TORONTO--(BUSINESS WIRE)-- Hydrostor, a global long-duration energy storage (LDES) developer and operator based in Toronto, has announced the development of an advanced compressed air energy storage (A-CAES) project in Greater Napanee, Ontario—the Quinte Energy Storage Centre.
“We’re excited to be announcing our first large-scale project in Greater Napanee, Ontario, right in Hydrostor’s backyard,” said Curtis VanWalleghem, Chief Executive Officer and Co-Founder of Hydrostor. “This project will make critical contributions to grid reliability and resiliency, advancing the province’s energy goals and bringing a large infrastructure project with significant jobs and investment to Ontario.”
The announcement comes on the heels of the project’s receipt of a Municipal Support Resolution from Greater Napanee, Ontario, which was the result of a more than 12-month consultation process that allowed Hydrostor to engage with the town’s Administration, Council, and community members to raise awareness and understanding of the project and its benefits.
The project will now begin its permitting process, during which Hydrostor will continue to partner with the community of Greater Napanee as well as provincial and federal agencies to secure the necessary municipal, provincial, and federal permits and approvals. The project is being developed in partnership with the Mohawks of the Bay of Quinte, who will be an Indigenous equity partner in the project.
As a large-scale infrastructure project, the Quinte Energy Storage Centre is expected to contribute significantly to the local and provincial economy. The project is estimated to support thousands of jobs during the construction phase of the project, and approximately 40 permanent jobs for the facility’s 50-year lifetime once operational. The project is expected to contribute over CA$1.4B to Canada’s GDP.
The project will be funded in part by a previously announced investment from the Canada Growth Fund, who have made available a $50 million USD convertible development expenditure loan facility to fund a portion of development costs for Hydrostor’s Canadian projects.
Ontario’s Independent Electricity System Operator recently announced its first Long Lead-Time Procurement as Directed by Ontario’s Minister of Energy and Mines, Stephen Lecce, which will procure up to 800 MW of long-duration energy storage and prioritizes the development of diverse resources to support the reliability of Ontario's grid for years to come.
The company’s A-CAES technology represents a critical solution underpinning the future reliability of energy systems globally. Hydrostor has projects in late-stage development in New South Wales, Australia, and California, USA, along with a 7 GW project pipeline globally, with projects advancing in Canada, the U.S., Australia, and the UK.
About Hydrostor Inc.
Hydrostor is a leading developer and operator of long duration energy storage systems, leveraging a proven, patented technology solution for delivering long duration energy storage to power grids around the world, using compressed air and water to store energy.
Founded in 2010 and with offices in Toronto, Canada; Melbourne, Australia; and Denver, USA; Hydrostor is backed by Goldman Sachs Alternatives, CPP Investments, Canada Growth Fund, and other forward-thinking institutional investors, providing financial security to commit to top-tier energy projects. Hydrostor has an extensive pipeline of A-CAES projects in North America, Australia, and Europe, poised to meet their evolving grid and reliability needs.
