Dallas’ Hunt Energy Network To Get $250M in Funding from Ontario-Based Manulife
Lance Murray | Source: Dallas Innovates | Posted 08/09/2024
“Over the past three years, our partnership with Manulife let us build a resilient network of dispatchable, distributed storage all across Texas,” Pat Wood, CEO of Hunt Energy Network, said in a statement. “Now, we can continue that work as well as move into other opportunities to reliably serve customers in ERCOT.” Hunt Energy said this new commitment is distinct from Manulife’s March 2021 commitment of $225 million to form HEN Infrastructure, a separate venture with Hunt Energy Network to develop and operate a portfolio of distribution level energy storage assets in ERCOT.
AI generated summary
Dallas-based Hunt Energy Network has secured a $250 million funding commitment from Manulife Investment Management, based in Ontario, Canada, to develop dispatchable power resources in ERCOT. Hunt Energy plans to use the funding to build and operate various energy storage projects and thermal peaking generation facilities in the region. The partnership between the two companies aims to offer reliable power solutions, ensuring operational resilience during critical periods such as extreme weather events.
With the financial backing from Manulife, Hunt Energy Network intends to expand its network of distributed resources, including batteries, peaking power, and onsite customer generation to meet the increasing demand for energy in Texas. By leveraging its TraDER optimization platform, the company seeks to provide resilient backup power for commercial and industrial customers while contributing essential resources to the ERCOT grid. This venture aligns with Hunt Energy's mission to ensure a consistent and sustainable power supply for Texans by partnering with Manulife to drive innovation in ERCOT.
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Source Link: https://dallasinnovates.com/dallas-hunt-energy-network-to-get-250m-in-funding-from-ontario-based-manulife/
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