By Jason Deign
By Jason Deign
Highview Power Storage has launched a growth capital fundraising round amid commissioning for its first pre-commercial liquid air energy storage plant.
The 20-strong UK company is looking for an unspecified amount of cash but will most likely not be talking to venture capital (VC) investors, head of business development Matthew Barnett told Energy Storage Report.
“Rather than going down the VC route, we’re sticking with high-net-worth angel investors and strategic investors,” he said.
The latter group might include businesses that could add value to Highview’s offering, such as an engineering capability, a route to market or complementary technology, said Barnett.
“If a VC came up with GBP£15m then that’s a different story, but there’s a time and a place for a VC to be involved,” he continued. “Maybe we’re entering that now, maybe we’re not.
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In recent posts, we’ve looked at some of the many ways in which the US military is funding energy storage, directly and otherwise. It’s hardly a secret that the Pentagon has nurtured many innovations through their difficult formative years. Everything from aviation to computers to the internet have benefited from military research and funding. It only seems right that energy storage, a technology that is so vital to the future of energy generation and human welfare, gets a slice of the cake, too.
19 new energy storage research projects, primarily focusing on improving current battery chemistry, are to be funded by the Department Of Energy through the US Advanced Research Projects Agency-Energy (ARPA-E) to the tune of $43m (€35m).
Recipients of the majority of the tax-payers’ largesse will be Pennsylvania State University, Palo Alto Research Center, the Ford Motor Company, and Arbin Instruments, whilst the remaining $13m (€10.6m) is going to seven small businesses to pursue energy storage advances for stationary power and electric vehicles.
One such project is the development of Advanced Redox Flow Battery by ITN Energy Systems, in collaboration with the University of Kentucky, reports mfrtech.com.