U.S.-based technology company Baker Hughes said it has a strategic technology solutions and equity agreement with energy storage group Hydrostor. The deal between the companies, announced January 28, integrates Baker Hughes’ technology as part of Hydrostor’s core design offering for the latter’s advanced compressed air energy storage, or A-CAES, solution.
The groups on Wednesday said the deal includes up to 1.4 GW of Baker Hughes equipment orders for Hydrostor’s flagship projects. The announcement was made during Baker Hughes annual meeting in Florence, Italy.
“Increasing pressure on electric grids is making long-duration energy storage an urgent priority. Hydrostor’s innovative approach offers a low-carbon solution to ensure power reliability across a diverse mix of generation resources,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes, which is headquartered in Houston, Texas. “We are proud to support Hydrostor with critical technology to accelerate these projects, supporting greater global grid resilience, and enabling sustainable power systems at scale.”
“The agreement Hydrostor has signed with Baker Hughes underscores the momentum behind our A-CAES technology platform that is able to cost-effectively provide reliability and resiliency to grids around the world,” said Curtis VanWalleghem, co-founder and CEO of Hydrostor. “We’re excited to build on our relationship with Baker Hughes as we near construction for our flagship projects and work to expand our project pipeline, as load grows and AI data center infrastructure is being built out globally.”
Baker Hughes has been an investor in Hydrostor since 2019. This latest strategic agreement marks an expansion of the relationship as Hydrostor nears construction on its flagship projects in the U.S. and Australia. In the initial phase of the expansion, Hydrostor will be deploying up to 1.4 GW of power generation and compression technology solutions from Baker Hughes’ extensive portfolio including compression, expander, motor and generator technology.
Baker Hughes is a global energy technology company that serves energy and industrial customers in more than 120 countries. Hydrostor, headquartered in Toronto, Canada, is a leading developer and operator of long-duration energy storage systems. Hydrostor is backed by Goldman Sachs Alternatives, CPP Investments, Canada Growth Fund, and other institutional investors. The company has a pipeline of A-CAES projects in North America, Australia, and Europe.
—Darrell Proctor is a senior editor for POWER.
