UK-based long duration energy storage solutions provider Highview Power has secured more than $70m in a growth capital funding round.

With the current funding round, the company brings the total funding and grants it has received till date, to more than $145m.

The growth capital round includes previously announced $5.5m investment from the founding investors, $46m investment from Sumitomo Heavy Industries (SHI) and additional investments from strategic investors Janus Continental Group (JCG) and TSK.

Highview Power president and CEO Javier Cavada said: “Highview Power’s ability to secure financing from such high-calibre energy leaders, despite the challenges of the global pandemic, signals that the industry recognizes the immediate need for long duration energy storage, and more specifically for our CRYOBattery solution.

“We are developing projects at an unprecedented pace, and we expect 2021 to be a pivotal year for the company.”

Highview Power intends to use the funding to continue its global expansion and advance more projects into the commercialisation phase.

The company currently has 700MWh of projects under development, with a portfolio of over 4GWh late-stage projects across the US, Europe, and Latin America.

Highview Power leverages its cryogenic energy storage technology, dubbed the CRYOBattery, for its energy storage facilities.

The company claims that its CRYOBattery technology as the only long duration energy storage solution commercially being deployed.

Highview Power is currently operating from its offices in London, Washington DC, Madrid, and Sydney, Australia

Also, the company has operations in Chile, Spain, and now Dubai, Germany, Japan, and the Great Lakes and Southern regions of Africa.

Highview Power board chairman Colin Roy said: “Leading utilities are starting to issue RFPs for 10 hours of storage to be cycled every day. Grid operators are starting to issue long-term contracts for the provision of synchronous stability services and constraint management.

“This is what is needed to make the energy transition a realistic proposition. And these things liquid air does better than any other storage system.”