Hydrostor announced a preferred equity financing commitment of $250 million from Goldman Sachs Asset Management.
The investment proceeds will be used to support development and construction of Hydrostor’s 1.1 gigawatts, 8.7 gigawatt hours of Advanced Compressed Air Energy Storage (A-CAES) projects in Australia and California, and to expand Hydrostor’s project development pipeline globally.
Goldman Sachs will fund its investment in tranches tied to project milestones to match Hydrostor’s capital needs and accelerate project execution throughout development, construction, and operations alongside Hydrostor’s development partners. The financing will also support Hydrostor’s global development and marketing initiatives, including expansion of its project pipeline and capabilities in markets with significant near-term demand for flexibly sited long-duration energy storage.
“We are delighted with this investment by Goldman Sachs. It is transformational for