Highview Power has unveiled its plans to develop up to 2GWh of long duration, liquid air energy storage projects across Spain with an estimated investment of around $1bn.
The company is developing the projects alongside partners and a consortium of investors, which include European engineering company TSK, and the Centre for Energy, Environmental and Technological Research (CIEMAT).
The company is planning to develop up to seven CRYOBattery projects ranging from 50MW/300MWh in Asturias, Cantabria, Castilla y Leon, and the Canary Islands.
The UK-based long-duration energy storage solutions provider said that the energy storage projects will help various Spanish regions to achieve their net zero emissions target.
Highview Power CEO and president Javier Cavada 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 recognizes the urgency of addressing climate change and we believe that Highview Power’s CRYOBattery will be a critical component in its net zero strategy.”
Highview Power deploys CRYOBattery technology that leverages liquid air as storage medium and delivers critical grid stability services, such as synchronous inertia, short circuit and dynamic voltage control.
The company will develop the projects in areas suitable for its long duration energy storage technology, and will support the grid where fossil-fuel plants have been closed.
The construction, operation and maintenance of the projects is expected to create many jobs in the Spanish region, said the company.
In February, Highview Power secured more than $70m in a growth capital funding round.
The round included previously announced $5.5m investment from the founding investors, $46m investment from Sumitomo Heavy Industries (SHI) and additional investments from strategic investors Janus Continental Group (JCG) and TSK.
The company has offices in London, Washington DC, Madrid, and Sydney, Australia
