A UK company developing technology to store power more efficiently has won a key investment from a Japanese technology firm.
Highview Power, which plans to store renewable energy by using liquid air announced the $46m (£35m) investment from Sumitomo Heavy Industries today.
Read more: Renewable energy set to grow by 50% by 2024
The money will be used to help export the “CRYOBattery” technology around the world.
“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,” Highview Power boss Javier Cavada said.
Renewable sources are becoming more widespread as countries seek to decarbonise.
In parallel, there is a pressing need to ensure power generated can be stored, then deployed when needed.
This investment will enable SHI to enter this sector through its subsidiary Sumitomo SHI FW.
Highview’s patented technology operates by freezing air into liquid form.
When required, it is exposed to temperatures which bring it back to a gas state to drive a turbine.
The company hopes this technology can harness surplus energy from renewable power sources.
Sumitomo chief executive Tomas Harju-Jeanty, said: “With this partnership, we believe that SHI/SFW is well-positioned to drive our leadership position in energy markets of the future.”
Harju-Jeanty will also join the board of London-headquartered Highview Power along with SHI executive Shaun Dean.