Sumitomo backs Highview tech

26 February 2020

Sumitomo Heavy Industries (SHI) has announced a $46 million investment in Highview Power, a developer of cryogenic long-duration energy storage technology.

The two companies have agreed a partnership to accelerate the development and deployment of Highview’s cyrogenic energy storage technology globally.

The move marks Sumitomo’s move into the energy storage market and will strengthen its position in the cleantech sector, it said. The company’s subsidiary, Sumitomo SHI FW (SFW), will become SHI’s technology center and hub for Highview’s CryoBattery business, thereby expanding the technology’s geographical footprint in Europe, Asia, and Americas.

Two Sumitomo executives will join the Highview board of directors. Highview’s proprietary CryoBattery technology uses liquid air as the storage medium and can deliver anywhere from 20 MW/100 MWh to more than 200 MW/2 GWh 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,” said Tomas Harju-Jeanty, CEO at SFW. “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.”

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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