Scottish startup raises £25m for power grid technology
The backing from Adam Neumann, who is also CEO of the co-working space company, will be used to support Faraday Grid’s global expansion, including in the UK, United States, Japan, Australia and Europe. It will also accelerate commercialisation of the company’s Faraday Exchanger technology with project partners worldwide.
“Clean, affordable and reliable power are the foundations of productivity and economic growth. Having Adam as a partner who absolutely shares this vision will enable us to ensure the world’s energy system is able to support economic prosperity,” said Andrew Scobie, Founder and CEO of Faraday Grid.
The Faraday Exchanger is a power-control device to manage voltage, frequency and power-factor control. Demonstrations and simulations to-date have shown that the Faraday Exchanger can achieve signficant levels of net reactive power generation reduction as well as reduction of losses. Deployment at scale would improve the competitiveness of offshore wind sector and provide a 1.6% reduction in the overall cost of producing the energy.
“Building a prosperous, sustainable path forward requires a bold vision that reimagines the future of cities and the infrastructure they rely on. Faraday Grid will fundamentally change the way we access and use energy in the future,” said Neumann.
In October 2018, the company announced it will be working with UK Power Networks in London, UK, to demonstrate the role and impact of Faraday Grid’s technology. Further collaborations and partnerships will be announced throughout 2019 with partners around the world. The Faraday Grid technology has also been validated by the UK’s Power Networks Demonstration Centre.
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