Toronto, Canada, Oct. 21, 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”) announced today that the 200MW/1600MWh Silver City Energy Storage Centre (“Silver City”) has been awarded AUS$45 million from the Australian Renewable Energy Agency (“ARENA”).
This milestone demonstrates the commercial readiness of Hydrostor’s Advanced Compressed Air Energy Storage (A-CAES) technology to provide clean energy security. A-CAES uses existing supply chains and proven equipment to provide affordable, large-scale, and emission-free long-duration energy storage. A-CAES technology delivers an alternative to Pumped Hydro Energy Storage (PHES) for bulk energy storage, with the additional benefits of more flexible siting, shorter development and construction times, and a lower environmental impact.
Silver City will be capable of storing enough renewable energy to provide reliable power for up to 200,000 homes over 8 hours during times of peak demand, providing access to secure and low-cost electricity for consumers in the remote mining community of Broken Hill, NSW. Over the 50+ year lifetime of Silver City, more than 11 million metric tons of carbon dioxide will be displaced which is equivalent to annual emissions of roughly 50,000 cars.
Siting flexibility allows Hydrostor to target specific problems and capture new value steams, including fringe-of-grid applications such as at Broken Hill, Renewable Energy Zones (REZs), and off-grid applications. ARENA CEO Darren Miller said new technologies for medium duration storage will help to improve the economics of energy storage and help realise the goal of more commercially feasible projects.
“Whether it be through pumped hydro, or new innovative solutions like compressed air storage, medium and long duration storage is going to be vital to supplying power during the evening and morning peak-demand periods as Australia looks towards achieving 82 per cent renewable energy by 2030.”
“Hydrostor’s innovative solution provides us with another option to add to the mix. As a fuel-free storage technology, A-CAES has similar applications to pumped hydro, such as providing dispatchability required to ensure reliability of the power system as more solar and wind power is installed.”
“We are grateful for the financial support provided by ARENA and look forward to continue working with stakeholders to advance critical infrastructure that enables a reliable clean energy transition.” said Curtis VanWalleghem, Hydrostor’s Chief Executive Officer.
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 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.
To learn more, visit https://www.silvercityenergystorage.com/
For more information on ARENA, visit arena.gov.au
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