The world-leading 200MW/1,600MWh “Silver City” compressed air storage project in Broken Hill is grid operator Transgrid’s preferred solution to replace diesel generators and create a major renewable micro-grid
Toronto, Canada, Oct. 21, 2022 (GLOBE NEWSWIRE) — Hydrostor Inc. (“Hydrostor”), a leading provider of long-term energy storage solutions, through its partnership with Australian developer Energy Estate (“A-CAES NSW Pty”) today announced that the 200MW/1,600MWh Silver City Energy Storage Center (“Silver City”) has received A$45 million from the Australian Agency for renewable energies (“ARENA”).
This milestone demonstrates the commercial availability of Hydrostor’s Advanced Compressed Air Energy Storage (A-CAES) technology to provide clean energy security. A-CAES uses existing supply chains and proven equipment to provide affordable, large-scale, emissions-free long-term energy storage. A-CAES technology offers an alternative to pumped hydro energy storage (PHES) for bulk energy storage, with the added benefits of a more flexible site, shorter development and construction times, and a lower environmental impact.
Silver City will be able to store enough renewable energy to provide reliable power to up to 200,000 homes for 8 hours during peak demand periods, providing access to secure, low-cost electricity for consumers in the community remote mine in Broken Hill, NSW. Over the 50-plus-year lifespan of Silver City, more than 11 million metric tons of carbon dioxide will be displaced, equivalent to the annual emissions of approximately 50,000 cars.
Location flexibility allows Hydrostor to target specific problems and capture new sources of value, including edge-of-grid applications like Broken Hill, Renewable Energy Zones (REZs) and off-grid applications . ARENA CEO Darren Miller said new medium duration storage technologies will help improve the economics of energy storage and achieve the goal of more commercially feasible projects.
“Whether through pumped hydropower or innovative new solutions such as compressed air storage, medium and long-term storage will be essential to supply electricity during the evening and morning peak periods. morning as Australia plans to achieve 82% renewable energy by 2030.”
“Hydrostor’s innovative solution gives us another option to add to the mix. As a fuelless storage technology, A-CAES has similar applications to pumped hydropower, such as the dispatch capacity needed to ensure power system reliability as more solar and wind power is installed.
“We are grateful for the financial support provided by ARENA and look forward to continuing to work with stakeholders to advance critical infrastructure that enables a clean and reliable energy transition.” said Curtis VanWalleghem, president and CEO of Hydrostor.
Hydrostor is a long-duration energy storage solution provider that provides reliable and affordable integration of long-duration energy storage, enabling grid operators to scale renewables and secure grid capacity. Hydrostor supports the green economic transition by employing people, suppliers and technology from the traditional energy sector to design, build and operate emission-free energy storage facilities. Hydrostor has developed, deployed, tested and demonstrated that its patented Advanced Compressed Air Energy Storage (“A-CAES”) technology can provide long-lasting energy storage and enable the transition to renewable energy. A-CAES uses proven components sourced from mining and gas operations to create a scalable energy storage system that is low impact, cost effective, has a lifespan of over 50 years and can store energy from 5 hours to several days if necessary. With investment support from Goldman Sachs Asset Management, the Canada Pension Plan and the Business Development Bank of Canada, Hydrostor has projects around the world in various stages of development to deliver more than 200 MW of capacity. each. follow us on LinkedIn.
About Silver City
The Silver City Energy Storge Center (“Silver City”) is an advanced compressed air energy storage project that will have the capacity to generate 200 MW of electricity and store up to 8 hours of energy. The project is located in Broken Hill, New South Wales, Australia, and will create over 350 full-time equivalent construction jobs, with the majority of these workers coming from the local Broken Hill area. In addition to the direct jobs generated during the construction and operation phases, the project will require significant quantities of goods and services from New South Wales. Over the life of the project of more than 50 years, about half of all operating expenses will be purchased from the local region, which equates to a total of $460 million or about $12 million per year. Silver City will provide a long-term emission-free grid reliability solution to the remote mining community and allow the community to grow over time, serving increasing electrical loads in the most cost-effective way for the grid.
To learn more, visit https://www.silvercityenergystorage.com/
For more information on ARENA, visit arena.gov.au
CONTACT: Will Bartlett Hydrostor Inc. +1 416 728 6960 [email protected]