Hydrostor secures $10-million from BDC to advance energy-storage projects [Toronto Globe and Mail (Ontario, Canada)]
Baker Hughes Company (BKR)
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Source: Toronto Globe and Mail
Hydrostor secures $10-million from BDC to advance energy-storage projects Hydrostor facility in Goderich, Ont. Hydrostor Hydrostor facility in Goderich, Ont. Hydrostor Inc. has received $10-million from the federal government’s BDC Capital to advance four compressed-air energy storage projects it is looking to develop in Canada, the United States and Australia. Hydrostor, whose technology allows utilities to add more wind and solar power onto their grids by smoothing out intermittent generation, is working toward final investment decisions for developments in Broken Hill, New South Wales, Australia; southern and central California; and Ontario. The money will be used for such items as engineering studies, permitting and community consultation. “We got a lot of interest from BDC because they see us as technology champion to enable decarbonization of the energy markets,” said Guy Bentinck, Hydrostor’s chief financial officer. “Long-duration energy storage is a growing challenge for g
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