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Cryogenic energy storage investment made by Sumitomo
Long term energy storage using batteries is a rapidly growing market. Research suggests that this method of energy storage will rise to 15 GW in 2024 compared to 4 GW in 2019.
This increase is due to the global demand in renewable energy sources which are, in most, are weather permitting. Therefore, lithium-ion energy storage batteries come into play.
Making the most of this market increase, Sumitomo Heavy Industries have invested €42.2 million in Highview Power, a UK based start-up that develops batteries that store liquefied air for energy use.
How do Highview Power energy storage batteries work?
Well, Highview Power’s technology compresses and cools air to -190°c until it becomes a liquid. Then, the liquid is stored in tanks and is reheated when needed. When reheated, the liquid air creates a high pressure gas that results in turbines generating power. To make the most of the power, waste heat and cold from this process is also stored and used.
This technology generates between 20 MW to 200 MW of energy.
Sumitomo have highlighted that a barrier to using renewable energy sources is their unreliability. As a result, Highview Powers long term storage is a viable solution. Furthermore, they believe this technology will be a catalyst in the transition to renewable energy.
For more information on this investment, Industry Europe expands further.
