This round of funding enables Highview Power to continue its
aggressive global expansion and rapidly moves additional projects into the
commercialization phase. There was tremendous demand for the company’s long duration
energy storage solution in 2020, and Highview Power is entering the new year
with a late-stage pipeline of over 4GWh of projects across the U.S., Europe,
and Latin America. This is in addition to the current 700MWh of projects
currently under development.
“Highview Power’s ability to secure financing from such
high-calibre energy leaders, despite the challenges of the global pandemic,
signals that the industry recognizes the immediate need for long duration
energy storage, and more specifically for our CRYOBattery solution,” said
Javier Cavada, president and CEO of Highview Power. “We are developing projects
at an unprecedented pace, and we expect 2021 to be a pivotal year for the
company.”
Highview Power’s energy storage facilities are based on its proprietary
cryogenic energy storage technology – the CRYOBattery™, the only long duration
energy storage solution that is being commercially deployed today. The
CRYOBattery™ is freely locatable and can offer multiple gigawatt-hours (weeks)
of storage. When paired with renewables, CRYOBattery™ facilities are equivalent
in performance to – and could replace – thermal and nuclear baseload power.
“Leading utilities are starting to issue RFPs for 10 hours
of storage to be cycled every day. Grid operators are starting to issue
long-term contracts for the provision of synchronous stability services and
constraint management. This is what is needed to make the energy transition a
realistic proposition. And these things liquid air does better than any other
storage system,” said Colin Roy, chairman of the Highview Power Board and a
seed investor.
In addition to Sumitomo Heavy Industries, which previously
announced its $46 million investment in February 2020, investors participating
in the Growth Capital funding round include private investors and:
Janus Continental Group (JCG), a conglomerate with
businesses in the energy, hospitality and real estate sectors across three
continents. As part of its investment JCG’s subsidiary, Great Lakes Africa
Energy (GLAE), a UK-headquartered IPP dedicated to investing in African energy
solutions, is licensing Highview Power’s CRYOBattery™ technology and will
co-develop renewable plus storage projects across the Great Lakes and Southern
Africa regions;
TSK, a leading global engineering, procurement and
construction company headquartered in Spain, that is working with Highview
Power to develop long duration energy storage systems using the company’s
energy storage solution in Spain, the Middle East, and South Africa.
Highview Power currently has offices in London, Washington
D.C., Madrid, and Sydney, Australia. It is also operating in Chile, Spain, and
now Dubai, Germany, Japan, and the Great Lakes and Southern regions of Africa.
The company plans to engage in another round of corporate funding in 2021 and
establish a project financing joint venture with infrastructure funds to
continue its global expansion to meet worldwide demand for its long duration
energy storage solution.
Highview Power is a developer of CRYOBattery™ long duration
energy storage systems based on the company’s cryogenic energy storage
technology, which uses liquid air as the storage medium and can deliver
anywhere from 20 MW/100 MWh to more than 200 MW/2 GWh of energy and has a
lifespan over 30 years. Developed using proven components from mature
industries, it delivers pumped-hydro capabilities without geographical
constraints and can be configured to convert waste heat and cold to power that
delivers reliable and cost-effective long duration energy storage to enable a
100% renewable energy future. For more information, please visit
http://www.highviewpower.com.