Hydrostor is getting a boost for its long-term energy storage projects.
Goldman Sachs is investing $250 million to help the company build more than 1 GW/8.7GWh of its Advanced Compressed Air Energy Storage (A-CAES) projects in California and Australia. Some development is already underway.
Hydrostor’s A-CAES process uses renewable energy or power from the grid to run a compressor. Once the heat is extracted for re-use in thermal processes, compressed air is sent underground and stored in caverns where it can be converted to electricity as needed. The company says A-CAES can store energy from five hours to multiple days.
The financial giant will pay Hydrostor in accordance with reaching project milestones. The funding will also help the energy storage company expand into markets with immediate demand for flexible energy storage, Hydrostor officials said.
Hydrostor’s portfolio includes 14 projects, many of which are expected to enter advanced development stages in the next year. The company’s project pipeline represents more than 6 GW and 65 GWh and is focused in North America, South America and Australia.
More on the company’s projects here.