Revolutionary Energy Storage Plant to Power 100,000 Homes in Chile
US hedge fund Hedonova has made a major investment in an energy storage plant located in Chile’s Atacama region, approximately 800 km away from the capital city Santiago. This new facility is set to become operational at the close of this month, utilizing a revolutionary air liquefaction technology that cools ambient air to a temperature of -196°C. It is estimated that this energy producing system will be able to supply electricity for up to 100,000 homes across Chile.This newfound venture occurs in light of Chile approving a new bill on energy storage and electromobility back in October 2022. The economic purpose of this law is to increase convenience and renewable energy use by reducing grid congestion through energy storage systems such as the one Hedonova has invested in. According to SP Global, experts predict that Chile will become one of the leading exporters of green energy by 2040.Alexander Cavendish, who heads up Hedonova commented: “Hedonova has put 10% or $16 million into the power plant project which amounts to a total investment pipeline worth $160 million. We own the land we lease and finance the CRYObatteries too so it’s all part of our offer here. Furthermore we are working alongside Chilean regulator departments in order to ensure our plan earns enough carbon credits to be sold on open markets.
Summary
- Hedonova has invested $16m in an energy storage plant in Chile’s Atacama region
- The energy storage system operates on the CRYOBattery technology
- Chile has enacted a new law on energy storage and electromobility to increase the country’s use of renewable energy
What is the total investment pipeline for the energy storage plant Hedonova has invested in?
The total investment pipeline for the energy storage plant Hedonova has invested in is $160 million.You might also like this article: Rückgang bei Baugenehmigungen: Investitionsanreize notwendig, um Ziel von 400.000 Wohnungen pro Jahr zu erreichen. Picture source: Alexander Andrews