Smart grid startup Faraday Grid Limited (FGL) have announced a strategic investment agreement from Amp, a global developer of flexible clean energy.
As part of the agreement, Amp has become the principal strategic investor in FGL, a UK company based in Edinburgh, which will enable Amp to integrate FGL’s patented Faraday Grid technology (“Faraday Grid”) within its global portfolio of microgrid energy solutions and clean energy generation assets.
The Faraday Grid has the potential to radically transform future electricity markets, enabling consumers to buy and sell power directly from each other as part of a decentralised ‘transactional platform’. Utilising proprietary intellectual property, the Faraday Grid will enable the creation of autonomous networks that are specifically designed to manage the challenge of integrating increasing renewable energy penetration, without the need for new and expensive grid infrastructure.
The Faraday Grid is a solution to the critical issues faced by the energy sector, primarily that of grid instability caused by widespread adoption of intermittent renewable energy. This solution supports decarbonisation while ensuring energy security, reliability and affordability for consumers.
Andrew Scobie, Executive Chairman of FGL, said: “Amp’s investment is a major milestone for FGL. This is about more than finance, it is a partnership to deliver a technology that can underpin a successful transition to a decarbonised, secure and affordable energy system. Seeing our technology rolled out within Amp’s global networks will be an enormous achievement.”
Paul Ezekiel, Co-Founder, Executive Chairman and Chief Investment Officer of Amp, added: “We believe the Faraday Grid is a disruptive technology which has significant potential to change the very nature of electricity systems. As we observe a necessary and rapid evolution in energy markets to accommodate increased penetration of intermittent renewables generation, Amp believes that its partnership with FGL will be highly complementary to our business of developing and owning flexible and dispatchable clean energy assets across the world.”