The new company, named Highview TSK, will commit to the development of multiple projects in Spain, the Middle East and South Africa. An initial number of projects have been identified for several GWh of clean energy storage to be developed from 2019 through 2022.
Javier Cavada, CEO of Highview Power, said “This partnership with TSK will help Highview Power accelerate momentum for our cryogenic energy storage systems in global markets and is ideal for applications like renewable energy shifting, enabling wind and solar for baseload generation, and hybridising cryogenic storage plants with traditional thermal generation systems.”
Joaquín García Rico, CEO of TSK, said “As a result of the joint capabilities of Highview Power and TSK, we expect to progressively grow our footprint and sales to reach target revenues of over 1 billion euro by 2021.”
Highview’s cryogenic systems offer multiple gigawatt-hours of storage. That represents weeks’ worth of storage, not just the hours or days found with other systems. Grid operators are turning to long duration energy storage to help improve power generation economics, balance the grid and increase reliability. At giga-scale, energy storage resources paired with renewables are equivalent in performance to and could replace thermal and nuclear baseload plants in addition to supporting the electricity transmission and distribution systems while providing additional security of supply.
TSK has constructed more than 20 GW of generation projects across 35 countries and brings extensive experience in both traditional energy generation and renewable projects such as solar, wind, and biomass, including more than 10 energy storage projects.
Highview Power has developed its long-duration energy storage technology for large-scale applications with its cryogenic energy storage technology. It has already built and connected two cryogenic energy storage plants to the UK grid. The first plant was commissioned in 2014 in Slough, Greater London, with a capacity of 2.5 MWh, while last year, the world¹s largest liquid air energy storage plant was inaugurated in Bury, Greater Manchester, with a capacity of 15 MWh. The Bury plant shows in real time how cryogenic energy storage provides all possible balancing services, including Short Term Operating Reserve (STOR) and supports the grid during winter peaks. Highview is currently developing several large projects that will be hundreds of MWhs in scale across the United States and Europe.
Beside being the most suitable solution to balance renewables and enable reliable renewable baseload power, cryogenic energy storage plants support and accelerate the energy transition when combined with traditional thermal power plants. The plants can optimize operations utilizing waste heat and cold into their process which enables even more affordable and sustainable power production.