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Carrington, a village and civil parish in the Metropolitan Borough of Trafford, Greater Manchester, is set to be home to the UK’s first commercial-scale liquid air energy storage (LAES) plant and one of the world’s largest long-duration energy storage (LDES) facilities.
Recently, Highview Power, a UK-based long-duration energy storage pioneer, specializing in cryogenic energy storage announced that it had secured £300 million for the construction of the facility. The funding came mainly from the UK Infrastructure Bank and Centrica plc.
UK Infrastructure Bank is a British state-owned development bank whose goal is to help the UK Government’s plan to reach net-zero carbon by 2050. In addition, the bank is meant to support economic growth in regional and local sectors across the United Kingdom.
Its investment in the construction of the UK’s first commercial-scale liquid air energy storage (LAES) plant highlights the bank’s role in mobilizing private finance in a bid to help first-of-a-kind technologies – which are essential for the transition to net zero – to reach commercial scale while also driving regional, local, and economic growth.
Centrica, on the other hand, is a British multinational energy and services company. Its main activity is the supply of electricity and gas to consumers in the United Kingdom and Ireland. The company comes on board as Highview Power’s strategic partner supporting the accelerated roll-out of the LAES technology in the UK through a £70 million investment.
Rio Tinto, Goldman Sachs, KIRKBI, and Mosaic Capital are also financially supporting the construction of one of the world’s largest long-duration energy storage (LDES) facilities in Carrington. |
