Hunt Company Announces New Energy Storage Venture For ERCOT Market
March 22, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Hunt Energy Network announced it has formed a new venture, in collaboration with Manulife Investment Management, that will actively participate in the energy storage space within the Electric Reliability Council of Texas (ERCOT).
Manulife Investment Management's commitment was sourced for the John Hancock Life Insurance Company (U.S.A.) balance sheet as well as third party managed accounts (collectively "Manulife").
The new company will be called HEN Infrastructure, LLC, and will develop and manage a portfolio of 500 megawatts (MW) of distribution level energy storage assets in ERCOT, dispatched by Hunt Energy Network's proprietary TraDER platform.
"The open power market of Texas is a magnet for innovation," said Pat Wood, chief executive officer of Hunt Energy Network. "Our team is ready to speed the day when reliable electricity becomes more decentralized, more decarbonized, and more democratized. And we could not have found a better partner with whom to build that future."
HEN Infrastructure currently has 100 MW of energy storage assets in advanced stages of development throughout the ERCOT footprint targeting operation by first quarter 2022, with an additional 400 MW to be deployed over the following 36 months.
Hunt Energy Network is a Dallas-based developer and operator of distributed energy resources. HEN was created and incubated within Hunt Energy Enterprises, Hunt's energy technology venture business unit. It is part of a larger privately-owned group of companies managed by the Ray L. Hunt family that engages in oil and gas exploration, refining, power, real estate, ranching and private equity investments.