Hydrostor has secured a $55mn credit facility from Export Development Canada (EDC) to finance the early phases of its Silver City energy storage project, currently under development in Broken Hill, Australia. The project, based on advanced compressed air energy storage (A-CAES) technology, is planned with a capacity of 200 MW.
A large-scale storage project in Australia
The EDC financing will cover development expenses and the letter of credit requirements necessary for the progress of the project. Silver City represents Hydrostor’s first utility-scale implementation, a Toronto-based company specialising in long-duration storage systems. This type of facility is designed to provide grid flexibility by replacing ageing fossil fuel plants.
Curtis Vanwalleghem, Chief Executive Officer and co-founder of Hydrostor, stated that the financial support will allow the company to reach a critical stage towards the commercialisation of its solutions. According to him, this project reflects the growing interest in technologies capable of delivering reliable and resilient energy.
Strategic support for Canadian export
For EDC, this transaction illustrates its objective of promoting innovative Canadian exporters in international energy markets. Alison Nankivell, President and Chief Executive Officer of EDC, indicated that this financing aims to support Canadian intellectual property while strengthening the presence of its companies in global energy projects.
Alongside the Silver City project, Hydrostor has a development pipeline exceeding 7 GW across several markets, including Canada, the United States and Europe. The company seeks to establish its advanced storage systems as a replacement alternative for ageing thermal infrastructure.
