Goldman Sachs invests in compressed air storage
- The $250m will certainly aid Hydrostor create 1.1 GW of projects and also broaden its pipe worldwide
Goldman Sachs Asset Management has actually made a preferred equity financing dedication of $250m in Hydrostor to support the latter's 1100MW Advanced Compressed Air Energy Storage (A-CAES) projects in Australia as well as California.
Goldman Sachs will money its financial investment in tranches connected to project landmarks to match Hydrostor's capital needs and accelerate project execution throughout development, building and construction, as well as procedures alongside Hydrostor's development partners.
The financing will also support Hydrostor's international development and advertising and marketing efforts, consisting of development of its project pipeline and capacities in markets with considerable near-term need for flexibly sited long-duration energy storage.
Hydrostor chief executive Curtis VanWalleghem said: "We are delighted with this financial investment by Goldman Sachs. It is transformational for Hydrostor and also verifies the competition of our exclusive A-CAES service along with the stamina of our pipeline of potential projects."
Goldman Sachs Asset Management head of energy change private equity investing Charlie Gailliot stated: "As the globe continues transitioning to sustainable and also renewable resource resources, the demand for utility-scale long-duration energy storage is clear, as well as Hydrostor's A-CAES remedy is well placed to end up being a leading gamer in this arising global market.
" We expect dealing with the Hydrostor group over the coming years and also leveraging our firm's worldwide platform to support Hydrostor's development, which will certainly play a main function in the ongoing energy change."
VanWalleghem added: "I want to thank our existing financiers, consisting of ArcTern Ventures, Lorem Partners, Canoe Financial, and Business Development Bank of Canada, all of whom will certainly remain our partners. Hydrostor's development has been made possible by their support and support from different companies of the Government of Canada.
" I would certainly likewise like to thank outbound directors Elisabeth Hivon and also Tom Rand for their solution and also welcome Charlie Gailliot, Sebastien Gagnon, as well as Gunduz Shirin from Goldman Sachs to our board."
An impact of Hydrostor's prepared Broken Hill project is imagined.