Highview Power, a trailblazer in energy storage, has secured a £300 million investment to develop the UK's first large-scale liquid air energy storage (LAES) plant. This funding round, advised by Orrick, was led by Centrica and the UK Infrastructure Bank (UKIB), with significant participation from Mosaic Capital, Rio Tinto, Goldman Sachs, and KIRKBI.

The investment will facilitate the construction of one of the world's largest LAES plants in Carrington, Manchester. Construction is set to commence immediately, with operations expected to begin by 2026. Upon completion, the plant will boast a storage capacity of 300 MWh and an output power of 50 MW per hour for six hours. This project positions the UK as a global leader in energy storage and flexibility, setting new standards for energy storage systems worldwide.

Richard Butland, co-founder and CEO of Highview Power, emphasized the crucial role of storage in the energy transition. "The UK's investment in world-leading offshore wind and renewables necessitates a national long-duration energy storage program to capture excess wind and support the grid's transformation," Butland stated. The ambitious plan, backed by UKIB, Centrica, and other partners, aims to harness renewable energy storage at scale, enhancing energy security and tapping into the greenest and most economical energy sources for the UK economy. Highview Power plans to accelerate the deployment of larger facilities across the UK by 2035, aligning with National Grid's target scenario forecasts that project a need for 2 GW from liquid air energy storage, accounting for nearly 20% of the UK's long-duration energy storage requirements.

Source: orrick.com