Hydrostor Announces AUS$45 Million Grant From The

Toronto, Canada, Oct. 21, 2022 (GLOBE NEWSWIRE) — Hydrostor Inc. (“Hydrostor”), a leading long-duration energy storage solution provider, through its partnership with Australian developer Energy Estate (“A-CAES NSW Pty”) announced today that the 200MW/1600MWh Silver City Energy Storage Centre (“Silver City”) has been awarded AUS$45 million from the Australian Renewable Energy Agency (“ARENA”).  

This milestone demonstrates the commercial readiness of Hydrostor’s Advanced Compressed Air Energy Storage (A-CAES) technology to provide clean energy security. A-CAES uses existing supply chains and proven equipment to provide affordable, large-scale, and emission-free long-duration energy storage. A-CAES technology delivers an alternative to Pumped Hydro Energy Storage (PHES) for bulk energy storage, with the additional benefits of more flexible siting, shorter development and construction times, and a lower environmental impact.

Silver City will be capable of storing enough renewable energy to provide reliable power for up to 200,000 homes over 8 hours during times of peak demand, providing access to secure and low-cost electricity for consumers in the remote mining community of Broken Hill, NSW. Over the 50+ year lifetime of Silver City, more than 11 million metric tons of carbon dioxide will be displaced which is equivalent to annual emissions of roughly 50,000 cars.

Siting flexibility allows Hydrostor to target specific problems and capture new value steams, including fringe-of-grid applications such as at Broken Hill, Renewable Energy Zones (REZs), and off-grid applications. ARENA CEO Darren Miller said new technologies for medium duration storage will help to improve the economics of energy storage and help realise the goal of more commercially feasible projects.

“Whether it be through pumped hydro, or new innovative solutions like compressed air storage, medium and long duration storage is going to be vital to supplying power…