Sumitomo Heavy Industries (SHI), an industrial technology company, and Highview Power, an expert in long-duration energy storage solutions, have announced a partnership to expand cryogenic energy storage projects globally.
As part of this alliance, SHI has made a $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 centre and hub for the CRYOBattery business, thereby expanding the technology’s geographical footprint in Europe, Asia, and Americas.
Shaun Dean, VP at Sumitomo Heavy Industries and Tomas Harju-Jeanty, CEO at SFW will join the board of Highview Power and bring 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,” stated Tomas Harju-Jeanty.