UK-based energy storage technology producer Highview Power completed a $70m funding round yesterday that included $46m from industrial manufacturer Sumitomo Heavy Industries.
Sumitomo Heavy, which supplied its share of the funding in February 2020, was joined by hospitality and real estate conglomerate Janus Continental Group, engineering firm TSK and the company’s founding investors, who put up $5.5m of the capital.
Highview has developed cryogenic energy storage technology which forms the basis of systems that can store energy generated from renewable sources for long durations, or convert waste heat into power.
The company has a pipeline totalling more than 4 GWh of projects and will focus on international expansion this year as it looks to raise more corporate funding.
Javier Cavada, Highview’s president and CEO, said: “Highview Power’s ability to secure financing from such high-calibre 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.
“We are developing projects at an unprecedented pace, and we expect 2021 to be a pivotal year for the company.”
Prior to the latest round, Highview had received $2m in grant funding from Innovate UK in 2017 and a $12.3m grant from the UK Department for Business, Energy and Industrial Strategy in June 2020.
