Highview Power formed a joint venture with engineering, procurement and construction company TSK Electronica y Electricidad SA to develop gigawatt-hour-scale cryogenic energy storage projects.

The joint venture, Highview TSK, will develop multiple projects in Spain, the Middle East and South Africa. It has identified an initial number of projects to be developed from 2019 through 2022, according to a March 19 news release.

"As a result of the joint capabilities of Highview Power and TSK, we expect to progressively grow our footprint and sales to reach target revenues of over 1 billion euro by 2021," TSK CEO Joaquín García Rico said.

Highview Power has already built two cryogenic energy storage plants in the U.K., while TSK has constructed more than 20 GW of generation of projects across 35 counties.