Janus Continental Group (JCG), a conglomerate with businesses in the Energy, Hospitality and Real Estate sectors across three continents, has announced that it has made a further investment in Highview Power, developer of liquid air long duration energy storage plants based on its proprietary cryogenic energy storage technology.
JCG completed a call option on a previous investment made in early 2021, which increases JCG’s investment in Highview Power to more than £20m.
JCG’s subsidiary, Great Lakes Africa Energy Ltd (GLAE), previously licensed Highview Power’s cryogenic energy storage technology to co-develop large-scale renewable energy generation and storage projects. Its investment is tackling the renewable energy storage gap that currently exists across Africa, where nearly 600 million people live without access to electricity.
Unlike other long-duration energy storage solutions, such as pumped hydro-power or compressed air, Highview Power’s CRYOBattery technology has no geographic constraints and has a small footprint, even at gigawatt levels. At utility-scale, liquid air energy storage systems paired with renewables are equivalent in performance to fossil fuels and nuclear baseload power.
Mamadou Goumble, CEO of Energy Business at JCG, commented, “To achieve a 100% renewable energy world, dependable long duration energy storage will be critical. This makes green storage solutions, such as those provided by Highview Power, a crucial stepping stone on our shared sustainability journey. We believe that Highview Power will be a market leader in long duration energy storage. By increasing our stake in the company, it also demonstrates our commitment to bringing clean energy and storage solutions to Africa.”
Rikin Shah, CEO of JCG, joined the Board of Directors at Highview Power in early 2021.