Japan's Sumitomo Heavy Industries has made an investment of €42.4-million in Highview Power, a London-based startup that is developing batteries that use liquid air to store energy. The Japanese machinery firm said that it aims to expand Highview's tech across the world for long-term storage of renewable energy.
Highview and Sumitomo
From left to right: Highview Power President and CEO, Dr. Javier Cavada; Highview Power Chairman, Colin Roy; Sumitomo SHI FW Chairman, Eiji Kojima; and Sumitomo SHI FW CEO, Tomas Harju-Jeanty. Photo: Business Wire.
The global market for batteries that can store large amounts of energy long-term is forecast to grow rapidly as industry and utilities shift towards renewable energy sources such as solar and wind, which are by nature intermittent.
Equity research firm Wood Mackenzie has said that the annual deployment of energy storage is set to grow from 4 GW in 2019, to 15 GW in 2024.
At present, the majority of energy storage batteries use lithium-ion technology. Highview's technology uses energy to compress and cool air to -190°C until it liquefies. Stored in insulated tanks, the liquid air is then reheated, which creates a high pressure gas that is used to drive turbines which generate power. Waste heat and cold from the process is also stored.
Highview says that its battery technology is able to generate between 20 MW and 200 MW of energy.
“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," said Tomas Harju-Jeanty, CEO of Sumitomo subsidiary Sumitomo SHI FW.
Javier Cavada, President and CEO of Highview Power, said, “Highview is proud to have a partner like Sumitomo Heavy Industries next to us as we further our global expansion. 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.”
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