Cryobattery developer Highview power has raised $70m in its latest funding round, bringing the total investment to $145m. The round includes $46m from Sumitomo Heavy Industries (SHI) and additional investments from strategic investors Janus Continental Group (JCG) and TSK, along with a $5.5m contribution from the original and founding investors.
This funds will be used for ‘aggressive’ global expansion and moving additional projects into the commercialization phase. The company currently has a late-stage pipeline of over 4GWh of projects across the US, 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.”
The Cryobattery uses liquid air to store energy from renewable sources for long duration supply over weeks, rather than hours for lithium batteries.
“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.
As well as Sumitomo Heavy Industries, which announced its $46m support in February 2020, investors include hotel conglomerate Janus Continental Group (JCG) and TSK, a global engineering, procurement and construction company headquartered in Spain that is building many of the systems.
As part of the investment JCG subsidiary Great Lakes Africa Energy (GLAE) is licensing the Cryobattery technology and will co-develop