Canoe Financial: key position Hydrostor Inc. secures US$250 million investment from Goldman Sachs Asset Management
January 11 2022 - 6:44PM
Canoe Financial is excited to share a recent announcement from
Hydrostor Inc., a key holding in the Canoe Energy Fund lineup.
Hydrostor, a leading developer of utility-scale alternative energy
storage facilities, entered into a transformational transaction
with Goldman Sachs Asset Management that will inject US$250 million
into the firm. Goldman Sachs’ investment will enable Hydrostor to
accelerate its business at an important time in the alternative
energy evolution.
Avoiding trends, co-portfolio managers Rafi Tahmazian and David
Szybunka strategically seek attractive, unique and viable clean
energy investment opportunities for the Canoe Energy Funds. They
recognized bulk energy storage as key to bridging the variability
in supply from wind and solar to stabilize these alternative energy
sources. Through the Canoe Energy Funds, Canoe Financial provided
seed capital as an early investor in Hydrostor in 2017. Today, the
Funds collectively own approximately 19% of Hydrostor.
The Canoe Energy Fund lineup invests in all things energy and
that includes the evolving alternative energy subsector. “Hydrostor
is a great example of Canoe’s opportunistic and highly selective
approach to investing in the alternative energy market, and our
team’s expertise in navigating the energy landscape,” said Darcy
Hulston, President and Chief Executive Officer, Canoe Financial.
“Hydrostor is a Canadian company. We’re getting behind the best
clean energy companies right here in our own backyard, and Goldman
Sachs’ investment is a tremendous endorsement of our efforts. We
were early supporters, and we’re excited about the evolution of our
investment in Hydrostor and how it’s benefitting investors in our
Canoe Energy Funds.”
Read Hydrostor Inc. Press Release
About Canoe FinancialCanoe Financial is one of
Canada’s fastest growing independent mutual fund companies managing
over $11.5 billion in assets across a diversified range of
award-winning investment solutions. Founded in 2008, Canoe
Financial is an employee-owned investment management firm focused
on building financial wealth for Canadians. Canoe Financial has a
significant presence across Canada, including offices in Calgary,
Toronto and Montreal.
For further information, please
contact:Investor RelationsCanoe
Financial1–877–434–2796info@canoefinancial.com
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