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.”
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.