Hydrostor Inc.

Based in Canada, Hydrostor specializes in innovative compressed air energy storage (CAES) technology, providing utility-scale energy storage solutions that help stabilize the grid and manage energy demand effectively. Hydrostor Inc. develops advanced energy storage technologies through its proprietary CAES system. Founded in 2010 in Toronto, Canada, the company has engaged in 6 significant investment deals.

The most recent funding round occurred on February 13, 2025, during which Hydrostor raised USD 275. 00 mn led by Goldman Sachs Merchant Banking Division with participation from CPP Investment Board. Founder Cameron Lewis has a background in technology and business, bringing expertise to the firm, while Curtis Vanwalleghem serves as CEO. Hydrostor specializes in utility-scale long-duration energy storage solutions through its innovative compressed air energy storage (CAES) technology.

This involves capturing excess energy during low demand, converting it to compressed air for storage in underground caverns, and releasing it to generate electricity when demand rises. The company serves utility companies and regional energy providers in key markets including the United States, Canada, and Australia, offering scalable, emissions-free alternatives to traditional energy generation. Hydrostor generates revenue through partnerships with utility providers and energy companies seeking reliable, large-scale energy storage solutions. Revenue is derived from direct agreements where clients pay for installation and maintenance of storage systems based on their specific project requirements, supported by long-term contracts that ensure stable revenue while enhancing grid reliability.

In February 2025, Hydrostor raised USD 200 mn in venture debt funding from Public Sector Pension Investment Board, alongside returning investors CPP Investment Board and Goldman Sachs Asset Management. The company plans to utilize this funding to support project development, expand its advanced compressed air energy storage capabilities, and finance further energy storage projects. Hydrostor aims to enhance its market presence and explore expansion into new geographic regions, although specific markets have not been detailed.