January 11, 2022 Read More →

Goldman Sachs invests $250 million in novel compressed air storage

Canary Media:

An iconoclastic Canadian startup just raised a landmark investment from Goldman Sachs to build massive storage for clean energy.

Hydrostor stores surplus electricity by compressing air into underground caverns. It updates a long-standing technology that never took off for electrical storage. Hydrostor thinks the tweaks it has made will allow underground storage to work in more places — just as grids increasingly need help turning wind and solar production into reliable 24/7 electricity.

Goldman Sachs agreed and invested $250 million from its private equity division. That’s unusual for the long-duration energy storage sector, which typically draws riskier venture-capital investment.

This investment exceeds the $240 million that Form Energy raised last year to commercialize its novel iron-air battery technology. That makes Hydrostor’s raise one of the largest corporate investments ever made in a long-duration storage company.

This portends palpable acceleration for a startup that came a long way while spending relatively little money.

[Julian Spector]

More: Goldman Sachs just made a record-setting investment in long-duration energy storage

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