Highview Power Secures £300m for £3bn Expansion

Highview Power, a leading energy storage company, has successfully raised £300 million for the development of the first commercial liquid air energy storage (LAES) cryobattery in the UK. This significant investment paves the way for the construction of one of the world's largest long duration energy storage (LDES) facilities in Carrington, Manchester, utilizing Highview Power's cutting-edge LAES cryobattery technology.

The new facility, once completed, will boast an impressive storage capacity of 300 MWh and an output power of 50 MWs per hour for six hours. Construction is set to commence immediately, with the aim of having the facility fully operational by early 2026.

High capacity energy storage plays a crucial role in stabilizing the electricity grid, particularly during times when renewable sources like wind and solar energy are not generating power. Highview Power, in collaboration with partners such as Sumitomo and Orsted, has conducted a comprehensive study to assess the technical feasibility and market potential of the project. The findings of this study will be instrumental in demonstrating the benefits of LAES technology in supporting the transition to clean energy.

The funding for Highview Power's ambitious project comes from a diverse group of investors, including the UK Infrastructure Bank, Centrica, Rio Tinto, Goldman Sachs, KIRKBI, and Mosaic Capital. Centrica, in particular, has committed a £70 million investment to support the development of the Carrington facility and the wider adoption of LAES technology in the UK.

Looking ahead, Highview Power is gearing up to establish four additional large-scale 2.5 GWh facilities across the UK by 2035, with a total projected investment of £3 billion. This expansion plan aims to address 20% of the UK's energy storage needs, marking a significant step towards a more sustainable and resilient energy infrastructure.

Colin Roy, Co-Founder & Chair of Highview Power, emphasized the importance of investing in innovative technologies, stating, "Hard tech is hard! Few nowadays have the vision and courage to finance the development and scale-up of game-changing new heavy tech." Richard Butland, Co-Founder & CEO of Highview Power, highlighted the critical role of energy storage in supporting the UK's renewable energy transition, underscoring the need for a national long duration energy storage program.

Julian Leslie, Director & Chief Engineer at National Grid, emphasized the vital role of long duration energy storage in the UK's energy strategy, citing the need for 4GW of liquid air storage in the coming decades. Sumitomo Heavy Industries (SHI) also expressed its support for Highview Power's endeavors, recognizing the company as a leader in long duration energy storage technology.

With over 17 years of experience in developing LAES cryobattery technology, Highview Power is well-positioned to revolutionize the energy storage landscape in the UK and beyond. The company's innovative approach to storing renewable energy for extended periods sets it apart from traditional battery technologies, offering a scalable and sustainable solution for grid-level energy storage.

For more information about Highview Power and its groundbreaking energy storage solutions, visit www.highviewpower.com.