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Highview Power has secured a £300m ($383m) investment for its first commercial-scale liquid air energy storage (LAES) plant in the UK.
The funding, led by the UK Infrastructure Bank (UKIB) and Centrica, will support the construction of one of the world’s largest long-duration energy storage facilities in Carrington, Manchester.
The investment round, including contributions from Rio Tinto, Goldman Sachs, KIRKBI and Mosaic Capital, will enable Highview Power’s proprietary LAES technology deployment.
The facility will have a storage capacity of 300MWh and deliver a 50MW output for up to six hours.
Construction begins in June 2024 with the plant operational by early 2026. It will create more than 700 jobs.
Centrica’s £70m investment positions the company as a strategic partner in the project, furthering the UK’s energy transition.
In addition to the Carrington facility, Highview Power plans to initiate planning for four additional 2.5 gigawatt-hours (GWh) facilities, with a total expected investment of £3bn.
These strategic sites across the UK will facilitate the deployment of LAES technology, in line with the UK’s energy storage support mechanisms and the Energy System Operator’s future plans.
Highview’s LAES technology was developed over 17 years and offers a renewable energy storage solution that surpasses the duration capabilities of batteries, with the potential to store energy for several weeks.
The technology will also provide stability services to the UK National Grid, aiding the transition away from fossil fuel-based power generation. |
