October 17 (Renewables Now) - US renewables developer Hecate Energy and investment manager InfraRed Capital Partners have teamed up to form a company that will develop, construct, own, and operate utility-scale energy storage projects in North America.
Hecate contributed its energy storage portfolio to the new venture, while InfraRed will fund its growth. The Hecate portfolio consists of 126 MWh of operating and contracted assets and 600 MWh of projects in the pipeline.
The new company, Hecate Grid, will be based in Chicago, Illinois and will be led by electricity industry veteran Dan Walker.
"Hecate Grid 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," Walker said in a statement on Tuesday.
Utility-scale storage capacity in the US is expected to grow significantly as states set energy storage goals and organised wholesale electricity markets develop to fully embrace energy storage resources, the companies said.