Hedonova Invested $16M in a Storage Plant in Chile
Hedonova, an Alternative Investment Fund that holds a diversified portfolio of alternative assets has invested $16M in a storage plant in Chile.
Hedonova has invested $16M in a storage plant in Chile that operates on the CRYOBattery technology.
Introduction
The energy storage plant is located in the Atacama region of Chile, 800 kilometers north of Santiago. The plant employs air liquefaction technology, which cools ambient air to -196 degrees Celsius. The liquefied air is then heated, causing it to expand and power turbines, which generate electricity. The plant will be operational beginning in January 2023.
Hedonova’s energy storage plant can store up to 2000 megawatts of energy. This can power approximately 80,000 to 100,000 Chilean homes. Following its approval in parliament in October, Chile has enacted a new law on energy storage and electromobility. The bill aims to increase the country’s use of renewable energy, specifically through the use of energy storage to avoid grid congestion, which currently means that the majority of renewable energy dumps. According to SP Global, Chile will be one of the top three green energy exporters by 2040. Hedonova saw Chile as an ideal candidate for lucrative investment opportunities due to its abundance of renewable energy sources.
Management Quote
Alexander Cavendish, CEO of Hedonova said – “The total investment pipeline of the power plant is $160 million off which we have invested 10%. This is an integrated investment from our real estate and equipment financing portfolios. Hedonova owns the land and has leased it to the power company and has also financed the CRYObatteries. We are also working with Chilean regulators to ensure the plan earns carbon credits, and can be sold on the open markets.”
At present, CRYObattery technology has a comparatively smaller footprint than other green energy technologies like solar or wind energy, for instance. However, the technology is scalable with no size limitations or geographic constraints. The list of capabilities it can offer includes voltage control, grid balancing, and synchronous inertia giving grid operators the flexibility to manage power and energy services independently
Apart from Chile, the USA and UK lead in launching and experimenting with CRYObattery initiatives through commercial plants and grid scales.
About Hedonova
Hedonova is an Alternative Investment Fund that holds a diversified portfolio of alternative assets such as non-fungible tokens (NFTs), wine, cryptocurrencies, and real estate. With feeder funds in Switzerland, Luxembourg, Singapore, and India, European and Asian investors can diversify their investments in alternative assets that could conceivably appreciate, from art to wine and sports collectibles could be classified as an alternative investment.
SOURCE
https://www.prnewswire.com/news-releases/hedonova-enters-the-renewable-energy-sector-by-investing-16m-in-a-chilean-energy-storage-plant-301711497.html
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