Yes in that it's utilizing compressed gas for energy storage, but no in that in how they're addressing the issue of adibiatic heating and cooling of gas -- the fact that gasses heat when compressed and cool when expanded -- they're actually using this heat itself as the energy storage mechanism, with argon as the working fluid.

Light Sail's approach harvests the provided heat and cooling, but utilizes those for what is effectively a coordinated heating/cooling service. The heat itself isn't part of the energy storage/recovery process.

Both are interesting approaches to the heating/cooling problem.

If you don't allow for the heating and cooling, you run the risk of explosions or of excessive thermal loss from your compressed gas. Explosions are possible if you're storing large volumes of gas in underground former natural gas reservoirs -- injecting large volumes of high-temperature N2 + O2 atmospheric gas risks igniting the residual methane. You also have the problem of icing over your recovery apparatus. As a consequence many CAES (compressed air energy storage) designs incorporate a natural gas burner on the exhaust side which both heats the expanding gas and adds additional energy to the process. The resulting systems are a hybrid of natural gas generation plus energy storage.