JCG Backs Highview Power Clean Energy Breakthrough Secures £399m for Clean Energy Storage Programme

London, June 2024:

Highview Power, backed by investments from Janus Capital, the UK Infrastructure Bank, Centrica and other investors, has secured £300 million for the UK's first commercial scale liquid air energy storage (LAES) plant. This marks a significant milestone in energy storage technology, with potential implications for advancing sustainable and reliable energy systems.

Janus Capital, a subsidiary of Janus Continental Group (JCG) has been an investor in Highview Power since early 2020, has long envisioned the company as a leader in renewable energy storage, particularly with technologies poised to bring clean, affordable energy to Africa. Highview Power’s latest investment marks a significant step towards this goal.

Kevin Teeroovengadum, JCG’s Chief Executive Officer, commented:

“JCG is proud to partner with Highview Power. We have always believed in Highview's transformative potential in renewable energy storage, and this technology can play a crucial role in addressing the substantial energy deficit in other parts of the world. We see the potential in the development of a sustainable energy future for Africa using their technology and we are enthusiastic about contributing to a future where Africa enjoys clean, accessible, and affordable energy."

The funding will enable the construction of one of the world's largest long-duration energy storage (LDES) facilities in Carrington, Manchester, utilizing Highview's proprietary LAES technology. Scheduled to launch in 2026, the facility will boast a storage capacity of 300 MWh and an output of 50 MW per hour for six hours, capable of powering 480,000 homes.

This initiative aligns with JCG's commitment to diversifying Africa's energy landscape, reducing reliance on fossil fuels, and enhancing energy access across underserved communities. The project is expected to create over 700 jobs in construction and the supply chain, contributing significantly to the UK economy and bolstering energy stability and security while lowering energy costs for consumers.

Janus Continental Group’s affiliate GL Africa Energy plans to license Highview Power’s cryogenic energy storage technology to co-develop large-scale renewable energy generation and storage projects in Sub Saharan Africa. This strategic investment aims to address the significant renewable energy storage challenges across Africa, where approximately 600 million people lack access to electricity.

In regions like the Great Lakes and Southern Africa, frequent power shortages highlight the urgent need for improved energy infrastructure. Africa faces a substantial $108 billion infrastructure deficit, contributing to low electricity access levels across the continent. The International Energy Agency (IEA) forecasts that by 2035, developing nations will account for 80% of global energy production and consumption, emphasizing the critical role of renewable energy in meeting this growing demand.

JCG recognizes the importance of long-duration energy storage in maximizing the potential of renewable energy infrastructure in underserved areas.

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