Hydrostor, a Toronto, Canada-based energy storage firm, raised capital from the MaRS Cleantech Fund, a Canadian venture fund focused on early-stage cleantech investing.
The amount of the funding was not disclosed.
The company intends to use the funds to look forward commercialize ita scalable underwater compressed air energy storage technology.
Led by Cam Lewis, CTO and founder, and Curt VanWalleghem, CEO, Hydrostor has developed technology that converts surplus electrical energy to underwater compressed air and stores it for use at peak times.
The company currently has two commercial projects under development:
– a collaboration with utility host Toronto Hydro-Electric System Limited (Toronto Hydro) and
– a contract with the national utility of a Caribbean island to store wind power generated at night when it can’t otherwise be used.
FinSMEs
07/05/2013