Major Investment in Liquid Air Energy Storage
Highview Power has secured a £300 million investment for the first commercial-scale liquid air energy storage (LAES) plant in the UK. This funding round was led by the UK Infrastructure Bank (UKIB) and Centrica, with contributions from investors like Rio Tinto, Goldman Sachs, KIRKBI, and Mosaic Capital.
Advancing Solar and Energy Storage Technologies
This substantial investment will enable the construction of one of the world’s largest long-duration energy storage (LDES) facilities in Carrington, Manchester. Highview Power’s proprietary LAES technology will provide a storage capacity of 300 MWh and an output power of 50 MW per hour for six hours. Construction will begin immediately, with the facility expected to be operational by early 2026, creating over 700 jobs in construction and supply chain sectors.
UKIB’s investment highlights the Bank’s role in mobilizing private finance for first-of-a-kind technologies, critical for transitioning to net zero. Meanwhile, Centrica, a strategic partner in this initiative, supports the accelerated rollout of this solar technology across the UK through a £70 million investment. This program will set a global benchmark for energy storage systems, positioning the UK as a leader in energy storage and flexibility.
Future Prospects and Economic Impact
Highview Power will also start planning for four larger-scale 2.5 GWh facilities, requiring an anticipated total investment of £3 billion. These facilities, located at strategic sites across the UK, will align with UK LDES support mechanisms and enable the ESO’s Future Energy Scenario Plans. Highview Power’s LAES technology, developed in the UK over the last 17 years, can store renewable energy for several weeks, longer than current lithium battery technologies.
This energy storage will provide stability services to the National Grid, enabling the long-term replacement of fossil fuel-based power plants. The storage solution will help reduce curtailment costs, which were significant as Britain spent £800 million in 2023 to turn off wind farms.
Strengthening the UK’s Renewable Energy Market
By 2035, Highview Power aims to accelerate the rollout of its larger facilities across the UK. This aligns with National Grid’s forecast of a 2 GW requirement from LAES, representing nearly 20% of the UK’s long-duration energy storage needs. Capturing and storing excess renewable energy, which is now the cheapest form of electricity, will help stabilize energy costs and power homes with 24/7 renewable clean energy.
This infrastructure program will contribute significantly to the UK’s energy security by reducing the intermittency of renewables. Highview Power’s initiative will require over £9 billion in energy storage infrastructure investment over the next decade, potentially supporting over 6,000 jobs and generating billions in economic value. The program will also increase the utilization of green energy, reduce consumer energy bills, and enhance energy stability and security.
Industry Leaders’ Insights
Richard Butland, Co-Founder & CEO of Highview Power, stated, “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.”
Chris O’Shea, Group Chief Executive of Centrica, added, “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.”
Through this groundbreaking investment and partnership, Highview Power and Centrica are paving the way for a sustainable and secure energy future for the UK.
Source：businesswire.com
