TORONTO, CANADA – June 29, 2023 – Hydrostor Inc. (Hydrostor), a global long-duration energy storage (LDES) developer and operator, for the second consecutive year, ranked among the top five Fastest-Growing Sustainable Companies in Canada in 2023, published today by Corporate Knights.
The ranking of the Future 50 Fastest-Growing Sustainable Companies in Canada is released annually and features emerging companies that are poised to be market leaders who embrace environmentally conscious practices. Hydrostor’s continuous expansion and dedication to sustainability has earned it recognition for the second year in a row.
“It is an honour to be recognized as a leading company in Canada focused on sustainable futures, emphasizing our commitment to a world where everyone can access clean, reliable, and affordable energy. Through the continued growth of our company, we are well on our way towards making a difference in reducing global climate change” said Hydrostor CEO, Curtis VanWalleghem.
Founder and CEO of Corporate Knights, Toby Heaps, said “the Future 50 are full of solutions to accelerate the sustainable economy… Our reason for devising this list is our belief in the success of these companies being pivotal to creating a more sustainable Canada, as well as acting as inspiration for other entrepreneurs”.
The success of Hydrostor and its peers reflects the massive growth of the country’s clean energy sector which according to Statistics Canada, produced $67.5 billion of value and employed 322,972 people in 2020.
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 Independent Electricity System Operator (IESO) located in Goderich, Ontario, and two advanced projects in development in Kern County, California and New South Wales, Australia. We have an extensive early-stage pipeline of projects in North America, Australia and Europe.
Hydrostor, founded in 2012, 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. Headquartered in Toronto, Canada with offices in Melbourne, Australia and Sacramento, USA.