AFRICA – Janus Capital, the subsidiary of Janus Continental Group (JCG), ), a conglomerate with businesses in the Energy, Hospitality and Real Estate has confirmed an additional investment of over US$14 million in Highview Power, a developer of liquid air long-duration energy storage plants based on its proprietary cryogenic energy storage technology
The storage system provider will use the funding for expansion in the Great Lakes region and elsewhere in Africa.
In a fundraising round that saw Highview Power raise US$70 million in February 2021, Janus Capital contributed US$13 million to the deal.
Janus Capital’s previous investment in the company now stands at £20 million (US$27.4 million).
According to JCG, this second tranche of its investment will support Highview Power’s development and expansion in the Great Lakes region of East Africa.
The London, UK and New York-based company has developed a large-scale electricity storage solution called CRYOBattery™ and unlike the battery storage means widely used in green mini-grids in Africa, Highview Power’s solution enables liquid air energy storage that can easily replace fossil fuels.
The CRYObattery works through the cooling of air to -196 degrees Celsius, at which point it becomes liquid and this can then be stored efficiently in low-pressure vessels.
Allow the temperature to rise and the liquid regasifies, expanding around 700 times in volume and this can then drive a turbine and generate power.
“To achieve a 100% renewable world, reliable long-term energy storage will be essential. This makes green storage solutions, such as those provided by Highview Power, a crucial step on our common path to sustainability”
“To achieve a 100% renewable world, reliable long-term energy storage will be essential. This makes green storage solutions, such as those provided by Highview Power, a crucial step on our common path to sustainability. We believe Highview Power will be a market leader in long-term energy storage. By increasing our stake in the company, we are also demonstrating our commitment to bringing clean energy and storage solutions to Africa,” says Rikin Shah, JCG’s Chief Executive Officer.
In addition to the investment in Highview Power, Great Lakes Africa Energy (GLAE), another JCG subsidiary, has signed a partnership with the storage solution provider to co-develop large-scale renewable energy generation and storage projects in the Great Lakes region.
The group believes that its investment should fill the energy storage gap in Africa.
Its investment is tackling the renewable energy storage gap that currently exists across Africa, where nearly 600 million people live without access to electricity.
Highview is working on more than 4 GWh of projects in the US, Europe and Latin America and has 700 MWh of projects under development.
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