Sumitomo Heavy Invests $46 Million in Long-Duration CRYOBattery
Sumitomo Heavy Industries, Ltd. (SHI) and Highview Power have partnered to expand cryogenic energy storage projects globally. As part of this partnership, SHI has made a USD $46 million investment into Highview Power, which signifies SHI’s move into the clean energy storage market. With this partnership, Highview Power will accelerate its global growth initiatives.
SHI’s fully owned daughter company Sumitomo SHI FW (SFW) will become SHI’s technology center and hub for the CRYOBattery™ business, thereby expanding the technology’s geographical footprint in Europe, Asia, and Americas,
Executives, Shaun Dean, Vice President at Sumitomo Heavy Industries and Tomas Harju-Jeanty, CEO at SFW will join the Board of Highview Power and bring with them extensive engineering, manufacturing, and global energy market expertise to its leadership team.
“One of the biggest barriers to a carbon-free future has been the ability of renewables to perform as reliably as, and as cost-effectively as traditional fuel sources. Highview Power’s long-duration energy storage technology not only solves the problems that enable dispatchable renewables but will be a catalyst in bringing the energy transition forward.
“SHI has been able to operate for over a hundred years because of our dedication to innovation and ability to adapt to changing markets, and with this partnership, we believe that SHI/SFW is well-positioned to drive our leadership position in energy markets of the future,” stated Tomas Harju-Jeanty.
Javier Cavada, President and CEO of Highview Power, said, “Highview is proud to have a partner like Sumitomo Heavy Industries next to us as we further our global expansion. By partnering with a large technology company with the reputation of SHI, we will be able to benefit from their vast know-how, resources, and operating experience in diversified markets.”
The CRYOBattery™ is a proprietary cryogenic energy storage system that delivers reliable and cost-effective long-duration energy storage to enable a 100 percent renewable energy future. Its proprietary technology uses liquid air as the storage medium and can deliver anywhere from 20MW/100MWh to more than 200MW/2GWh of energy and has a lifespan over 30 years. Developed using proven components from mature industries, it delivers pumped-hydro capabilities without geographical constraints and can be configured to convert waste heat and cold to power.