Highview Power, a global leader in long duration energy storage solutions, announced today it is developing up to 2 GWh of long duration, liquid air energy storage projects across Spain for an estimated investment of around $1 billion. These projects will enable several Spanish regions to move towards their net zero emissions target.
A consortium has been formed to work on the development pipeline, which includes the Spanish government public research body CIEMAT which focuses on bridging the gap between technical and scientific R&D and wider social goals. Also, in the consortium is engineering partner TSK, which Highview formed a joint venture (JV) with in 2019 to collaborate on project development in various global territories.
Highview Power, which recently raised US$70 million of funding to fuel the scale-up of its activities, has developed its proprietary system technology, called the CRYOBattery, based on cooling ambient air to -196°C and storing it at low pressure then heating it to drive turbines and generate power. Highview Power is planning to develop up to seven CRYOBattery™ projects ranging from 50 MW/300 MWh in Asturias, Cantabria, Castilla y Leon, and the Canary Islands.
PTR believes one of the reasons for this long duration development pipeline is Spain’s recent aggressive climate targets. Recognizing the urgency of addressing climate change, Spain adopted the National Energy and Climate Plan and has introduced aggressive climate change combatting policy targets, including a 23% reduction in greenhouse gas emissions (GHGs) by 2030, while as a member of the European Union is also bound to the shared goal of full decarbonisation of its economy by 2050. Over 50GW of new renewable energy capacity is planned to meet these goals, including 20GW of wind and 30GW of solar, while nuclear and coal plants are scheduled for phaseout. Spain has also set a target of deploying 20GW of energy storage by 2030 in a national energy storage strategy, the biggest target seen anywhere in the world for storage. Link to the news: https://highviewpower.com/news_announcement/highview-power-developing-2-gwh-of-liquid-air-long-duration-energy-storage-projects-in-spain/