Highview Power, a global leader in long duration energy storage solutions, closed its Growth Capital round of funding with over $70 million, bringing the total amount of funding and grants the company has secured to date to over $145 million. This round of funding enables Highview Power to continue its aggressive global expansion and rapidly moves additional projects into the commercialization phase.
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 4 gigawatt hours of projects across the U.S., Europe, and Latin America. This is in addition to the current 700 megawatt hours of projects currently under development.
“Highview Power’s ability to secure financing from such high-caliber energy leaders, despite the challenges of the global pandemic, signals that the industry recognizes 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.”
What is it? Highview Power’s energy storage facilities are based on its proprietary cryogenic energy storage technology – the CRYOBattery, the only long duration energy storage solution of its type being commercially deployed today. The CRYOBattery is freely locatable and can offer multiple GWh (weeks) of storage. When paired with renewables, CRYOBattery facilities are equivalent in performance to – and could replace – thermal and nuclear baseload power, the company says.
“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.
Highview Power currently has offices in London, Washington D.C., Madrid, and Sydney, Australia. It is also operating in Chile, Spain, and now Dubai, Germany, Japan, and the Great Lakes and Southern regions of Africa. The company plans to engage in another round of corporate funding in 2021 and establish a project financing joint venture with infrastructure funds to continue its global expansion to meet worldwide demand for its long duration energy storage solution.
— Solar Builder magazine