TORONTO, April 15, 2021 /CNW/ - Innovation and the development of clean technologies will help drive our economy, lower emissions and create jobs. This is more important than ever as we recover from the COVID-19 pandemic.
The Honourable Seamus O'Regan Jr., Minister of Natural Resources, today announced a $500,000 investment in the development of Hydrostor Inc.'s Advanced Compressed Air Energy Storage (A-CAES) technology, a scalable and emissions-free long duration energy storage solution.
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Hydrostor is working on optimizing its patented technology that improves upon traditional compressed air energy storage as it deploys its use on a commercial scale. This will increase the clean technology's readiness for wider deployment and result in a flexible reference design that will apply to A-CAES facilities going forward.
This project is funded through Natural Resources Canada's Energy Innovation Program (EIP), which advances clean energy technologies that will help Canada meet its climate change targets, while supporting the transition to a low-carbon economy. This is done through investments in research, development and demonstration projects, as well as related scientific activities.
The government supports innovative clean energy technology projects that enable clean, competitive and sustainable natural resource sectors.
"Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050."
The Honorable Seamus O'Regan Jr.
Minister of Natural Resources
"Our government is working hard to reduce emissions to net zero by 2050. I am so proud to represent and support companies like Hydrostor Inc., which are tackling climate change through their innovative green and sustainable technology."
Member of Parliament for Toronto Centre
"We are grateful for the federal government's support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
CEO, Hydrostor Inc.
Follow us on Twitter: @NRCan (http://twitter.com/nrcan)
SOURCE Natural Resources Canada
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