Grid technology company Faraday Grid has received a £25m investment from billionaire businessman Adam Neumann, founder of shared workspaces firm WeWork.
The firm claims its technology enables power grids to accommodate vast levels of renewable generation, up to 80 per cent penetration. It intends to create intelligent, self balancing networks using ‘Faraday Exchangers’. These power flow control devices autonomously maintain voltage, frequency and power factor.
The company said it will use the money to fund global expansion and accelerate commercialisation of its exchangers.
“Clean, affordable and reliable power are the foundations of productivity and economic growth,” said Andrew Scobie, founder & CEO of Faraday Grid. “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.”
Neumann believes Faraday Grid’s technology will “fundamentally change” the energy system.
“Building a prosperous, sustainable path forward requires a bold vision that reimagines the future of cities and the infrastructure they rely on,” said Neumann.
“Faraday Grid will fundamentally change the way we access and use energy in the future. Andrew and the team have built a world class offering that has an incredible opportunity to uplift all people and communities and have a positive impact on the world. I am excited to be part of their journey.”
Faraday Grid is working on trials with UK Power Networks in the UK and plans more partnerships in 2019.
The company is also backed by Canadian renewables developer and investor, Amp.