Liquid air energy storage firm Highview Power has landed a $46 million (£35.6m) investment from Japanese manufacturing company Sumitomo Heavy Industries (SHI).
Highview Power has been seeking funds to extend its cryo-battery technology, which cools air to -190°C, stores it as a liquid and then converts it into a pressurised gas which drives turbines to produce electricity when released under pressure, generating clean power.
Tomas Harju-Jeanty, CEO at SHI daughter company Sumitomo SHI FW (SFW) 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.”
Javier Cavada, President and CEO of Highview Power, said “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.”