CALGARY, Alberta, Jan. 11, 2022 (GLOBE NEWSWIRE) — 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.”
About Canoe Financial
Canoe 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.
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