Faraday Grid’s expansion to the U.S.
We are delighted to be accelerating our activities in the U.S. as we seek to bring clean and cheap energy to the world.
We are in New York this week on the Energy Systems Mission and Learning Journey trade delegation with Scottish Development International. It provides us with the ideal opportunity to showcase our locally developed energy platform to the biggest energy market in the world. We have ambitious plans for the U.S. market and we are opening our first office in the country later this year.
Bringing benefits to New York and beyond
Our technology could have a major impact on the grid system, bringing benefits to business and consumers alike. Our network of power flow devices called Faraday Exchangers will provide a series of revolutionary benefits including the delivery of higher quality reliable energy at the lowest possible price.
We are a UK-based company but we know only too well that electricity grids globally are experiencing significant challenges. That’s why we have developed a technology that meets the requirements of the respective geographies where we operate.
Our simulation modelling shows that the implementation of our grid system could remove $12.4 billion USD of power quality problems in New York – equivalent to $750 per New York household over the next five years.
Furthermore, by increasing the capacity for renewable energy generation, Faraday Grid would further help to remove 3 million tons of CO2 in New York – equivalent to 583,000 cars off the road every year.
New York has a $2.5 trillion economy and it is estimated in the New York State Energy Plan that $30 billion will need to be invested between 2015 and 2025 to replace New York’s electric transmission and distribution infrastructure to meet currently projected demands. The Faraday Grid technology offers the solution.
Building for the future
Faraday Exchangers are designed to be scalable and operate as part of a network, creating a highly stable system capable of managing major fluctuations in electricity supply and demand. They are complementary to both existing distribution networks and other technologies, improving performance and efficiency whilst being significantly cheaper than the sum of the technologies it replaces.
Faraday Exchangers fit seamlessly into the existing electricity system, forming a superior Faraday Grid network that is sufficiently robust and flexible to facilitate the inevitable transition into a new energy era.
The Faraday Grid also enables a transactive energy system that we call the ‘Emergent Transactional Platform’. This is a truly dynamic price-based market for electricity that matches local supply and demand. It enables end consumers and prosumers to participate in the energy market by leveraging their assets – helping to resolve intermittence and price volatility.
The Faraday Solution provides greater investment surety for governments and the private sector, which will stimulate future economic growth, as well as driving greater adoption of renewable generation sources at local, community and regional levels.
We are looking to bring Faraday Grid to the world. This week we are focusing on the U.S.