Janus Continental Group (JCG), a conglomerate with businesses in the Energy, Hospitality and Real Estate sectors across three continents, has invested USD13 million in Highview Enterprises Limited, the developer of liquid air long-duration energy storage systems, called the CRYOBattery.
JCG’s subsidiary, Great Lakes Africa Energy Ltd (GLAE), will license Highview Power’s cryogenic energy storage technology to co-develop large-scale renewable energy generation and storage projects. The investment will tackle the renewable energy storage gap that currently exists across Africa, where nearly 600 million people live without access to electricity.
The Great Lakes and Southern Africa regions currently suffer from frequent power shortages. This is symptomatic of a wider USD108 billion infrastructure deficit in Africa, which contributes to the continent’s low levels of electricity access. Meanwhile, the International Energy Agency (IEA) has estimated that by 2035, developing nations will constitute 80 per cent of total global energy production and consumption.
Source: Private Equity Wire
