Highview Power, a leader in long-duration energy storage solutions, has closed its Growth Capital round of financing with more than $70 million, bringing the total amount of funding and grants the company has procured to date to more than $145 million.
This funding round allows Highview Power to continue its aggressive global expansion and quickly moves further projects into the commercialization phase. There was tremendous demand for the company’s long-term energy storage solution in 2020. Highview Power is entering the new year with a late-stage pipeline of more than 4GWh of jobs across the U.S., Europe, and Latin America, in addition to the 700MWh of projects currently under development.
“Highview Power’s ability to secure financing from such high-calibre energy leaders, regardless of the challenges of the worldwide pandemic, indicates that the industry recognizes the immediate demand for extended term energy storage, and more especially for our CRYOBattery solution. We’re developing jobs at an unprecedented pace, and we expect 2021 for a critical year for the company.”
Javier Cavada, president and CEO of Highview Power.
Highview Power’s energy storage facilities are based on its own proprietary cryogenic energy storage technology – the CRYOBattery, the long-term energy storage alternative 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™ centers are equivalent in performance to – and may replace – thermal and nuclear baseload power.
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“Leading utilities are beginning to issue RFPs for 10 hours of storage to be cycled every day. Grid operators are beginning to issue long-term contracts for the supply of synchronous stability solutions and restriction management. This is what is needed to make the energy transition a sensible proposal. And these items liquid air does better than any other storage system,”
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 financing round include private investors and:
- Janus Continental Group (JCG), a conglomerate with businesses in the energy, hospitality and property businesses throughout three continents. As part of its investment JCG’s subsidiary, Great Lakes Africa Energy (GLAE), a UK-headquartered IPP specializing in investing in African energy solutions, is licensing Highview Power’s CRYOBattery™ technologies and will co-develop renewable and storage jobs across the Great Lakes and Southern Africa regions;
- TSK, a leading global engineering, procurement and construction firm headquartered in Spain, working together with Highview Power to create long length energy storage systems utilizing 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’s also working in Chile, Spain, and now Dubai, Germany, Japan, and the Great Lakes and Southern areas of Africa. The business plans to engage in another form of corporate financing in 2021 and establish a project funding joint venture with infrastructure capital to continue its international expansion to satisfy the worldwide demand for its long-duration energy storage alternative.
