Sumitomo invests $46 mn in Highview Power to tap energy storage market

Sumitomo Heavy Industries has made an investment of $46 million in Highview Power as part of the decision to move into the clean energy storage market.

Sumitomo SHI FW (SFW) will become SHI’s technology center for the CRYOBattery business for expanding the footprint in Europe, Asia, and Americas.

Highview Power’s long-duration energy storage technology not only solves the problems that enable dispatchable renewables but will be a catalyst in bringing the energy transition forward, said Tomas Harju-Jeanty.