A UK- and Finland-based grid technology company has been backed with £11 million of funding.
Reactive Technologies says its solutions will unlock wave of global grid decarbonisation.
The funding round was led by BGF alongside Breakthrough Energy Ventures and New York-listed Eaton, a global intelligent power management company.
Reactive will use the proceeds to expand its international activities and export its technology to countries around the world that are experiencing rapid renewable energy growth and already beginning to manage the challenges of decreased grid stability caused by a loss of inertia.
It describes its GridMetrix technology as like ‘sonar’ for the grid, uniquely able to take direct measurements of grid inertia and providing system operators with accurate real-time visibility over power network conditions.
It says this mission-critical data enables grids to safely and cost-effectively increase their renewable energy capacity as they accelerate the decarbonisation of their energy systems.
“This fundraise is a fantastic endorsement of our business, our team, and the technological solutions we provide,” said CEO Marc Borrett.
“Our new financial and strategic partners will help drive a step change in the delivery of our services to system operators globally, accelerating our ability to enable power grids around the world to rapidly decarbonise and meet their net zero objectives.
“With COP26 on the horizon as we approach tipping point in the energy transition, we are proud to be an example of how British and Finnish innovation can help overcome the hurdles to decarbonisation and support the global fight against climate change.”
Rahul Satsangi, investor at BGF, commented: “In what is a critical year for the energy transition with COP26 conference and the Government’s emphasis on the green recovery taking centre stage, we’re delighted to be supporting an innovative CleanTech business and management team that is already playing a central role in the decarbonisation of the UK.
“A transformation of the energy sector is essential for the future of our economy and Reactive’s digital-led solutions place it at the heart of that shift both within the UK and globally.”
Breakthrough Energy Ventures invests only in technologies with the potential to reduce greenhouse gases by at least 1% of global emissions (0.5 gigatons) per year.
“We need to accelerate the uptake of low carbon technologies to meet surging global energy demand while decreasing emissions as quickly as possible,” said Carmichael Roberts of BEV.
“We see the potential for Reactive to become a significant global player in the decarbonisation of power grids worldwide by enabling greater deployment of renewable resources.
“BEV identified the business as having a distinctive enabling technology that can be scaled to become an integral part of the response to this global challenge.”
Reactive expects to announce further strategic investments as part of a second close later in the year.