London-based Highview Power, a developer of large-scale energy storage solutions for utility and distributed power systems, has secured £300M (nearly €356.50M) from the UK Infrastructure Bank (UKIB) and British multinational energy and services company Centrica.
The round also saw participation from additional investors, including Rio Tinto, Goldman Sachs, KIRKBI and Mosaic Capital.
Highview Power has launched a major renewable energy initiative in Carrington, Manchester, with a focus on advancing the UK’s net-zero goals. The raised capital will fund the construction of the UK’s first commercial-scale liquid air energy storage (LAES) plant.
Mayor of Greater Manchester, Andy Burnham, says, “My vision is for Greater Manchester to be a leader in the green transition – and Highview Power’s decision to build one of the world’s largest long-duration energy storage facilities at Carrington is a huge boost for the region.”
“This new plant will deliver renewable energy to homes and businesses across our region and bring world-leading technology, jobs, skills and investment to Greater Manchester. I’m delighted to welcome Highview Power.”
Centrica joins as a strategic partner
Centrica has joined as a strategic partner, investing £70M to support the Carrington project and the broader rollout of the technology in the UK. This initiative aims to set a global standard for energy storage systems, establishing the UK as a leader in energy storage and flexibility.
Chris O’Shea, Group Chief Executive, Centrica, says, “The energy transition is an opportunity that could transform lives across the UK. But with a changing energy mix, and more intermittency from renewables, we have to explore new, innovative ways to store energy so our customers have electricity available when the wind doesn’t blow and the sun doesn’t shine.”
“Low carbon storage is an essential part of the solution when looking at how we manage peaks in demand. That’s why I’m delighted that Centrica is investing in Highview Power. Not only are we bringing capital to the table to support rollout and expansion, but we’ll be also sharing our expertise on the energy transition and power storage.”
“Through partnerships like this, we can manage the challenges net zero might present while providing cleaner, greener power to customers,” adds O’Shea.
Capital utilisation
This investment will fund the construction of one of the world’s largest long-duration energy storage (LDES) facilities in Carrington, Manchester, utilising Highview Power’s proprietary LAES technology.
The facility will have a storage capacity of 300 MWh and an output power of 50 MW per hour for six hours. Construction starts immediately, with the facility set to be operational by early 2026, supporting over 700 jobs in construction and the supply chain.
Highview Power will also begin planning four larger-scale 2.5 GWh facilities, with a total anticipated investment of £3B. These facilities, located at strategic sites across the UK, aim for a rapid rollout of the technology in line with UK LDES support mechanisms and the ESO’s Future Energy Scenario Plans.
Richard Butland, co-founder & CEO of Highview Power, says, “UKIB and Centrica and our partners have today backed our ambitious plan to bring renewable energy storage into the UK economy at scale, liberating the potential of what is both the greenest and by far the cheapest energy source for the UK economy and provide energy security.”
“Our first project in Carrington will be the foundation for our full-scale roll-out in the UK and expansion with partners to share this British technology internationally.”
A clean energy economy for us all
Highview Power has developed its LAES technology in the UK for over 17 years, achieving the capability to store renewable energy for extended periods, surpassing traditional battery solutions, and is ready for widespread deployment across critical grid infrastructures today.
The technology not only supports National Grid stability but also facilitates the phased retirement of fossil fuel-dependent power plants. This advancement is crucial in mitigating curtailment costs, which is significant as Britain spent £800M in 2023 to turn off wind farms.
Highview Power aims to accelerate the establishment of larger-scale facilities across the UK by 2035, aligning with National Grid’s projections of a 2 GW requirement from LAES, meeting nearly 20 per cent of the UK’s long-term energy storage needs.
By harnessing and storing surplus renewable energy, now the cheapest form of electricity, these solutions stabilise energy prices while providing uninterrupted, renewable power to British households around the clock.
Highview Power’s infrastructure programme will not only enhance UK energy security by reducing renewables’ intermittency but also drive economic benefits. With plans for over £9B investment in energy storage infrastructure over the next decade, it could create over 6,000 jobs and generate billions in economic value.
This initiative will also increase the use of green energy, lowering consumer energy bills while improving overall energy stability and security.
Richard Butland, co-founder & CEO of Highview Power, says, “There is no energy transition without storage. The UK’s investment in world-leading offshore wind and renewables requires a national long-duration energy storage programme to capture excess wind and support the grid’s transformation.”
01
Meet the 10 promising startups selected for Glovo Startup Lab