Hydrostor secures growth financing from Goldman Sachs

On December 29, 2021, Hydrostor Inc., a developer of Advanced Compressed Air Energy Storage (A-CAES) projects, secured a US$250-million preferred equity financing commitment from Goldman Sachs Asset Management's Private Equity and Sustainable Investing businesses.

This is one of the largest investments in the emerging long-duration energy storage sector. Energy storage is becoming more important as utilities around the world begin to phase out fossil-fuel generation in favour of more renewables.

Proceeds from this transformational financing will accelerate Hydrostor's 8.7 GWh A-CAES projects in Australia and California, and expand its project development pipeline globally.

Davies Ward Phillips & Vineberg LLP acted for Hydrostor in securing the financing, with a team that included Brooke Jamison, Anthony Spadaro, Daniel Pearlman, Trevor Kirsh, John Aziz, Kate Szendrey, Jeffrey Nadler and Stephen Vincelli (Corporate); Andrew Ellis, Jennifer Lee and Zachary Kling (Tax); Alexandria Pike and Robyn Barabash (Environmental and Indigenous); and Jim Dinning (Competition, Antitrust and Foreign Investment).

Goldman Sachs was represented by Vinson & Elkins LLP (United States) and Osler, Hoskin & Harcourt LLP (Canada).

Osler’s team consisted of James Brown, Aqeel Virk (Corporate), Kaeleigh Kuzma, Danielle Chu (Competition & Antitrust), Damian Rigolo, Carrington Hickey (Employment & Labour), Patrick Welsh (Environmental), Julien Ranger, Jonathan Wypych (Pensions & Benefits), Ryan Nielsen, Joshua Disenhouse (Real Estate), Matias Milet, Dov Begun and Jennifer Horton (Tax).


Brooke Jamison Anthony Spadaro Daniel Pearlman Jeffrey Nadler Andrew Ellis Jennifer Lee Jim Dinning James R. Brown Kaeleigh Kuzma Julien Ranger Ryan Nielsen Matias Milet


Davies Ward Phillips & Vineberg LLP Osler, Hoskin & Harcourt LLP Vinson & Elkins LLP