Sachs portfolio company, Climate Week is an important time to engage with stakeholders about the important role that advanced compressed air will play in the clean energy transition,” said Jon Norman, Hydrostor President and LDES Council Board Member.
About the LDES Council
The LDES Council is a global non-profit organization with over 70 members in 20 countries. The LDES Council advances the decarbonization of our world through the acceleration of long-duration energy storage by providing member-driven, fact-based guidance and research on the deployment of long-duration energy storage for society’s benefit.
An executive-led organization, the LDES Council represents the ecosystem of industry leaders supporting the diversity of energy storage technologies as well as technology innovators, energy users, utilities, equipment manufacturers, and investors.
About Hydrostor Inc.
Hydrostor is a leading developer and operator of long-duration energy storage systems. Hydrostor leverages a proven technology solution for delivering long-duration energy storage (eight hours or more) to power grids around the world. Hydrostor’s technology uses compressed air and water to store energy. This patented technology allows grid operators to draw on clean energy, even when there is no sun to fuel solar panels and no wind to generate energy from turbines.
Hydrostor has a successful utility scale facility commercially contracted to the Independent Electricity System Operator (IESO) located in Goderich, Ontario, and two advanced projects under development in Kern County, California and New South Wales, Australia. Hydrostor has an extensive early-stage pipeline of projects in North America, Australia and Europe.
Founded in 2010 and with headquarters in Toronto, Canada and offices in Melbourne, Australia and Sacramento, USA, Hydrostor is backed by Goldman Sachs Asset Management, the Canada Pension Plan Investment Board (CPPIB) and other forward-thinking institutional investors, providing financial security to commit to top-tier energy projects.