Amp Solar Group, a Port Credit, Ontario solar photovoltaic developer, has made a strategic investment in Faraday Grid Ltd (FGL), a U.K. energy systems designer. No financial terms were disclosed for the deal, which saw Amp become FGL’s principal strategic investor. It will also allow Amp to integrate the company’s Faraday Grid technology within its portfolio of micro-grid energy solutions and clean energy generation assets. Amp is backed by an affiliate of Apollo Global Management. The affiliate invested US$15 million in the company, and provided $250 million in revolving equity financing, in 2014.
Faraday Grid announces strategic investment agreement with Amp
EDINBURGH, Aug. 3, 2017 /CNW/ – Systems design company Faraday Grid Limited (“FGL”) today announced a strategic investment agreement from Amp, a global developer of flexible clean energy.
As part of the agreement, Amp has become the principal strategic investor in FGL, a UK company based in Edinburgh, which will enable Amp to integrate FGL’s patented Faraday Grid technology (“Faraday Grid”) within its global portfolio of microgrid energy solutions and clean energy generation assets.
The Faraday Grid has the potential to radically transform future electricity markets, enabling consumers to buy and sell power directly from each other as part of a decentralised ‘transactional platform’. Utilising proprietary intellectual property, the Faraday Grid will enable the creation of autonomous networks that are specifically designed to manage the challenge of integrating increasing renewable energy penetration, without the need for new and expensive grid infrastructure.
The Faraday Grid is a solution to the critical issues faced by the energy sector, primarily that of grid instability caused by widespread adoption of intermittent renewable energy. This solution supports decarbonisation while ensuring energy security, reliability and affordability for consumers.
Andrew Scobie, Executive Chairman of FGL, said: “Amp’s investment is a major milestone for FGL. This is about more than finance, it is a partnership to deliver a technology that can underpin a successful transition to a decarbonised, secure and affordable energy system. Seeing our technology rolled out within Amp’s global networks will be an enormous achievement.”
Paul Ezekiel, Co-Founder, Executive Chairman and Chief Investment Officer of Amp, added: “We believe the Faraday Grid is a disruptive technology which has significant potential to change the very nature of electricity systems. As we observe a necessary and rapid evolution in energy markets to accommodate increased penetration of intermittent renewables generation, Amp believes that its partnership with FGL will be highly complementary to our business of developing and owning flexible and dispatchable clean energy assets across the world.”
About Faraday Grid Limited:
Faraday Grid was formed from the desire to solve global challenges facing our society and environment.
The company is dedicated to systems design that enables human choice because we believe human prosperity can only be sustained through increasing individuals’ freedom to choose.
Specifically, with innovation in deep tech, we are revolutionising energy distribution systems.
We build on the work of some of the world’s pioneering scientists, economists and philosophers from modern day and centuries gone by.
As a UK company based in Edinburgh, our location takes advantage of the high tech and engineering DNA of the city.
For more information please visit www.faradaygrid.com or @TheFaradayGrid.
Amp is a global developer of flexible clean energy.
We build, own and operate clean energy infrastructure both behind and in-front of the meter. Our dispatchable, resilient solutions, enabled by proprietary technology, enhance system reliability and security for our customers and the grid.
Based in Canada, with operations in North America, the United Kingdom, Japan, Australia and India, our international team brings deep expertise and thought leadership to every aspect of the energy industry.
At Amp, we power change.
For more information please visit www.amp.energy
For further information: Rob Cormie, Faraday Grid, [email protected], +44 7775 891966; For Faraday Grid media enquiries: Oliver Buckley, Madano, [email protected], +44 20 7593 4000; For Amp media enquiries: Jennifer Lopez, Amp, [email protected], +1 646-776-2031
Photo courtesy of AMP Solar Group