Energy technology firm Faraday Grid has been plunged into administration after failing to find the funding needed to take it “to the next level”.
Established in 2016, Faraday Grid attempted to bring new exchanger technologies to market capable of maintain voltage, frequency and power factors and essentially allow for more efficient bi-directional flows of power at the distribution network level.
That technology fed into what the company dubbed the ‘Faraday Grid architecture’, and it was due to be involved in a pilot project with UK Power Networks this year.
However Current± understands that no technology was ever installed in UKPN's service area, and the pilot project was subsequently shelved.
In a statement issued to Current± today, a UKPN spokesperson said: "No customer money was invested into any projects with Faraday Grid and we will continue to deliver our programme of innovation projects that have already saved customers £182 million since 2014. "
Faraday Grid launched into the UK market in 2017 with bold plans to “change the course of history” with its exchanger technology, which it said was capable of integrating significantly greater levels of renewable energy onto existing grids.
Speaking to Current± months later, the firm’s Andrew Scobie and Richard Dowling talked up the company’s technology as having the potential to fix many of the grid’s troubles and pave the way for a smarter grid system.
A sizeable, £25 million investment from WeWork co-founder Adam Neumann was announced in January this year, money which was earmarked for its expansion into international markets.
Faraday Grid identified that “significant” further funding was required to progress its research and development. But efforts from the directors to source the necessary investment failed and the decision was taken to appoint administrators last week.
Financial services firm Grant Thornton LLP was appointed as the administrator last week, and 45 employees were made shortly after the appointment.
A small number of employees remain at the company while Grant Thornton explores any interest in Faraday Grid’s assets. Parties interested in acquiring those assets are being urged to contact Phil Sharpe at Grant Thornton.
The news comes just three months after Faraday Grid bolstered its senior team with the appoint of ex-eBay international president and COO Kris Beyens, and engineering vice president Jan Juhasz.