Hedonova, a U.S.-based hedge fund investing in alternative asset classes like startups, real estate and asset leasing, has forayed into the fast-growing energy storage sector by investing $16 million in a storage plant in Chile that operates on the CRYOBattery technology.
The energy storage plant is located 800 kilometers (497 miles) 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 can store up to 2,000 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 en