Highview Power has closed its growth capital round of funding with over $70m, bringing the total amount of funding and grants the company has secured to date to over $145m.
The Growth Capital round includes the previously announced $46m investment from Sumitomo Heavy Industries (SHI) and additional investments from strategic investors Janus Continental Group and TSK, along with a $5.5m contribution from the original and founding investors.
This round of funding enables Highview Power to continue its “aggressive global expansion and rapidly moves additional projects into the commercialisation phase”, the company stated.
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 four gigawatt-hour 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 recognises 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, a long duration energy storage solution, able to offer weeks of storage.
When paired with renewables, these facilities could replace thermal and nuclear baseload power, said the company.
“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.