Highview Power’s global expansion plans have taken a huge step forward as the company yesterday (8th Feb) announced it had closed a $70m funding round.
The news brings Highview Power’s total amount of funding and grants secured to over $145m, allowing Highview Power to rapidly move its projects into the commercialisation phase.
Following high demand for the company’s long duration energy storage solution in 2020, Highview Power is entering the new year with late-stage pipeline of over 4GWh of projects across the US, Europe and Latin America.
Highview Power’s energy storage facilities are based on its proprietary cryogenic energy storage technology – the CRYOBattery™ - which can offer multiple gigawatt-hours (weeks of storage).
When paired with renewables, CRYOBattery™ facilities are equivalent in performance to – and could replace – thermal and nuclear baseload power.
“Highview Power’s ability to secure financing from such high-calibre energy leaders, despite the challenges of the global pandemic, signals that the industry recognises the immediate need for long duration energy storage, and more specifically for our CRYOBattery solution,” said Javier Cavada, President and CEO of Highview Power.
“We are developing projects at an unprecedented pace, and we expect 2021 to be a pivotal year for the company.”