Highview Power receives $46 million investment
The Birmingham Energy Institute would like to congratulate Highview Power on receiving a $46 million investment from Sumitomo Heavy Industries to accelerate growth and deployment of CRYOBattery™ energy storage projects globally.
The investment from Sumitomo Heavy Industries, Ltd. (“SHI”), a technology leader in industrial machinery and environmental and power technologies, forms a new partnership with Highview Power, a global leader in large-scale medium-to-long-duration energy storage solutions.
With this investment, Highview Power will accelerate its global growth initiatives. SHI’s fully owned daughter company Sumitomo SHI FW (SFW) will become SHI’s technology centre and hub for the CRYOBattery™ business, thereby expanding the technology’s geographical footprint in Europe, Asia, and the Americas.
The CRYOBattery™ technology uses the concept of Liquid Air Energy Storage (LAES), which was invented by Professor Yulong Ding and his team over 15 years ago.
In recent years, continuous efforts and innovations have been made by Professor Ding supported by EPSRC (Engineering and Physical Sciences Research Council), BEIS (Department for Business, Energy and Industrial Strategy), as well as the Royal Academy of Engineering and Highview Power through an industrial Chair award. This collaboration led to the developments of liquid air based combined cooling, heating, and power technologies for applications at community and city scales.
Speaking about the news Professor Ding said, “It is excellent to see Highview take the LAES technology further in a big way, contributing to the acceleration of the world towards a net zero carbon emission future.”