SHI makes $46 million investment in Highview Power to accelerate growth and deployment of CRYOBattery
Sumitomo Heavy Industries, Ltd. (SHI) and Highview Power have partnered to expand cryogenic energy storage projects globally.
Through the partnership SHI has made a $46M investment into Highview Power. Sumitomo SHI FW (SFW) a subsidiary of SHI will become the technology center and hub for CRYOBattery, expanding its geographical footprint in Europe, Asia and Americas.
According to the companies, the CRYOBattery energy storage system delivers reliable and cost-effective long-duration energy storage. The technology uses liquid air as the storage medium, delivering between 20 MW/100 MWh to 200 MW/2 GWh of energy and has a lifespan over 30 years, said the companies.
Executives, Shaun Dean, Vice President at SHI and Tomas Harju-Jeanty, CEO at SFW will join the Board of Highview Power.
“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 Harju-Jeanty.