London-headquartered grid technology company Reactive Technologies is to receive €19 million in venture debt from the European Investment Bank (EIB) to expand its GridVerix platform for monitoring power grid stability.
Of the total, up to €7 million will support research and development at the company’s centre in Oulu, Finland, and €12 million will support deployment of the technology in the European Union.
Reactive Technologies was co-founded in the UK and Finland. GridVerix provides real-time measurements of key indicators of grid stability. These include inertia, the stored kinetic energy in generators that helps a system withstand sudden disturbances, and the strength and stability of voltage across different parts of the grid.
According to the EIB, the platform can help operators identify vulnerabilities and keep the system stable as more wind and solar power is connected. It can also help connect large electricity users such as data centres, and reduce renewable energy curtailment, the deliberate reduction of generation, along with its associated costs for consumers.
Venture debt is long-term financing for innovative, high-growth companies, and can provide additional capital without the same ownership dilution as raising equity. The EIB says the loan covers a material part of Reactive Technologies’ investment programme. It is backed by the InvestEU programme and contributes to TechEU, the EIB Group initiative to accelerate investment in strategic technologies.
Karl Nehammer, vice-president of the EIB, said: “Europe needs electricity grids that can keep pace with the rapid growth of renewable energy. Reactive Technologies gives grid operators a much clearer picture of what is happening across their networks in real time. Our financing will help bring this European technology to more markets, reduce the risk of power outages and support the secure integration of more clean power.”
Marc Borrett, chief executive of Reactive Technologies, said: “EIB support comes at a critical moment. The rapid growth of renewable energy and large power consumers such as data centres are making Europe’s grids more complex to manage. By providing real-time measurements of grid stability, GridVerix can help operators keep the system secure, operate more efficiently and reduce costs for consumers.”
The company delivers GridVerix through a data-as-a-service model to grid operators, utilities and asset owners. Alongside its London headquarters and R&D centre in Finland, it has commercial offices on the east and west coasts of the US and in the UAE and Australia.
