The assets of defunct energy technology company The Faraday Grid are set to be acquired by Third Equation, an entity founded by ex-Faraday Grid chief executive Andrew Scobie, Current± understands.
Around ten parties interested in Faraday Grid’s assets, however Scobie’s Third Equation has emerged as the preferred bidder, sources familiar with the matter told Current±.
Company filings reveal Third Equation has turned to Australian investor HFM Investments PTY Limited for financing of the deal, with a debenture between the two parties agreed in mid-September.
Financial terms of the agreement have not been disclosed.
Third Equation was incorporated in early September with Scobie serving as its founder and chief executive. He’s joined at the company by other ex-Faraday Grid staffers including Jacqueline Porch, who is co-founder, and Jennifer Urquhart and Vasile-Daniel Van, who serve as business service director and principal electrical engineer respectively.
Andrew Scobie did not respond to requests for comment at the time of publication, and Grant Thornton declined to issue a comment on the process at this stage. The Faraday Grid could not be contacted.
Faraday Grid filed for administration in August this year claiming that the company had failed to find the necessary funding to take it “to the next level”.
Around 45 employees were made redundant effectively immediately, with a small number of employees kept on in a bid to sell the company’s intellectual property and other assets.
The announcement of its administration came just eight months after Faraday Grid lauded a significant fund raise, receiving £29 million in new finance which was chiefly from WeWork co-founder Adam Neumann.
It also came just two months after Andrew Scobie resigned as the firm’s chief executive. He was replaced by Paul Ezekiel, the firm’s chief business development officer at the time, who echoed his predecessor’s sentiments that the company’s technology could make a significant contribution to the operation of power grids.