Industrial machinery manufacturer Sumitomo Heavy Industries (SHI) announced this week that it has invested $46 million into a partnership with energy storage solutions company Highview Power to expand cryogenic energy storage projects globally.
SHI said the investment signifies its move into the clean energy storage market, as Highview Power accelerates its global growth initiatives. SHI also said its Sumitomo SHI FW (SFW) business will become SHI’s technology center and hub for Highview Power’s CRYObattery business, expanding the technology’s geographical footprint in Europe, Asia, and Americas.
SHI vice president Shaun Dean and SFW chief executive Tomas Harju-Jeanty will also join the board of Highview Power and bring with them extensive engineering, manufacturing, and global energy market expertise to its leadership team.
Highview Power’s large scale, long-duration technology can be built from 10 MW to 200 MW+ power output, with a storage capacity of 40 MWh to more than 2,000 MWh+ and connecting to thermal generation plants, steel mills, and LNG terminals can further boost the system’s efficiency and diversify its offering.
“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,” said Harju-Jeanty. “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.”