On January 10, 2022, Hydrostor Inc. , a long-duration energy storage solutions provider, announced a preferred equity financing commitment of US$250 million from the Private Equity and Sustainable Investing businesses of Goldman Sachs Asset Management. Goldman Sachs has agreed to fund its investment in tranches tied to project milestones to match Hydrostor’s capital needs and accelerate project execution throughout development, construction, and operations alongside Hydrostor’s development partners. The investment proceeds will also be used to support development and construction of Hydrostor’s 1.1GW, 8.7GWh of Advanced Compressed Air Energy Storage projects in Australia and California and to expand Hydrostor’s project development pipeline globally.
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. GSAM is the primary investing area within Goldman Sachs, a global investment banking, securities and investment management firm.
Osler, Hoskin & Harcourt LLP advised Goldman Sachs Asset Management with a team consisting of James Brown, Aqeel Virk (Corporate), Kaeleigh Kuzma, Danielle Chu (Competition & Antitrust), Damian Rigolo, Carrington Hickey (Employment & Labour), Patrick Welsh (Environmental), Julien Ranger, Jonathan Wypych (Pensions & Benefits), Ryan Nielsen, Joshua Disenhouse (Real Estate), Matias Milet, Dov Begun and Jennifer Horton (Tax).