Goldman Sachs Alternatives, the Canada Pension Plan Investment Board and the Canada Growth Fund, Ottawa’s $15-billion decarbonization fund, led the investment in the Toronto-based firm. (The Logic)
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Goldman Sachs Alternatives, the Canada Pension Plan Investment Board and the Canada Growth Fund, Ottawa’s $15-billion decarbonization fund, led the investment in the Toronto-based firm. (The Logic)
Talking point: Founded in 2010, Hydrostor is one of Canada’s most prominent companies using compressed air as a way to improve electrical grid stability. The company’s technology pulls electricity from the grid during low-demand periods, using that power to compress air and store it underground. When the grid is strained, it converts that compressed air back into electricity. Used alongside renewable power sources like wind and solar, such technologies can be used to reduce intermittency problems. Friday’s deal, which includes US$150 million in convertible notes and a US$50 million loan from the Canada Growth Fund, will be used to fund projects like Hydrostor’s 500-megawatt Quinte Energy Storage facility planned for construction west of Kingston, Ont.
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