Faraday Grid nets £25m investment from WeWork founder

(Business Green, 28 Jan 2019) Faraday Grid, the UK-based smart energy technology company, has secured a £25m investment from billionaire businessman Adam Neumann to support plans to accelerate its global growth, the company announced late last week.

The cash injection from the founder of shared workspace giant WeWork will help fuel the rollout of Faraday Grid's Exchanger technology, which helps manage the flow of electricity without a central management system - essentially creating a self-balancing energy grid.

According to Faraday, the Exchanger can integrate a much higher proportion of renewable power onto a system than centrally managed grids, paving the way for future energy grids built on increasingly cost-competitive clean energy.

Neumann said he believes Faraday's technology is "world class" and can play a major role in the transition to a low carbon energy system.

"Building a prosperous, sustainable path forward requires a bold vision that reimagines the future of cities and the infrastructure they rely on," he said. "Faraday Grid will fundamentally change the way we access and use energy in the future."

Faraday Grid is also backed by Canadian energy infrastructure developer Amp. It is currently working with UK Power Networks to trial its Exchanger technology in London later this Spring.

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Business Green, 28 Jan 2019: Faraday Grid nets £25m investment from WeWork founder