UK and Finland grid management solution provider Reactive Technologies has raised $15 million in new funding round.
Investors include UK business investor BGF as well as Breakthrough Energy Ventures and power management company Eaton.
Reactive Technologies intends to use the funding, its largest in a single round to date, to make its technology more widely available in the international market.
Its core technology GridMetrix enables assessment of inertia and system strength to provide transmission and distribution system operators with real-time visibility on their networks and the ability to grow the renewable energy capacity.
Among users are National Grid ESO in the UK, where the technology is being rolled out countrywide for the first commercial service contract. Demonstrations have been undertaken by Tokyo Electric Power Company (TEPCO) in Japan on the island of Nii-jima and by other companies in Italy, New Zealand and Australia.
“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,” said Marc Borrett, CEO of Reactive Technologies.
“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.”
Earlier investors in Reactive Technologies have included Accenture and further strategic investments are anticipated as part of a second close later in the year.