TORONTO, CANADA – April 15, 2021 – Hydrostor, a long duration energy storage solution provider, announced today it has received funding from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada to pursue the development of a 300-500 MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.

Approximately $4M has been committed to the project with support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, employing the people, suppliers, and technologies from the oil and gas sector.

The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction. The project will be modeled on the success of Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of long duration energy storage.

The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”

Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector.”

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