Law firm Stephenson Harwood LLP has advised Highview Power, a London-based cryogenic energy storage company, on a US$46 million investment by Sumitomo Heavy Industries (SHI). 

The investment by SHI, a company which specialises in industrial machinery and environmental and power technologies, will enable Highview to diversify and expand its technology for the long-term global storage of renewable sources of energy. Highview uses energy to compress and cool air to minus 190 degrees centigrade until it liquefies.

“We were very pleased to have advised Highview – which has a unique position in the storage landscape: large scale, long duration, based on established industrial technology and processes – on this important transaction and to have helped secure the necessary investment to further develop and deploy its technology,” said Stephenson Harwood partner Sam Gray.  “This transaction is yet another good example of the work we do in the growth capital space, where we regularly act for investee companies, venture funds, private equity and strategic corporate investors.”

The Stephenson Harwood team was led by partner Sam Gray, with support from partners Karima Hudson and Naomi Leach, and associates Kate Hewitson and Michelle Gomes.