Hunt Energy Network and Manulife Investment Management have formed a new venture to participate in the energy-storage segment within the Electric Reliability Council of Texas (ERCOT).
The new company will be called HEN Infrastructure and will develop and manage a portfolio of 500 megawatts of distribution-level energy-storage assets in ERCOT.
“The open power market of Texas is a magnet for innovation,” said Pat Wood, CEO of Hunt Energy Network. “Our team is ready to speed the day when reliable electricity becomes more decentralized, more decarbonized and more democratized.”
The new joint venture follows Manulife's priority of strategically investing in private market assets across infrastructure, private equity and credit, timber, agriculture, and real estate.
Hunter Hunt, CEO of Hunt Energy, said the new joint venture will play a valuable role in efficiently managing resources within the electric grid in ERCOT, and will contribute to creating a m