United States hedge fund invests in Chilean storage plant

• Hedonova has invested $16m in the system which uses CRYOBattery technology

US hedge fund Hedonova has actually invested $16m in a power storage space plant in Chile's Atacama area, 800 km north of the capital city, Santiago.

The energy storage system, due to be operational by the end of this month, operates the CRYOBattery technology.

The technology uses air liquefaction technology where ambient air is cooled to -196 ° C.

The power storage space plant Hedonova has invested in can supply electrical energy to around 80,000 to 100,000 homes in Chile.

The Latin American country has actually established a new law on energy storage space and electromobility, following its approval in parliament in October 2022.

The bill seeks to enhance the country's use renewable energy especially through making use of energy storage space as a way to navigate grid congestion.

According to SP Global, Chile is readied to turn into one of the leading 3 exporters of green power by 2040.

Alexander Cavendish, Chief Executive Officer of Hedonova, claimed: "The overall financial investment pipeline of the power plant is $160 million off which we have actually spent 10%.

" This is an integrated financial investment from our realty as well as equipment funding portfolios.

Hedonova possesses the land and has actually rented it to the power firm as well as has additionally financed the CRYObatteries.

" We are additionally dealing with Chilean regulators to make sure the plan gains carbon debts that can be sold on the free markets."