Highview Power and Energia Latina (Enlasa) will co-develop giga-scale cryogenic energy storage projects in Chile and other Latin American markets as part of a new deal.

The UK-based energy storage provider and Chiliean backup power generation provider have formed a new joint venture, Highview Enlasa, in a bid to open Latin American energy markets to baseload renewable energy potential.

“Together, our two companies can harness the growing deployment of renewables in Chile and across Latin America and bring renewable baseload power to the region, all without the geographic constraints associated with other energy storage technologies,” said Javier Cavada, CEO and President of Highview Power.

Highview Power’s long duration energy storage system, paired with renewable energy sources, are equivalent in performance to thermal and nuclear power, the company said in a statement.

“Highview Power’s cryogenic technology is the optimal solution to provide the large scale, long duration energy storage that is needed to balance the grid as more solar and wind power come online,” Rodrigo Sáez, Enlasa CEO added.