Technology company Faraday Grid has secured investment from Innovate UK for a £1m project involving “game-changing technology” for the energy sector.
The funding will be used to support the Faraday Exchanger for Renewable Generation Integration (FERGI) project that aims to develop a full-scale demonstrator device with power capacity of 2-3MW.
Faraday Grid will work with the Offshore Renewable Energy Catapult and the University of Edinburgh to develop the technology.
FERGI will demonstrate to developers and energy system operators how the technology enables higher efficiency of any electrical generation system by increasing the transmission capacity of that system with the lowest losses.
Faraday Grid UK marketing director Derek Boyd 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.”
Image: reNEWS
Funding boost for Faraday Grid
By EBS