Goldman Sachs’ private equity division Goldman Sachs Asset Management has invested $250m in a Canadian long-duration energy storage provider.
Hydrostor, the company that has secured the funds, said the investment will help it build 8.7GWh long-duration energy storage plants in Australia and California.
The company uses Advanced Compressed Air Energy Storage (A-CAES) technology that can store huge amounts of renewable energy over long periods.
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Charlie Gailliot, Partner and Head of Energy Transition Private Equity Investing within Goldman Sachs Asset Management, said: “As the world continues transitioning to sustainable and renewable energy sources, the need for utility-scale long-duration energy storage is clear and Hydrostor’s A-CAES solution is well-positioned to become a leading player in this emerging global market.”
Source: Energy Live News
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