US renewables developer Hecate Energy and international investment firm InfraRed are jointly launching an energy storage business targeting the North American market.
The companies said the Chicago-based joint venture— Hecate Grid (HG)— will develop, build, own, and operate utility-scale battery energy storage projects in North America.
Hecate, which develops battery storage projects along with solar and wind power plants in the US and Canada, will contribute its existing storage portfolio to the JV— representing some 125 megawatt-hours of operating and contracted assets, plus 600MWh of “prospective projects”. InfraRed has committed “to fund the new company’s growth”.
CEO-elect of HG Dan Walker said the joint venture “is the perfect combination of a proven and experienced development team joining forces with smart capital, allowing us to take advantage of a tremendous market opportunity”.
According to the US Energy Information Administration, at the end of 2017 large-scale battery storage resources with 867MWh of energy capacity were operating in the country.