Subjects: FINANCING AGREEMENTS, BUSINESS CONTRACTS, MISCELLANEOUS, MISCELLANEOUS, MISCELLANEOUS
Momentum building for Hydrostor's Willow Rock Energy Storage Center as company reaches key permitting and interconnection milestones
KERN COUNTY, CALIFORNIA, March 04, 2024 (GLOBE NEWSWIRE) -- Hydrostor, a global long duration energy storage (LDES) developer and operator, has filed a Supplemental Application for Certification (SAFC) for their Willow Rock Energy Storage Center project in California, demonstrating that momentum is building for the project that will provide 500 MWs or eight hours of energy storage to California.
Coupled with the news that the project's large generator interconnection agreement (LGIA) was fully executed with Southern California Edison (SCE) and the California Independent System Operator (CAISO) in December, this announcement marks a significant step forward for Willow Rock, currently one of California's largest long-duration energy storage projects.
"We're excited to be delivering these key milestones in California, including filing our Supplemental Application for Certification, which allows us to continue on pace to meet California's late-decade needs for long duration energy storage," said Jon Norman, President of Hydrostor.
"This project will provide much-needed storage capacity for the California market, which is becoming even more important as additional renewable generation is added to the grid. We welcome the work to come with the California Energy Commission to keep this project moving, and we're ready to provide energy storage capacity to California," Norman continued.
The project is expected to bring over $500 million directly to the regional economy, including 700 direct and indirect jobs during construction and up to 40 full-time jobs when operational. The Willow Rock Energy Storage Center project is located in Kern County, which is California's largest energy provider jurisdiction.
The Willow Rock facility will demonstrate the important capabilities of Hydrostor's Advanced Compressed Air Energy Storage (A-CAES) technology, which will supply energy to the California grid, enabling emissions free electricity when renewable sources aren't available, bolstering the reliablity of California's electricity system when it is most needed.
Hydrostor's A-CAES also has significant potential to be deployed elsewhere in California and across the United States, forming an important backbone for decarbonization and reliability by replacing end-of-life fossil-fired generation with long duration energy storage.
The Willow Rock facility will be Hydrostor's third grid-scale A-CAES energy storage project and is part of a growing pipeline of significant Hydrostor projects around the world.
About the Willow Rock Storage Center
The Willow Rock Energy Storage Center is a 500 megawatt (MW), 4,000 megawatt-hour Advanced Compressed Air Energy Storage (A-CAES) facility that is under advanced development in Kern County, California. The facility will have a 50-year lifespan, will employ up to 40 full-time employees when operating, and it will be capable of delivering eight hours of energy.
About Hydrostor Inc.
Hydrostor is a leading developer and operator of long duration energy storage systems. Hydrostor leverages a proven technology solution for delivering long duration energy storage (eight hours or more) to power grids around the world. Hydrostor's technology uses compressed air and water to store energy. This patented technology allows grid operators to draw on clean energy, even when there is no sun to fuel solar panels and no wind to generate energy from turbines.
Hydrostor has a successful utility scale facility commercially contracted to the Independent Electricity System Operator (IESO) located in Goderich, Ontario, and two advanced projects under development in Kern County, California and New South Wales, Australia. Hydrostor has an extensive early-stage pipeline of projects in North America, Australia, and Europe.
Founded in 2010 and with headquarters in Toronto, Canada and an office in Melbourne, Australia, and Denver, USA, Hydrostor is backed by Goldman Sachs Asset Management, the Canada Pension Plan Investments and other forward-thinking institutional investors, providing financial security to commit to top-tier energy projects.
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To learn more, visit https://www.hydrostor.ca/
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