Highview Energy begins 2021 with four GWh of CRYOBattery storage in world pipeline
Highview Power, a leading global provider of long-term energy storage solutions, completed its growth capital round of over $ 70 million. This brings the total amount of funding and grants the company has received to date to over $ 145 million. This round of funding allows Highview Power to continue its aggressive global expansion and quickly move additional projects into the commercialization phase.
Demand for the company’s long-lasting energy storage solution in 2020 has been tremendous, and Highview Power is kicking off the new year with a late pipeline of over 4 gigawatt hours of projects in the US, Europe and Latin America. This is in addition to the projects currently under development with 700 megawatt hours.
“Highview Power’s ability to secure funding for such high-profile energy leaders despite the challenges of the global pandemic shows that the industry is recognizing the immediate need for long-term energy storage, and especially for our CRYOBattery solution,” said Javier Cavada. President and CEO of Highview Power. “We are developing projects at an unprecedented pace and expect 2021 to be a crucial year for the company.”
What is it? Highview Power’s energy storage systems are based on proprietary cryogenic energy storage technology – the CRYOBattery, the only energy storage solution of its kind with a long service life that is in commercial use today. The CRYOBattery can be located freely and can offer several GWh (weeks) of storage space. In connection with renewable energies, CRYOBattery systems correspond in their performance to the thermal and nuclear base load and can replace them, according to the company.
“Leading utility companies are starting to issue tenders for 10 hours of storage that run through daily. Network operators begin to award long-term contracts for the provision of synchronous stability services and constraint management. This is necessary in order to make the energy transition a realistic proposition. And these things make liquid air better than any other storage system, ”said Colin Roy, chairman of the Highview Power Board and seed investor.
Highview Power currently has offices in London, Washington, DC, Madrid and Sydney, Australia. The company also operates in Chile, Spain and now Dubai, Germany, Japan, the Great Lakes and southern regions of Africa. The company plans to conduct another round of corporate financing in 2021 and form a project finance joint venture with infrastructure funds to continue its global expansion and meet global demand for its long-term energy storage solution.