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Hydrostor racks up $49 mln

Toronto and Australia-based Hydrostor, a developer of advanced compressed air energy storage projects, has secured $49 million in growth financing. The investors included Elemental Energy, Canoe Financial, ArcTern Ventures, MaRS Catalyst Fund and Lorem Partners. RBC Capital Markets advised Hydrostor on the transaction. Also, Meridiam, a global developer, asset and fund manager specializing in sustainable infrastructure and energy transition projects, has formed a strategic partnership with Hydrostor to support the origination and development of Hydrostor projects. In conjunction with this partnership, Elisabeth Hivon, a partner at Meridiam, has joined Hydrostor’s board of directors.

Source: Press Release