Highview Power and Sumitomo Heavy Industries (SHI) have partnered to expand cryogenic energy storage projects globally.

As part of the partnership announced today, SHI has invested $46m into UK-based Highview Power to help strengthen its position in the cleantech and energy storage industry.

“Highview is proud to have a partner like SHI next to us as we further our global expansion” said Javier Cavada, President and CEO of Highview Power.

“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.”

Highview Power Energy Storage RenewableEnergy CryoBattery SHI SFW SSAPOW20 SSAPOW Sumitomo Heavy Industries (SHI)

The partnership will also see SHI’s fully owned daughter company Sumitomo SHI FW (SFW) become SHI’s technology centre and hub for the CRYOBattery™ business, thereby expanding the technology’s geographical footprint in Europe, Asia, and Americas.

“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.”

“SHI has been able to operate for over a hundred years because of our dedication to innovation and ability to adapt to changing markets, and with this partnership, we believe that SHI/SFW is well-positioned to drive our leadership position in energy markets of the future.”

Executives, Shaun Dean, Vice-President at SHI and Tomas Harju-Jeanty, CEO at SFW will now join the Board of Highview Power.

Source: GASWORLD