Toronto, Canada, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Hydrostor Inc. (“Hydrostor”), a leading long-duration energy storage solution provider, through its partnership with Australian developer Energy Estate (“A-CAES NSW Pty”), and McDermott International (“McDermott”) have entered into an agreement to advance Front-end Engineering and Design studies for the 200MW Silver City Energy Storage Centre (“Silver City”) using Hydrostor’s Advanced Compressed Air Energy Storage (“A-CAES”) solution. Once constructed, Silver City will be one of the world’s largest renewable mini-grids, available to support Australia’s National Electricity Market with dispatchable energy services and unlock renewable energy in the region that is currently being constrained by network capacity limitations.
“Australia is a very attractive market to deploy large scale long duration energy storage, and we look forward to progressing on key development activities with a leading EPC company that has demonstrated success supporting the delivery of technologies that enable the clean energy transition,” said Curtis VanWalleghem, Hydrostor’s Chief Executive Officer.
“Our joint offering—with our io joint venture and CB&I business line—establishes a unique position to develop a modularized solution that provides a reliable, clean and long-term energy solution for Broken Hill,” said Tareq Kawash, Senior Vice President, Onshore at McDermott. “We look forward to working with Hydrostor to accelerate the transition to renewable energy in support of Australia’s decarbonization goals.”
Dean Comand, Hydrostor’s Chief Operating Officer, added, “We remain committed to developing energy storage projects with world class partners like McDermott, and are excited at the potential for Silver City to be the first A-CAES project in Australia.”
About Hydrostor
Hydrostor is a long-duration energy storage solutions provider that provides reliable and affordable utility integration of long-duration energy storage, enabling grid operators to scale renewable energy and secure grid capacity. Hydrostor supports the green economic transition, employing the people, suppliers, and technologies from the traditional energy sector to design, build, and operate emissions-free energy storage facilities. Hydrostor has developed, deployed, tested, and demonstrated that its patented Advanced Compressed Air Energy Storage (“A-CAES”) technology can provide long-duration energy storage and enable the renewable energy transition. A-CAES uses proven components from mining and gas operations to create a scalable energy storage system that is low-impact, cost-effective, 50+ year lifetime, and can store energy from 5 hours up to multi-day storage where needed. With investment support from Goldman Sachs Asset Management, Canadian Pension Plan, and Business Development Bank of Canada, Hydrostor has projects worldwide in various development stages for providing capacity of over 200 MW each. Follow us on LinkedIn.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.
About Silver City
The Silver City Energy Storge Centre (“Silver City”) is an Advanced Compressed Air Energy Storage project that will have the ability to produce 200 MW of power and store up to 8 hours of energy. The project is located in Broken Hill New South Wales Australia and will create over 350 full time equivalent peak construction jobs, with the majority of these workers being sourced from the local Broken Hill Region. In addition to the direct jobs generated during the construction and operation phases, the project will require significant quantities of New South Wales goods and services. During the 50+ year project life, approximately half of all operations expenditures will be purchased from the local region, equivalent to a total of $460 million or roughly $12 million per annum. Silver City will provide an emission free long-term grid reliability solution to the remote mining community, and enable the community to grow over time, serving increasing electrical loads in the most cost-effective manner for the grid. This Project received funding from the Australian Renewable Energy Agency (ARENA) as part of ARENA's Advancing Renewables Program.
To learn more, visit https://www.silvercityenergystorage.com/
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