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Highpower is set to deploy its energy storage solutions in Africa
- The Company has raised about $70 million for battery systems deployment.
- The company is looking to support the increasing large-scale wind and solar projects being developed on the continent.
Highview Power, an energy storage system provider has raised $70 million to deploy its solutions in Africa. During a fundraising round, the funds were obtained, investors such as Janus Capital put in a $13 million investment. The remaining funds were provided by Sumitomo Heavy Industries (SHI) and the Spanish group TSK. Highview Power’s initial investors provided $5 million. According to Highview Power, the raised funds will be added to already obtained subsidies raising funds available to $145 million. This amount will support the deployment of its storage solution the “CRYOBattery” in Africa.
According to Javier Cavada, the company’s CEO, “Highview Power’s ability to secure financing from high-calibre energy leaders, despite the challenges of the global pandemic (Covid-19), shows that the industry recognises the immediate need for long-term energy storage and in particular our CRYOBattery solution.”
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Highpower says its CRYOBattery system can store from 20 MW/80 MWh to over 200 MW/1.2 GWh of electricity. This would be a helpful addition to clean energy plants and help with intermittent generation. It is expected that this solution would be helpful on the continent, especially in the Great Lakes region currently seeing an extensive development of wind and solar plants.
Janus Capital believes its investment will lead to a diversified energy landscape on the continent. According to the investor, “technology such as Highview Power’s will facilitate increased use of renewable energy, reducing regional dependence on fossil fuels and bringing accessible energy to underserved communities.