Gravity Renewables announces agreement to develop Compressed Air Energy Storage projects
April 11, 2017
Boulder, CO – Gravity Renewables, Inc., a growing owner, operator and developer of distributed hydroelectric plants and Hydrostor Inc., a global leader in Compressed Air Energy Storage (CAES), announced today that they will jointly develop long-duration utility-scale energy storage projects. As Hydrostor’s regional Preferred Development Partner, Gravity will represent Hydrostor’s Advanced-CAES solution in the New England, New York, and Colorado energy markets.
Hydrostor’s proprietary adiabatic, emission-free technology competes head-to-head with new natural gas plants, while offering significant cost and technological advantages relative to battery solutions for a variety of long-duration, grid-scale applications. These applications include the replacement of fossil fuel “peaker” plants, alleviating transmission congestion and the need for new, costly transmission lines, as well as renewables integration.
Gravity, which owns hydroelectric projects throughout New England and New York, will leverage its existing team and network to develop projects that can take advantage of the unique attributes of Hydrostor’s A-CAES technology.
“Gravity is pleased to team up with Hydrostor to provide what is arguably one of the most valuable missing pieces in our energy system today: storage.” said Ted Rose, CEO of Gravity Renewables. “Developing A-CAES projects fits well with our core competencies and existing hydropower platform. These complimentary asset classes offer cost-effective, long-life and scalable options, which is what the market is looking for.”
“Gravity is a leader in developing, operating and structuring projects that are uniquely capable of matching off-takers’ load needs in an environmentally-sustainable manner. Working together, our teams will dramatically accelerate deployment of Hydrostor’s systems across New England, New York and Colorado” said Curtis VanWalleghem, President & CEO of Hydrostor.
Gravity Renewables is a leading national owner, operator and developer of small hydroelectric power plants. Small hydropower provides predictable, reliable, affordable clean energy that’s locally produced. By making a long-term commitment to these neighborhood facilities, Gravity restores and conserves important historical sites, employs local operators and promotes educational and recreational opportunities in the communities it serves. Gravity currently has more than 40 MW of hydroelectric projects operating and under development across the country. Learn more at www.gravityrenewables.com or contact 303.440.3378. Follow Gravity Renewables on Twitter or Facebook.
About Hydrostor Inc.
Hydrostor Inc. is a global leader in Compressed Air Energy Storage (CAES). The company’s technology is a low-cost utility-scale storage solution that is emission-free, can be deployed at any site in proximity to a body of water, and has an unlimited cycle life over 30+ years. Hydrostor owns and operates the world’s first adiabatic, underwater-CAES system with utility host Toronto Hydro, located on Toronto Island. Learn more at www.hydrostor.ca.
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