NEW YORK, Dec. 31, 2022 /PRNewswire/ -- Hedonova, a US-based hedge fund investing in alternative asset classes like start-ups, real estate, and asset leasing has forayed into the fast-growing energy storage sector by investing $16M in a storage plant in Chile that operates on the CRYOBattery technology. The energy storage plant is located 800 kms north of Chile's capital Santiago in the Atacama region. The plant uses air liquefaction technology where ambient air is cooled to -196 degrees celsius. The liquefied air is then heated to expand and run turbines to generate electricity. The plant will be operational from January 2023.
The energy storage plant Hedonova has invested in can store up to 2000 megawatts of energy. This can supply electricity to around 80,000 to 100,000 homes in Chile. Chile has enacted a new law on energy storage and electromobility, following its approval in parliament in October. The bill seeks to increase the country's use of renewable energy particularly through the use of energy storage as a way to get around grid congestion, which currently means that a majority of renewable energy is dumped. According to SP Global, Chile is set to become one of the top 3 exporters of green energy by 2040. Being a hotbed of rich renewable energy sources, Hedonova saw Chile as a fit candidate for lucrative investment opportunities.
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 that 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.
Contact: media@hedonova.io
