Funding from the federal Crown corporation will help the Toronto-based climate-tech company build four energy storage projects in Ontario, the U.S. and Australia. (The Globe and Mail)

Talking point: Hydrostor’s technology lets utilities store wind and solar energy close to where the power is needed for more consistent coverage. The company recently raised $4 million from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada (SDTC). The funding is meant to help develop the energy-storage project in Ontario that will store up to 500 megawatts. The recent investments follow Ottawa’s $15-billion clean-economy strategy unveiled in December 2020. The plan includes $750 million for SDTC to invest in startups, plus $964 million specifically for the smart grid, in a bid to produce two to three times more clean power by 2050. The federal government also committed $600 million in its 2017 budget for BDC to invest in cleantech companies, of which it had invested $244 million as of fiscal year-end 2020.