Electricity storage company, Highview Power has raised $70 million to distribute its solutions in Africa. The companies involved in raising the funds were Janus Capital, Sumitomo Heavy Industries, and the Spanish company, TSK. Janis Capital has also obtained a stake in Highview Power with an investment of $13 million. The initial investors and founders of Highview Power completed the round with a $5 million investment. The funds raised in this transaction will be in addition to subsidies already obtained by the company. The $145 million available will enable the marketing and deployment of its storage solution called “CRYOBattery” in Africa.
The CRYOBattery system will be capable of storing from 20 MW/80 MWh to more than 200 MW/1.2 GWh of electricity generated from renewable sources. This is a real asset for clean energy plants that generate variable amounts of energy as they are dependent on climatic factors. The investment will enable the deployment of this solution on the African continent, particularly in the Great Lakes region where there are large wind and solar developments.
Highview Power is a long-duration energy storage pioneer that specialises in cryogenic energy storage. It is based in the United Kingdom and the United States. It is set to develop a commercial-scale 50 Megawatt/250 Megawatt-hour plant in England, building upon its earlier 5 Megawatt and 350 Kilowatt pilot plants.