Hydrostor, a Canadian long-duration energy storage startup, and Energy Estate, a developer of large-scale energy transition projects, reported that the 200MW/ 1600MWh Silver City Energy Storage Centre being jointly developed by them through their partnership has been awarded an AUD 45 million (~USD 28.4 million) grant from the Australian Renewable Energy Agency. 

Hydrostor stated that this recognition demonstrates the commercial readiness of their Advanced Compressed Air Energy Storage technology to provide clean energy security. The technology is an alternative to Pumped Hydro Energy Storage (PHES) with the advantages of better flexible siting, shorter development and construction times, and a lower environmental impact.

Located in New South Wales, Australia, Silver City will be able to store renewable energy sufficient to power 200,000 homes over 8 hours during times of peak demand and will act as a source of secure, low-cost electricity to surrounding communities. During its estimated lifetime of over 50 years, the project is expected to displace over 11 million metric tons of carbon dioxide which is equivalent to annual emissions of roughly 50,000 cars.