Sumitomo invests in Highview’s cryogenic concept1 April 2020
Sumitomo Heavy Industries and Highview Power, developer of CRYOBattery liquid air based technology for long duration energy storage, have announced that they are partnering to “expand cryogenic energy storage projects globally.”
Above Image: Highview Power’s CRYOBattery
As part of this partnership, Sumitomo Heavy Industries has invested USD $46 million in Highview, signifying Sumitomo’s “move into the clean energy storage market”, while Highview Power says the new partnership will “accelerate its global growth initiatives.”
SHI’s wholly owned subsidiary 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.”
Shaun Dean, vice president, Sumitomo Heavy Industries, and Tomas Harju-Jeanty, CEO, SFW, will join the board of Highview Power.
“Highview Power’s long-duration energy storage technology not only provides the solutions that enable dispatchable renewables but will be a catalyst in bringing the energy transition forward”, said Tomas Harju-Jeanty, while Javier Cavada, president and CEO of Highview Power, said Highview was “proud to have a partner like Sumitomo Heavy Industries next to us as we further our global expansion.”