With the backing of the UK Infrastructure Bank and British multinational energy and services company Centrica, energy storage pioneer Highview Power has secured a £300 million investment for the first commercial-scale liquid air energy storage (LAES) plant in the UK.
Squire Patton Boggs advised Highview Power in connection with this major fundraising from a consortium of institutional investors. The team advising Highview Power was led by partner Ben Squires and involved lawyers from the firm’s Corporate and Tax practices in London and Manchester.
The £300 million funding round was led by the UK Infrastructure Bank (UKIB) and Centrica, alongside a syndicate of investors including Rio Tinto, Goldman Sachs, KIRKBI and Mosaic Capital.
The investment will enable the construction of one of the world’s largest long duration energy storage (LDES) facilities in Carrington, Manchester, using Highview Power’s proprietary LAES technology. Once complete, it will have a storage capacity of 300 MWh and an output power of 50 MWs per hour for six hours. Construction will begin on the site immediately, with the facility operational in early 2026, supporting over 700 jobs in construction and the supply chain.
Richard Butland, Co-Founder & CEO of Highview Power said: “We are delighted to have the support of the Squire Patton Boggs team in bringing about this strategic investment partnership. Our first project in Carrington will be the foundation for our full-scale roll-out in the UK and expansion with partners to share this British technology internationally.”
“We are pleased to have played a key role in supporting Highview Power to achieve this important transaction,” said Ben Squires. “Effective energy storage will be critical to the long-term success of the UK energy transition and to the country’s energy security by reducing intermittent renewables supply.”