Hydrostor Acquires 100% Ownership of The Silver City Energy Storage Centre

BROKEN HILL, AUSTRALIA – January 20, 2023 – Hydrostor Inc (Hydrostor), a leading long duration energy storage (LDES) solution provider, announced that it acquired the remaining 50% interest in the Silver City Energy Storage Centre (Silver City or the Project) from Australian developer, Energy Estate, resulting in Hydrostor owning 100% of the Project.

Hydrostor is appreciative of Energy Estate’s contributions to the early stage advancement of Silver City, and the parties agreed that it made sense for Hydrostor to acquire full ownership as the project moved towards the advanced development stage.

Silver City is a 200MW/1,600MWh (8-hour) Advanced Compressed Air (A-CAES) energy storage project located near the town of Broken Hill, NSW. The Project is expected to complete its Front End Engineering and Design (FEED) study in the first half of 2023, with the expectation that construction activities will commence in late 2023.

Once constructed, Silver City (the Project) will be one of the world’s largest renewable mini-grids, available to support Australia’s National Electricity Market with dispatchable energy services and unlock renewable energy in the region that is currently being constrained by network capacity limitations.

Given the flexible siting capability of A-CAES technology, and its ability to provide emission-free, reliable, and long-life energy security that is significantly lower impact compared to same sized pumped hydro storage, Hydrostor continues to evaluate additional opportunities to support the NSW Electricity Infrastructure Roadmap and facilitate the development of Renewable Energy Zones throughout Australia.

About Hydrostor Inc.

Hydrostor is a leading large-scale, long duration energy storage solution provider supporting the energy transition to sustainable, low-impact, cost-effective, and reliable electricity systems. Hydrostor is advancing a significant pipeline of projects internationally using its patented Advanced Compressed Air Energy Storage (A-CAES) technology. A-CAES (pronounced “case”) integrates compressed air, underground caverns, and water with proven components from traditional mining and gas operations to build scalable and flexibly sited energy storage systems. A-CAES experiences zero efficiency degradation over a 50+ year lifetime and is optimized for system sizes of 100 MWs and above with 5 hours up to multi-day storage duration. Hydrostor is backed by Goldman Sachs Asset Management, Canadian Pension Plan Investment Board, Business Development Bank of Canada, Canoe Financial, Lorem Partners and ArcTern Ventures. Follow us @Hydrostor and on LinkedIn for company updates!

To learn more, visit https://www.hydrostor.ca/

About Silver City

The Silver City Energy Storge Centre (“Silver City”) is an Advanced Compressed Air Energy Storage project that will have the ability to produce 200 MW of power and store up to 8 hours of energy. The project is located in Broken Hill New South Wales Australia and will create over 350 full time equivalent peak construction jobs, with the majority of these workers being sourced from the local Broken Hill Region. In addition to the direct jobs generated during the construction and operation phases, the project will require significant quantities of New South Wales goods and services. During the 50+ year project life, approximately half of all operations expenditures will be purchased from the local region, equivalent to a total of $460 million or roughly $12 million per annum. Silver City will provide an emission free long-term grid reliability solution to the remote mining community, and enable the community to grow over time, serving increasing electrical loads in the most cost-effective manner for the grid. This Project received funding from the Australian Renewable Energy Agency (ARENA) as part of ARENA’s Advancing Renewables Program.