Highview has secured £130m (€148.1m) in funding from investors, including energy firm Centrica, Goldman Sachs and Mosaic Capital to begin the first stage of its planned 3.2GWh hybrid long-duration energy storage (LDES) solution in Scotland.
The energy infrastructure business said the latest capital raise, which was also backed by Scottish National Investment Bank and Kirkbi, the family-owned investment company behind the LEGO Group, brings the total raised to commercialise its long-duration storage solutions to over £500m.
This latest investment round will fund the construction of the first phase of the Hunterston project, which will provide system support to the electricity grid. The first phase is expected to be operational by August 2026.
Richard Butland, CEO at Highview, said: “This capital raise is an important milestone for Highview, enabling us to build out the first phase of our long-duration energy facility at Hunterston.
“By delivering much-needed grid services in this location, our stability island asset will prevent costly curtailment and maximise the renewable energy that we generate in the UK.”
Chris O’Shea, group CEO, Centrica, said: “Low carbon storage is an essential part of the solution for how we manage the energy system of the future, and Highview’s LDES system is the kind of innovative facility that is needed as the UK transitions to a more intermittent energy mix from renewables.
“Hunterston’s grid and analytics services will also enable the UK grid operator to better balance supply and demand challenges and help ensure our customers have electricity available when the wind doesn’t blow and the sun doesn’t shine.”
Mark Munro, CIO at the Scottish National Investment Bank, said: “Wind production curtailment and intermittency continue to be challenges across the supply chain. As Scotland scales its renewable energy production, it’s critical that grid resilience is fortified so that more of it can be used.
“Working in partnership with Highview, our investment in the development of this exciting project will deliver vital infrastructure to help ensure a more stable, clean energy future.”
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