UK power storage company wins £ 35 m investment from Japanese technology giant

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Shadrach   in Technology & IT

27 February 2020, 09:56 GMT

A UK company that develops power storage technologies has received a key investment from a Japanese technology company.

Highview Power, which plans to store renewable energy with the use of liquid air, today announced Sumitomo Heavy Industries ' $46 m (£ 35 m) investment.

The money will be used to aid the export of "CRYOBattery" technology worldwide.

We will be able to benefit from their immense know-how, expertise and operational experience in diversified markets by working with a large technology firm with SHI's reputation.

said Highview Power chief Javier Cavada.

Renewable sources are increasingly spreading as countries seek to decarbonise.

Parallel to this, there is a pressing need to ensure that generated power can be stored, and then deployed when necessary.

This investment will allow SHI to join the sector via its Sumitomo SHI FW subsidiary.

Patented technology by Highview operates by freezing air into liquid form.

It is exposed to temperatures that bring it back to a gas state to drive a turbine when necessary.

The company hopes this system will be able to harness the excess energy from renewable sources.

Sumitomo Chief Executive Tomas Harju-Jeanty said: "With this alliance, we agree that SHI / SFW is well placed to drive our future energy market leadership position." Harju-Jeanty will also join the London-based Highview Power board together with SHI executive Shaun Dean.