Highview Power will develop up to 2GWh of long duration, liquid air energy storage projects in Spain – a move that requires an estimated investment of approximately $1bn.
Such news was confirmed on Wednesday (19th May) as part of an effort to help several Spanish regions to meet net zero emissions targets.
Under the project plans, Highview Power will develop up to seven CRYOBattery™ projects ranging from 50 MW/300 MWh with support from its development partners and a consortium of investors.
The projects will be located in Asturias, Cantabria, Castilla y Leon, and the Canary Islands.
Commenting on the plans, Javier Cavada, CEO and President of Highview Power, said, “As Spain adds more renewables to the grid, long duration energy storage will play a critical role toward enabling grid stability and helping the country achieve the decarbonization objectives set by the National Energy and Climate Plan.”
“Spain clearly recognises the urgency of addressing climate change and we believe that Highview Power’s CRYOBattery will be a critical component in its net zero strategy.”
Using liquid air as the storage medium, Highview Power’s CRYOBattery™ plants are equivalent in performance to fossil-fuel powered thermal and nuclear baseload power when paired with renewables.
It is believed that the company’s technology is the only long duration energy storage solution available today that is locatable and delivers multiple gigawatt-hours of storage.
By deploying such solutions, the Spanish Government will be one step closer to achieving a 23% reduction in greenhouse gas emissions by 2030 – a goal which was adopted by the country from the National Energy and Climate Plan.