We are creating a new technology ‘backbone’ for electricity grids that will stimulate innovation and change how we think about and use electricity.
The opportunity is considerable. Every electricity grid has huge untapped financial and technological potential as a platform for innovation and new service delivery. They are essentially large communication systems, capable of connecting multiple generators with a vast network of consumers.
Today, most of these grids are under-used and are operating primarily as a one-way delivery system rather than a multi-lane highway where distributors, consumers, and alternative power generators can benefit from a free-flow of information, backwards and forwards.
In the future, enabled by our platform, an electricity grid will act as a communications network and marketplace, as well as a distributor of power to consumers, and will allow multiple users and technologies to interact seamlessly and in real time.
Ultimately this will make buying and using electricity easier, cheaper and more reliable than it is today – for everyone.
What is the Emergent transactional platform?
The Emergent Transactional platform is a system of control that balances supply and demand across the entire energy system, using price as the key operational mechanism. It is built on an integration of software with patented Faraday Grid technology. This unique combination of hardware and software creates a system allowing any device or person, with the right technical support, to trade energy with other parties. The Emergent transactional platform:
- Is multi-functional and extremely agile, a platform designed to manage electricity generated from any location and from multiple different generation sources, and delivered to where it is needed
- Enables the network to cope with high and low demand periods by using pricing that alters in line with demand, similar to the way pricing works, for example, in foreign exchange, vehicle fuel, and grocery
- Minimizes the cost of energy by making the lowest cost energy available to consumers at all times, reducing transactional overheads and the need for other behavioural incentives
- Is integrated, autonomous & responsive – which means it is a complete system and does not have to rely on additional infrastructure or software to provide accounting or send messages between control points
- Is adaptive and self-contained – which means each device or person participating can act individually and is not reliant on a structured system
The Faraday Grid technology underpinning the platform allows greater amounts of renewable generation to be used by removing some of the most significant electrical constraints within the grid. The net effect of the Emergent Transactional platform is the delivery of reliable clean energy at the lowest possible price to consumers.
How does the Emergent transactional network work?
The Emergent transactional network is an integrated software platform operating on patented Faraday Grid technology. It combines multiple Faraday Exchangers to improve power flow efficiency with the Emergent transactional layer facilitating energy exchanges at market based real time pricing.
- Every device or agent within the Emergent transactional platform will balance its individual account
- A fit for purpose, secured system allows transactions to be trusted between devices or agents, and be verified by other trusted devices or agents without the need to verify each transaction
- Transactions are inherently linked to the physics of the system taking into account generation and consumption type, quality and location
What are the benefits of the emergent transactional platform?
This new approach to the energy market offers significant benefits to electricity users:
- It allows the electricity grid to provide better service and a wider range of buying choices to people and organisations that have different energy needs, at the lowest cost
- Users, large and small, will be able to set the price they are willing to pay for electricity, and make choices about how the electricity they purchase is generated
- It will allow the grid to evolve, enabling new technologies to fulfil their potential, in the same way that an autonomous common information sharing protocol underpinned the rapid growth of the internet and subsequently transformed how we live our lives
- It will allow significantly more, smaller-scale ‘prosumers’ (whether residential, industrial or commercial) to actively participate in the electricity market. These prosumers will be able to feed electricity from their own renewable energy generation and storage assets into the grid at a price they choose and can change easily in real time
Emergent, jointly owned by FGL and Amp, is a unique partnership, pairing Faraday Grid’s novel and proprietary hardware and software solutions with Amp’s clean energy financing, development, and operational expertise.