Hydrostor secures financing to complete Australia’s first compressed air storage facility

• We have secured US$37 million (AU$54.6 million) in growth financing to advance its plans for Australia’s first advanced compressed air energy storage (A-CAES) facility.
• The funding will be used to complete the construction of the 5 MW/10 MWh Angas Project in South Australia and to progress its pipeline of large-scale A-CAES projects, totaling over 2 GW and 16 GWh of deployment potential across the U.S., Canada, Chile, and Australia. 
•  The Angas Project, supported by the South Australian government and the Australian Renewable Energy Agency (ARENA), will utilize a closed underground mine to store excess solar and wind power, converting a brownfield site into a clean energy hub.  
• Our A-CAES technology, which functions similarly to pumped hydro, offers flexibility in location and topography, making it an attractive option for renewable energy storage.
• Additionally, we have formed strategic partnerships with Meridiam and Baker Hughes to support project development and supply electric motor compressor and turbine generator solutions. 

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