Energy storage company Highview Power has entered into a joint venture (JV) with the Spanish engineering and construction (EPC) company TSK to co-develop gigawatt-hour scale, long-duration energy storage systems using its proprietary cryogenic energy storage solution.
The new JV company Highview TSK will focus on the development of multiple projects in Spain, the Middle East and South Africa.
Highview Power CEO Javier Cavada said: “We are thrilled to be working with a global EPC company of TSK’s calibre. They have an impressive track record of deploying large-scale energy projects around the world, and we are excited to work with them to deploy our cryogenic technology.
“This partnership with TSK will help Highview Power accelerate momentum for our cryogenic energy storage systems in global markets and is ideal for applications like renewable energy shifting, enabling wind and solar for baseload generation, and hybridizing cryogenic storage plants with traditional thermal generation systems.”
The company noted that the cryogenic and long-duration storage technology will help in accelerating the shift from thermal and nuclear power to renewables.
Initially, the JV company will work on several GW of clean energy storage projects that will be developed between 2019 and 2022.
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TSK CEO Joaquín García Rico said: “After looking at a number of storage technologies, we have come to the conclusion that Highview’s cryogenic energy storage is the ideal solution to deliver long-duration, large-scale storage services to our customers.
“The technology is not only cost-effective, but it also is scalable, clean, has a long lifespan and can be deployed now. 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 €1bn by 2021.”
Highview Power has already connected two cryogenic energy storage facilities to the UK grid. A 2.5MW plant in Slough was the first commissioned by the company in 2014, while the second is a 15MW liquid air energy storage plant in Bury.