Global long-duration energy storage developer Hydrostor has announced development of the Quinte Energy Storage Centre, an advanced compressed air energy storage project in Greater Napanee, Ontario. The company says the project will support grid reliability and advance the province’s energy goals.
The announcement follows the project’s receipt of a Municipal Support Resolution from Greater Napanee after more than a year of consultation with the town, residents and local officials.
Hydrostor said the project will now move into the permitting process, with further work needed to secure municipal, provincial and federal approvals.
The project is being developed with the Mohawks of the Bay of Quinte, who will be an Indigenous equity partner.
Hydrostor says the facility is expected to deliver significant economic benefits to both the local and provincial economy over its projected 50-year operating life, contributing more than CA$1.4 billion to Canada’s GDP.
The project will receive partial funding support from the Canada Growth Fund, which has made available a US$50 million convertible development loan facility to help finance development costs across its Canadian projects.
The project lands as Ontario moves to procure up to 800 MW of long-duration energy storage to support grid reliability.
Hydrostor said its A-CAES technology stores energy using compressed air and water, and that it has a broader 7 GW global pipeline of projects advancing across Canada, the US, Australia and the UK.
