Storage space gamer Highview shuts $70m funding round

• Long period of time storage space programmer has a 4GWh pipe of projects in the United States, Europe, and also LatAm

Highview Power has actually shut its growth capital round of financing with over $70m, bringing the total amount of funding and grants the firm has actually protected to date to over $145m.

The Growth Capital round includes the formerly revealed $46m investment from Sumitomo Heavy Industries (SHI) as well as additional financial investments from critical capitalists Janus Continental Group and also TSK, in addition to a $5.5 m payment from the original as well as founding investors.

This round of funding allows Highview Power to proceed its "aggressive international development as well as rapidly relocates extra projects into the commercialisation phase", the firm specified.

There was incredible demand for the firm's long duration power storage remedy in 2020, and Highview Power is getting in the brand-new year with a late-stage pipe of over four gigawatt-hour of projects across the US, Europe as well as Latin America.

This remains in enhancement to the existing 700MWh of projects presently under growth.

" Highview Power's capacity to safeguard funding from such high-calibre energy leaders, despite the obstacles of the international pandemic, signals that the market recognises the prompt demand for long period of time energy storage, and also extra especially for our Cryobattery remedy," said Javier Cavada, president and also Chief Executive Officer of Highview Power.

" We are establishing projects at an unmatched pace, and also we expect 2021 to be a critical year for the business."

Highview Power's power storage space facilities are based upon its exclusive cryogenic energy storage space technology-- the Cryobattery, a long duration power storage remedy, able to supply weeks of storage.

When coupled with renewables, these facilities could change thermal and nuclear baseload power, claimed the business.

"Leading energies are beginning to provide RFPs for 10 hours of storage space to be cycled on a daily basis. Grid operators are beginning to provide lasting contracts for the provision of simultaneous stability services as well as restriction administration.

"This is what is required to make the energy transition a sensible proposition. As well as these things fluid air does better than any other storage space system," claimed Colin Roy, chairman of the Highview Power board and also a seed capitalist.