Technology will transform the electricity grid into a platform for innovation, supporting smart cities, electric vehicles and decarbonization.
Global energy technology company Faraday Grid Ltd (“Faraday Grid” or “FGL”) today announces its formal launch into the United States. The company will hold its official launch event and the announcement of its U.S. operations this evening with a high profile event for key U.S. energy industry experts at the Andrew Mellon Auditorium in Washington.
Tonight, Faraday Grid will present an energy system fit for the future, enabling affordable, reliable and clean energy to everyone. It will also feature a live demonstration of the Faraday Exchanger, an evolution of the Exchanger device first presented to the world during a live audience event in Edinburgh in December 2017.
Tonight’s event is the latest milestone for Faraday Grid, which established its second global Innovation Center in Washington, following the first in Edinburgh, UK. The U.S. team, featuring experts in power systems, power electronics, as well as mechanical and electrical engineering, strengthens the already world class engineering talent across the company’s other global technology hubs and offices. Commercial expansion and technological innovation will accelerate as additional teams are established in other U.S. locations in the future.
“Electricity is the primary creator of prosperity,” said Andrew Scobie, Founder & CEO of Faraday Grid. Faraday Grid will transform the grid and create a permissionless and decentralized platform, which will unleash the innovation and creativity needed to ensure the electricity grid meets the needs of U.S. energy consumers in the future. More than 100 cities, counties and states in the U.S. have set 100 percent renewables or net zero carbon emissions targets and we offer a pathway to achieve decarbonization, while also reducing energy costs and enabling innovation.”
Evolution towards smart cities is increasingly critical to addressing climate change, while delivering sustainable prosperity to all. With the transition to smart cities, fundamental shifts are required to develop energy systems that are more reliable, resilient and sustainable.
Current energy grids date back over a century, when power was generated by a small number of large,
fossil fuel power stations. Faraday Grid’s technology greatly improves the efficiency of the electricity grid and integrates renewable energy more effectively, as demand from households and businesses increases. When installed across the grid, Faraday Exchangers – ‘plug and play’ devices that dynamically balance and smooth power flowing across the energy system – enable the grid to act as a platform for smart cities, electric vehicles and domestic prosumers.
In January, Faraday Grid received over $30 million in strategic investment from Adam Neumann, Co-Founder and CEO of WeWork, based on a shared vision to boost society’s welfare and productivity. Last year Faraday Grid’s technology was validated by Power Networks Demonstration Centre (PNDC), the UK’s leading grid test facility and demonstration centre.