Advanced compressed air energy storage (A-CAES) technology firm Hydrostor has signed a binding agreement with mining firm Perilya to progress the construction of a project in New South Wales, Australia.

ARENA funding will support Hydrostor’s advanced compressed air energy storage (A-CAES) project in New South Wales.

Hydrostor waits to hear if one of its proposed large-scale projects in California will get approved to supply electricity.

Compressed air long-duration energy storage solution provider Hydrostor has received an investment commitment of US$25 million from Canada Pension Plan Investment Board.

Hydrostor believes it can get three advanced-compressed air energy storage (A-CAES) projects totalling 1.1GW/8.7GWh built in California and Australia by 2026, but regulators elsewhere need to remove barriers for A-CAES and other long-duration storage technologies to thrive, the company’s CEO has said.

Hydrostor CEO Curtis VanWalleghem talks advanced compressed air energy storage and how Goldman Sachs Asset Management came to invest US$250m in his company.

California’s inclusion of US$380 million financial support for long-duration energy storage projects could “activate” up to 20 projects in the US state, which has a “tremendous need” for energy storage. 

California is facing a huge shortfall of electricity capacity on its grid and advanced compressed air energy storage (A-CAES) can fill the gap, Hydrostor has proposed.

The Canadian federal government is financially supporting the development of a large-scale advanced compressed air energy storage (A-CAES) project capable of providing up to 12 hours of energy storage.