Proceeds from the financing will support Hydrostor’s strategy of developing, constructing, and operating Advanced Compressed Air Energy Storage (“A-CAES”) facilities globally. CPP Investments’ commitment is alongside Goldman Sachs Asset Management’s recently announced US$250 million investment into Hydrostor.
Curtis VanWalleghem, Chief Executive Officer, Hydrostor, said: “We are very pleased to have an investment manager of CPP Investments’ caliber participate as a co-investor into Hydrostor alongside Goldman Sachs Asset Management. CPP Investments joins a list of existing Canadian investors in Hydrostor, including ArcTern Ventures, Lorem Partners, Canoe Financial, and Business Development Bank of Canada.”
Bruce Hogg, Managing Director, Head of Sustainable Energies, CPP Investments, said: “Long-duration energy storage is a critical component in the decarbonization of electrical grids. Hydrostor’s solutions are well-placed to address this growing need and provide a unique investment opportunity aligned with our focus on the energy evolution.”
