Case Study
£35m Lead Investor with two Board seats, industrial cooperation and licensing agreement to expand Highview technology to key global markets
Provides capital to support Highview’s project development business model for large scale storage applications — accessing $20+ billion market for storage solutions around grid-scale transmission services and energy-shifting for large-scale renewables
Financing round expected to be increased with further investment from major investors in the coming months
Comprehensive strategic engagement with Highview over 12 months ➢ Refine strategy and business model, develop business plan, organize investor outreach and due diligence and negotiate investment and related terms with SHI (and other potential investors)
Huge leap forward for the business — 7x valuation uplift
Multi-geography industrial partnership — Global leadership in large-scale storage
Strong team with significant experience — capturing a leadership position
“One of the biggest barriers to a carbon-free future has been the ability of renewables to perform as reliably as, and as cost-effectively as traditional fuel sources. 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.”
Highview Power is a leNling global provider of large-scale, long duration energy storage solutions in the UK, the US, Germany, Chile and the Middle East
Highview aims to develop projects in-house and also supply its technology to other power plant developers
New CEO, Javier Cavada (ex Wartsilla), has been a catalyst for building a new organization with a stronger commercial focus
£35m investment secured from Sumitomo Heavy Industry as lead investor
First-time fundraising from institutional / corporate investors
Valuation uplift of 7x previous funding round
Governance shared between existing family offices investors and new investors
Targeted outreach to leading industrial, energy, infrastructure, and service players —bringing something more than money
Strong equity story and business plan — showing a major opportunity over next 3-5 years
Significant investor education on technology, business model and markets
Source: comp, information, MC analysis.
A unique story (large-scale, long duration) requires very thoughtful articulation of business model, market opportunity, strategy. Positioning is critical
Business model transformation can be an effective catalyst for new money and a significantly improved valuation — but need to show clear evidence of how it will deliver results
“Lead investor” construct allows for possible of strong support — or even potential acquisition —while retaining near-term independence
Energy markets, especially solar, are more global — investors are more willing to apply lessons learned, experiences gained to new markets