Hydrostor, a Canadian long-term developer of energy storage, has protected Aud 82.6 million ($ 54.7 million) in financing to support its 200 MW Silver City Energy Storage Center project in Australia.
HydrostorA developer of the Canadian Long-Duration Energy Storage (LDES) has obtained an Aud 82.6 million credit facility from Export Development Canada (EDC). The funds will support it 200 MW Silver City Energy Storage Center Project in Broken Hill, New South Wales, 1,140 km northwest of Sydney.
Using advanced compressed air energy storage (A-CAEs), reused the A-CAES technology at Silver City, an unused mine, stores renewable generated energy and returns to the grid.
Hydrostor CEO Curtis Vanwalleghem said that the Hydrostor financing is launching a new step closer to bringing the Silver City project on the market. “It proves that the global momentum is again growing behind long-term energy storage technology, in particular A-CAEs,” Vanwalleghem added.
The 1,600 MWh Silver City project is a development in the late stage, and the company says that it will eliminate the need for large investments in new transmission lines or dependence on polluting diesel generators by offering energy storage for more than 15 years.
“The need to guarantee reliable, resilient energy will only continue to grow, and we are proud to work with EDC to realize our first project scale project,” said Vanweleghem.
EDC president and chief executive officer Alison Nankevell said that the development of Hydrostor is one of the most ambitious long-term energy storage projects in Australia.
“This financing underlines our dedication to promoting the first of a kind of tool scale solutions on renewable energy-key drivers of the Global Energy Transition, both at home and abroad,” said Nankivell.
“By supporting the commercialization of the Canadian intellectual property, EDC wants to bring economic returns back to Canada in the long term and at the same time increase global visibility in the domestic power sector.”
Hydrostor has more than 7 GW in early phase projects in its development frame in Australia, Canada, Europe and the United States.
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