Highview Power receives $46 million investment from Sumitomo Heavy Industries, raising company valuation to $330 million

March 02, 2020
Owning the Energy Transition More...
Low importance

The investment will support Highview Power as it seeks to commercialize its liquefied air energy storage system globally. Sumitomo has demonstrated a strong interest in long-duration energy storage, though its bet on cryogenic energy storage is misguided. Non-electrochemical long-duration stationary storage faces many issues that can't be fixed with big investments. It has much lower efficiency compared to batteries, and the technology is more difficult to control, making it less able to participate in value stacking. Clients interested in opportunities to get involved with stationary storage should ignore companies like Highview Power and be mindful that the value proposition of energy storage is contingent on renewables penetration.

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