On February 13, 2025, Hydrostor, a global developer of long-duration energy storage systems, secured a $200 million USD (approximately 284 million CAD) investment from Canada Growth Fund Inc. (CGF), Goldman Sachs Alternatives, and Canada Pension Plan Investment Board (CPP Investments). This funding supports Hydrostor's Advanced Compressed Air Energy Storage (A-CAES) projects in Canada and internationally.

The investment includes a $150 million USD (approximately 213 million CAD) convertible note financing commitment from the investors. Additionally, CGF provided a $50 million USD (approximately 71 million CAD) convertible development expenditure loan facility to support Hydrostor's Canadian projects, such as the Quinte Energy Storage Centre—a 500 MW/4,000 MWh A-CAES project in Lennox and Addington County, Ontario.

Hydrostor's projects in New South Wales, Australia, and California, USA, are slated to begin construction in 2025. The company's A-CAES technology enables utilities to transition from fossil-based energy to zero-emission storage, facilitating the integration of renewable energy sources.

National Bank Financial Inc. and Rothschild & Co. acted as financial advisors to Hydrostor, with Goldman Sachs & Co. LLC serving as placement agent. Davies Ward Phillips & Vineberg LLP represented Hydrostor, while Osler, Hoskin & Harcourt LLP advised CGF and Canada Growth Fund Investment Management Inc. on CGF's investment.