Highview Power has secured new funding of over $70 million for its ‘liquid air’ cryogenic energy storage technology, bringing the total amount of funding and grants the company has secured to date to over $145 million.
Funding includes a previously announced $46 million investment from Sumitomo Heavy Industries (SHI) and $5.5 million from the original and founding investors. Additional investment came from Janus Continental Group (JCG), a conglomerate with businesses in the energy, hospitality and real estate sectors whose subsidiary will co-develop renewable plus storage projectsusing the ‘Cryobattery’ in the Great Lakes and Southern Africa regions, and TSK, a Spanish engineering, procurement and construction company aiming to develop long duration energy storage systems in Spain, the Middle East and South Africa.
Highview Power said it is entering the new year with a late-stage pipeline of over 4GWh of projects across the US, Europe and Latin America, in addition to 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.”
Colin Roy, chairman of the Highview Power Board and a seed investor, said “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”
Highview 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.
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