Technology startup Faraday Grid has secured a £25 million investment from the co-founder and boss of the US shared office space company We Work.
The money will be used to fund the ongoing global expansion of Faraday Grid, including in the UK, and the accelerated commercialisation of its Faraday Exchanger technology.
The hardware melds the functions of multiple existing devices – converters, inverters, rectifiers and transformers – and in combination with the accompanying software can autonomously maintain a target voltage, frequency and power factor.
UK Power Networks revealed plans in October to deploy the system across its London licence area for a trial beginning in spring 2019.
Faraday Grid claims the technology can reduce the need for backup generation, balancing services and network reinforcements, with the potential to double the amount of renewable generation that can be accommodated on the power grid.
Commenting on his investment in the firm, We Work chief executive Adam Neumann, said: “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.”
Andrew Scobie, founder and chief executive of Faraday Grid, said: “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.”