Hydrostor Inc., the developer of Hydrostor Terra™ Advanced Compressed AirEnergy Storage (A-CAES) system, has closed a new round of financing.
Toronto based Hydrostor raised $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″]10 million through the issuance of common shares and non-voting preferred shares priced at $5.00 per share. Lorem Partners and Canoe Financial led the financing with $6 million invested combined. ArcTern Ventures invested $2.8 million through a Special Purpose Vehicle (SPV). 12 investors, 4 from Alberta, 7 from Ontario and 1 from Switzerland, participated in the financing. The company has raised $14 million in 2017, including a $4 million round priced at $4.25 per share in May. [/mepr-active]
The Hydrostor Terra™ system utilizes a proprietary isobaric purpose-built underground cavern for air storage, which can be deployed at any site within proximity to a body of water, including inner-city and urban areas. Terra™ utilizes hydrostatic pressure from a water-filled shaft to maintain an isobaric (constant pressure) system during charge and discharge, significantly reducing the cavern size required as compared to traditional CAES systems.
In November 2106, Hydrostor announced the closing of “B-Series” financing with Lorem Partners, Canoe Financial, MaRS Catalyst Fund, ArcTern Ventures.
photo credit: Hydrostor