The Cryogenic Battery has the Energy Sector in a tizzy

A Cryogenic battery proposed by HighPower. Although lithium-ion based systems have dominated the U.S. market for new energy storage resources in recent years, they have limitations. Highview is one of dozens of energy storage innovators offering alternatives to lithium-ion batteries.

The CRYOBattery solution a Cryogenic battery

Salvatore Minopoli, vice president of U.S. subsidiary Highview Power Storage Inc, tells S&P Global that he expects demand for energy storage capacity to change. He estimates that power grids will increasingly need eight hours or more of storage, while current electrochemical options offer solutions that go no further than four hours.

That’s why Highview Power is developing the CRYOBattery project, a 50 MW so-called cryogenic energy storage system with more than eight hours of energy storage.

Highview currently operates two pilot plants in the UK that demonstrate its cryogenic thermal storage design. Based on industrial processes adapted from the electricity and gas sectors, Highview uses off-peak or excess electricity to compress and refrigerate air, store it in liquid form in large tanks, and then release it in gaseous form to drive a turbine and generate electricity. After several years of field testing, the company began developing large-scale plants in the UK and Vermont last year.

CRYOBattery and Highview Power generate significant investment in Cryogenic battery

Global industrial conglomerate Sumitomo Heavy Industries has invested $46 million in Highview Power, becoming the company’s largest minority shareholder. The money will support Highview’s quest to commercialize large-scale energy storage facilities, a critical component of an electric system with large amounts of renewable generation.

“For Sumitomo Heavy Industries, this is not a venture capital investment, it’s a strategic bet,” Javier Cavada, CEO of Highview, told Greentech Media. “This is a huge company that sees this technology as the cornerstone of its future.”

In its 15 years of existence, Highview has raised £25 million, according to Cavada. This new round of funding, which may be joined by other investors, puts the company’s value at $330 million.

How long-life storage technologies fit into the energy transition with the Cryogenic battery

Companies have spent years developing devices to store energy for more hours than lithium-ion batteries can cost-effectively handle. The main obstacle, besides overcoming persistent cost declines from lithium-ion battery manufacturers, was that few customers needed to purchase long-term storage in previous years.

This is beginning to change, Greentech Media comments, as the penetration of renewables in some markets makes it worthwhile to build long-term electricity storage capacity. With an increasing number of states legally committing to carbon-free electricity generation, these jurisdictions will also need a way to guarantee storage capacity when solar and wind generation declines.

CRYOBattery technology already recognized

Highview Power received an honorable mention in the Energy category of Fast Company’s 2020 World Changing Ideas for its CRYOBattery, reports Renewable Energy Magazine. World Changing Ideas is one of Fast Company’s premier annual awards programs. It focuses on social good and seeks to highlight finished products and courageous concepts that make the world a better place.

“We are pleased to be recognized by such an esteemed organization for our CRYOBattery technology. This recognition speaks to the need for long-term energy storage and our technology in particular, which we believe is a critical component in building the foundation for a 100% renewable future,” said Mark Somerset, director of business growth at Highview Power.