Extol Energy and Riverstone Holdings pursue power investment opportunities
Extol Energy LLC and private investment firm Riverstone Holdings LLC have announced an agreement to pursue investment, operation, and commercialisation opportunities in conventional power generation.
Extol is led by the former management team of Topaz Power Management, LP which managed over 5,325 MWs of conventionally-fuelled power facilities representing more than $1 billion of equity capital invested by Riverstone.
The team also facilitated the merger of Riverstone’s power generation businesses with those of PPL Corporation. The resulting Talen Energy Corporation debuted as one of the largest independent power producers in the United States.
Charles Cook, Extol’s President and Chief Executive Officer, said: “We believe that Extol’s prospects are compelling, and our team looks forward to putting our collective commercial, analytical and change-driven management philosophy to work.”
Riverstone founders David M Leuschen and Pierre F Lapeyre, Jr. added: “Partnering with proven management teams to build energy businesses around the world has been Riverstone’s model for over 15 years. We are confident that the Extol leadership team’s track record, industry expertise and management agility make them the right group to partner with and to best capitalize on the excellent opportunities we are seeing in this transforming power market.”
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.