The Toronto-based company said the funds will be used towards the construction of several compressed-air storage projects already underway in Australia and the U.S., in addition to growing its global portfolio of projects. On its website, Hydrostor lists five compressed-air projects in its portfolio, including two in Canada. (The Logic)

Talking point: Goldman Sachs will join several other existing institutional investors, including Canoe Financial, Lorem Partners and the Business Development Bank of Canada. The investment comes as demand for energy-storage capabilities is on the rise. Hydrostor’s technology cuts emissions by taking surplus electricity from the grid, and using that electricity to create heated compressed air. The air is then stored, and converted back to electricity via turbine whenever additional power generation is needed. Such storage methods are seen as a key part of moving toward a smart grid system in Canada and elsewhere.