Revolutionising Energy Storage: Highview Power Raises £300 million for UK Liquid Air Energy Storage Project from Mosaic Capital, UKIB, Centrica and Partners

2 minute read | June.17.2024

Highview Power, an energy storage pioneer, has secured a £300 million investment to develop the first large-scale liquid air energy storage (LAES) plant in the UK.

Orrick advised private equity firm Mosaic Capital on the funding round, which international energy and services company Centrica and the UK Infrastructure Bank (UKIB) led, with participation from Rio Tinto, Goldman Sachs, KIRKBI and Mosaic Capital.


The investment will enable construction of one of the world’s largest plants using liquid air energy storage, plants in Carrington, Manchester. Construction is to begin immediately, with the goal of the plant beginning operation in 2026. Once complete, the plant will have a storage capacity of 300 MWh and an output power of 50 MW an hour for six hours.

Highview Power's programme will set the bar for energy storage systems worldwide, positioning the UK as a global leader in energy storage and flexibility.

Richard Butland, co-founder and CEO of Highview Power, said, “There is no energy transition without storage. The UK’s investment in world-leading offshore wind and renewables requires a national long-duration energy storage programme to capture excess wind and support the grid’s transformation.

“UKIB and Centrica and our partners have today backed our ambitious plan to bring renewable energy storage into the UK economy at scale, liberating the potential of what is both the greenest and by far the cheapest energy source for the UK economy and provide energy security.”

Highview Power aims to accelerate the deployment of its larger facilities across the UK by 2035. This aligns with one of National Grid's target scenario forecasts, of  a need for 2 GW from liquid air energy storage, which would account for nearly 20% of the UK's long-duration energy storage requirements.


Shawn Atkinson led the Orrick team that advised Mosaic Capital with assistance from Rachel LeighJonathan Rosen, Mae Morter and George Alexander.



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