Faraday Grid and project partners awarded maximum allowed funding within £1m project from UK’s national innovation agency.
Funding will support development of Faraday Exchanger technology to maximise the benefits for renewable energy generators, developers and system operators.
Energy technology company Faraday Grid Limited (“Faraday Grid” or “Faraday”) has announced that it has been awarded funding from Innovate UK as part of a £1 million project to support the development of the company’s Faraday Exchanger technology, underlining the huge potential that the technology can play in enabling a low-carbon energy system and delivering economic growth.
Working with the Offshore Renewable Energy Catapult and the University of Edinburgh, the funding will be used to support the FERGI (Faraday Exchanger for Renewable Generation Integration) project that aims to develop a full-scale Faraday Exchanger demonstrator device with power capacity of 2-3 MVA (MW).
FERGI will demonstrate to renewable developers and energy system operators how the Faraday Exchanger technology enables higher efficiency of any electrical generation system by increasing the electricity transmission capacity of that system with the lowest losses. This is a critical issue given that electricity networks have in recent years experienced increasing integration of renewable generation and new interconnections, but it has become increasingly difficult to ensure the systems’ fault tolerance, balance and inertia are maintained.
The Faraday Exchanger is a power-control device created to solve the fundamental technical challenges of voltage, frequency and power-factor control. Demonstrations and simulations to-date have shown that the Faraday Exchanger can achieve game-changing levels of net reactive power generation reduction as well as reduction of losses. Deployment at scale would improve the competitiveness of the UK’s offshore wind sector and provide a 1.6% reduction in the Levelised Cost of Energy.
Faraday Grid intends to scale up the device to several MVA by 2020 to meet renewable generation capacity. The company intends to deploy the product in a pre-commercial renewable demonstration site as a second phase of the product's path to commercialisation.
Derek Boyd, UK Marketing Director of Faraday Grid Limited, said: “We are very happy that our technology has been recognised as a critical piece of the jigsaw to enable a low carbon future. This funding is further endorsement of the Faraday Grid’s capability and we are delighted to be working with the ORE Catapult and the University of Edinburgh as we continue to develop a path to commercialisation. Faraday Grid’s technology will transform the grid into a modern and flexible system, taking advantage of the UK’s tremendous renewable generation sources.”
Chris Hill, Operational Performance Director for ORE Catapult, added: “ORE Catapult is the UK’s leading technology innovation and research centre for offshore renewable energy, and we use our unique testing and validation facilities to drive forward new technologies to market. We are delighted to be supporting Faraday Grid Ltd with the development of their Faraday Exchanger technology to generation-scale units.”
Dr Harry Van Der Weijde, Chancellor’s Fellow at the University of Edinburgh, added: “It’s very exciting to be working on a project that could have far reaching benefits to energy suppliers and the thousands of business owners and homeowners across the UK. From a climate change perspective, the carbon savings achieved by deploying the technology would have a hugely positive impact.”