March 21, 2019: Highview Power, a long-duration energy storage provider and TSK, a global engineering, procurement and construction company, announced on March 19 that the two had formed a joint venture to co-develop gigawatt-hour scale, long-duration energy storage systems using Highview Power’s proprietary cryogenic energy storage product.
The new joint-venture company, named Highview TSK, will develop projects in Spain, South Africa and East Africa. The firms say an initial number of projects have been identified for several GWh of energy storage to be developed from 2019 to 2022.
Javier Cavada (pictured), CEO of Highview Power, said: “This partnership with TSK will help us accelerate momentum for our cryogenic energy storage systems in global markets and is ideal for applications such as renewable energy shifting, enabling wind and solar for baseload generation, and hybridizing cryogenic storage plants with traditional thermal generation systems.”
Joaquín García Rico, Cavada’s counterpart of TSK, said: “After looking at a number of storage technologies, we concluded that Highview’s cryogenic energy storage is ideal for delivering long-duration, large-scale storage services to our customers. The technology is cost effective, scalable, has a long lifespan and can be deployed now.
“As a result of the joint capabilities of Highview Power and TSK, we expect to progressively grow our footprint and sales to reach target revenues of over €1 billion ($1.1 billion by 2021.”
Grid operators are turning to long duration energy storage to improve power generation economics, balance the grid and increase reliability. Giga-scale, energy storage resources paired with renewables are equivalent in performance to — and could replace — thermal and nuclear baseload in addition to supporting the electricity transmission and distribution systems while providing additional security of supply.
TSK has constructed more than 20 GW of generation projects across 35 countries including more than 10 energy storage projects.
Highview Power says it has developed over $13 billion in energy and infrastructure projects and has already built and connected two cryogenic energy storage plants to the UK grid.
The first was commissioned in 2014 in Slough, London, with a capacity of 2.5MWh, while last year, the world’s largest liquid air energy storage plant was inaugurated in Bury, Greater Manchester, with a capacity of 15MWh.