FORT WORTH, Texas--(BUSINESS WIRE)-- TerraStor Energy Corporation ("TerraStor" or the "Company") today announced the addition of Fred E. Reed, Jr. to its founding executive team as TerraStor’s Co-founder and Chief Commercial Officer. In this role, Mr. Reed holds responsibility for (i) identifying commercial opportunities for grid-scale long-duration energy storage across the geographic footprint of TerraStor’s potential compressed air energy storage (“CAES”) projects; (ii) leading the negotiation and execution of storage purchase agreements with customers; and (iii) playing a key role in the development of TerraStor’s projects.
Matthew Ciardiello, Co-founder and CEO stated: "We are thrilled to bring Fred onto the founding team as a major partner in our venture to develop multi-gigawatt-hour energy storage facilities utilizing CAES technology. Fred’s extensive experience in power development, construction, finance, and operations perfectly complements that of our team. Together we have over 80 years’ experience that is effectively purpose-built for tackling the unique challenges of developing power-plant-scale CAES projects, with their geologic, surface facility, and project-finance aspects.”
Mr. Reed has 34 years of experience in direct investments, finance, project origination, development, construction, operations, asset management, project restructuring, risk management, energy management, and asset optimization in the power and infrastructure sectors. Prior to joining TerraStor, Mr. Reed served as a senior advisor to Oaktree Capital since 2014 and Highstar Capital since 2003. Previously, he held various business development and finance roles with Cogentrix Energy, Inc., where he was instrumental in growing the company from a six-plant to a 28-plant power portfolio. During his career, Mr. Reed has also served in various board and advisory roles, including with Star West Generation, Footprint Development Company, Linden Cogen, and Salem Harbor Power Station. Mr. Reed received a B.S. in Electrical Engineering from Georgia Institute of Technology and an M.B.A. from the University of Rochester. He is a Registered Professional Engineer in New York and North Carolina. He also served as a nuclear-trained US Naval officer on the fast attack submarine, USS Grayling.
TerraStor enables electrical grids to achieve 100% renewable penetration by developing grid-scale, long-duration energy storage systems. The Company deploys advanced compressed air energy storage (ACAES) technology to create giant mechanical batteries, utilizing free and abundant air and natural geology for a clean, simple, and economic storage solution.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230608005785/en/
Source: TerraStor Energy Corporation