LONDON--(BUSINESS WIRE)--Jun 12, 2024-- Highview Power has secured the backing of the UK Infrastructure Bank and the energy industry leader Centrica with a £300 million investment for the first commercial-scale liquid air energy storage (LAES) plant in the UK. This press release features multimedia. View the full release here: https://www.
businesswire.com/news/home/20240612456776/en/ Highview Power CEO Richard Butland. (Photo: Business Wire) The £300 million funding round was led by the UK Infrastructure Bank (UKIB) and the British multinational energy and services company Centrica, alongside a syndicate of investors including Rio Tinto, Goldman Sachs, KIRKBI and Mosaic Capital.
The investment will enable the construction of one of the world’s largest long duration energy storage (LDES) facilities in Carrington, Manchester, using Highview Power’s proprietary LAES technology. Once complete, it will have a storage capacity of 300 MWh and an output power of 50 MWs per hour for six hours. Construction will begin on the site immediately, with the facility operational in early 2026, supporting over 700 jobs in construction and the supply chain.
UKIB’s investment demonstrates the Bank’s role in mobilising private finance to help first-of-a-kind technologies - which are critical for the transition to net zero - to reach commercial scale, whilst driving regional, local and economic growth. Energy leader Centrica comes on board as Highview Power’s strategic partner and a ke.
