TORONTO, March 28, 2017 – Hydrostor Inc., a global leader in Advanced Adiabatic Compressed Air Energy Storage (A-CAES) and NRStor Inc., Canada’s premier energy storage project developer, announced today a partnership to jointly develop utility-scale energy storage projects across Canada. The companies will build on their experience together delivering an A-CAES solution for Ontario’s Independent Electricity System Operator (IESO), due to come online in 2018.
NRStor has a proven team and an innovative model to finance, own, and operate energy storage projects, making it an ideal partner to develop projects using Hydrostor’s technology. As Hydrostor’s Preferred Development Partner in Canada, NRStor will accelerate deployment of Hydrostor’s proprietary adiabatic (emission free) solution, one of the lowest cost, bulk-energy storage technologies available.
“Canada needs clean energy storage to efficiently operate the modern electric grid,” said Annette Verschuren, NRStor founder, Chair & CEO, “We are two Canadian companies partnering to deliver just that.”
Hydrostor’s technology can be used to replace fossil fuel “peaker” plants, alleviate transmission congestion and the need for new, costly transmission lines, as well as displace diesel generation in micro-grids.
“NRStor is a leader in energy storage, bringing innovation to the grid through its proven development expertise. Working together, our teams will dramatically accelerate the deployment of Hydrostor’s Advanced Compressed Air Energy Storage across Canada.” said Curtis VanWalleghem, President & CEO of Hydrostor.
The partnership comes on the heels of other recent announcements from Hydrostor and NRStor, including Hydrostor’s global partnership with leading EPC provider AECOM, and NRStor’s equity investment from the Labourers’ Pension Fund of Central and Eastern Canada (LiUNA) and Fengate Real Asset Investments.
About NRStor Inc.
NRStor Inc. is a privately held Toronto-based energy storage project developer focused on developing, owning and operating industry-leading energy storage projects in partnership with progressive stakeholders and leading technology providers.
About Hydrostor Inc.
Hydrostor Inc. is a leading provider of Advanced Adiabatic Compressed Air Energy Storage, deployed using its proprietary underground or underwater air accumulator systems, or using underground geological formations. The technology at scale is one of the lowest cost energy storage solutions available on the market today, is emission free, and has an unlimited cycle life for over 25 years. Hydrostor owns and operates the world’s first adiabatic, underwater-CAES plant with utility host Toronto Hydro, located on Toronto Island.