CPP invests US$25-million in energy storage developer Hydrostor

Hydrostor Inc. has landed another big-name investor, Canada Pension Plan Investment Board, as the Toronto-based energy storage developer gets close to building the first major commercial facilities employing its technology.CPP has agreed to invest US$25-million in the company, known for long-duration air-compression energy storage, a system designed to help utilities add more wind and solar generation to grids by smoothing out their variable power supply.The investment follows a US$250-million commitment from the asset management arm of financial giant Goldman Sachs at the start of this year. Hydrostor’s other investors are ArcTern Ventures, Lorem Partners, Canoe Financial and Business Development Bank of Canada.“They saw the potential. They’re not designed to invest and manage smaller companies like us in the growth stage. CPP just doesn’t do that. But now that they know…

Read more…