Funding round
Hydrostor Growth
Reported as "Growth Equity"
Hydrostor, which works in long-duration energy storage system development in Toronto, raised $250M in a Growth round announced on 10 Jan 2022, led by Goldman Sachs Asset Management. 1 firm took part. It is Hydrostor's second venture round on record; the one before was a Growth in Sep 2019.
$250M
Amount raised
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
Hydrostor did not disclose a valuation in this round. It came 28 months after Hydrostor's Growth. It is 48% of the $517M Hydrostor has raised in the venture rounds on record. Hydrostor raised again 55 months later: a Growth round of $230M in Aug 2026.
Hydrostor's funding rounds
Hydrostor has 3 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
Goldman Sachs Asset Management led the round.
Lead investor
- Goldman Sachs Asset Management new investor
Joined the board: Charlie Gailliot (Goldman Sachs Asset Management), Sebastien Gagnon (Goldman Sachs Asset Management) and Gunduz Shirin (Goldman Sachs Asset Management).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
24 Growth rounds in Renewable energy companies within a year either side disclosed an amount; the median was $116M, and this round was 2.2 times the median. The closest in time, other companies' Growth rounds in Renewable energy companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Invenergy Renewable energy companies | 7 Jan 2022 | $3.00B | not disclosed | Blackstone |
| Renewable energy companies | 29 Mar 2022 | $121M | not disclosed | not named |
| Renewable energy companies | 10 Nov 2021 | $100M | not disclosed | Irradiant Partners |
| IGNIS Renewable energy companies | 6 Oct 2021 | $723M | not disclosed | not named |
| Renewable energy companies | 13 Sep 2021 | $110M | not disclosed | not named |
| Renewable energy companies | 28 Sep 2021 | $100M | not disclosed | Vision Ridge Partners |
| Renewable energy companies | 13 Sep 2021 | $59M | not disclosed | JERA Americas and Temasek |
| Intersect Renewable energy companies | 28 Jun 2022 | $750M | not disclosed | TPG |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Hydrostor raise in its Growth round?
Hydrostor raised $250M in its Growth round, announced in Jan 2022.
Who led Hydrostor's Growth round?
Goldman Sachs Asset Management led it.
What was Hydrostor's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Renewable energy companies?
24 Growth rounds in Renewable energy companies within a year either side disclosed an amount; the median was $116M, and this round was 2.2 times the median.
Did Hydrostor raise again after this round?
Yes: a Growth round in Aug 2026 of $230M.