Sumitomo Heavy Industries (SHI) has made a $46m (€42m) investment in cryogenic energy storage company Highview Power.
In addition to the investment SHI and Highview Power are partnering to “accelerate” the company’s “global growth initiatives”.
SHI subsidiary Sumitomo SHI FW (SFW) will become SHI’s technology centre and hub for Highview Power’s CRYOBattery business, expanding the technology’s geographical footprint in Europe, Asia, and the Americas.
Shaun Dean, vice president at Sumitomo Heavy Industries and Tomas Harju-Jeanty, SFW’s chief executive will join Highview Power’s board.
Harju-Jeanty said: “One of the biggest barriers to a carbon-free future has been the ability of renewables to perform as reliably as, and as cost-effectively as traditional fuel sources. Highview Power’s long-duration energy storage technology not only solves the problems that enable dispatchable renewables but will be a catalyst in bringing the energy transition forward.
“SHI has been able to operate for over a hundred years because of our dedication to innovation and ability to adapt to changing markets, and with this partnership, we believe that SHI/SFW is well-positioned to drive our leadership position in energy markets of the future.”
Highview Power chief executive Javier Cavada added, “Highview is proud to have a partner like Sumitomo Heavy Industries next to us as we further our global expansion.
“By partnering with a large technology company with the reputation of SHI, we will be able to benefit from their vast know-how, resources, and operating experience in diversified markets.”