Faraday Grid nets £25m investment from WeWork founder
Faraday Grid, the UK-based smart energy technology company, has secured a £25m investment from billionaire businessman Adam Neumann to support plans to accelerate its global growth.
The collaboration supports Faraday Grid’s ongoing global expansion, including in the UK, US, Japan, Australia and Europe. It will also accelerate commercialisation of the company’s Faraday Exchanger technology with project partners worldwide.
Faraday Grid says its new energy platform will enable clean, affordable, reliable power across the energy sector at levels not previously conceived.
Announcing the investment, Andrew Scobie (pictured) founder & CEO of Faraday Grid, said: “Clean, affordable and reliable power are the foundations of productivity and economic growth. Having Adam as a partner who absolutely shares this vision will enable us to ensure the world’s energy system is able to support economic prosperity.”
Adam Neumann said: “Building a prosperous, sustainable path forward requires a bold vision that reimagines the future of cities and the infrastructure they rely on. Faraday Grid will fundamentally change the way we access and use energy in the future. Andrew and the team have built a world class offering that has an incredible opportunity to uplift all people and communities and have a positive impact on the world. I am excited to be part of their journey.”
A shared vision to boost society’s welfare and productivity lie at the heart of this collaboration.
The investment comes at a time of rapid expansion for Faraday Grid. In October 2018, the company announced it will be working with UK Power Networks in London to demonstrate the role and impact of Faraday Grid’s technology.
Further collaborations and partnerships will be announced throughout 2019 with partners around the world. The Faraday Grid technology has also been validated by the UK’s Power Networks Demonstration Centre.