Highview Power closes $70M round of funding to develop battery storage projects

Highview Power Storage Ltd. closed a $70 million round of funding to help advance additional energy storage projects into the commercialization phase and continue its global expansion.

The funding includes a previously announced $46 million investment from Sumitomo Heavy Industries and additional investments from strategic investors Janus Continental Group and TSK along with a $5.5 million contribution from Highview's original and founding investors.

Overall, the company has secured more than $145 million in funding and grants, Highview Power said in a Feb. 9 news release.

London-headquartered Highview Power develops proprietary cryogenic energy storage technology that could replace thermal and nuclear baseload power if paired with renewable energy resources, the company said.

The company has a late-stage pipeline of over 4 GWh of projects across the U.S., Europe and Latin America and has 700 MWh of projects under development.