Reactive Technologies, an Anglo-Finnish company based on grid technology has successfully raised close to €12.8 million in their most recent fundraising round, enabling them to export their tech solution to help countries manage decreased grid stability
Reactive Technologies, an Anglo-Finnish company based on grid technology has successfully raised close to €12.8 million in their most recent fundraising round thanks to BGF (an investment company based in the UK and Ireland), Breakthrough Energy Ventures and Eaton, a global intelligent power management company. Reactive Technologies will use the money to reach out to countries around the world experiencing rapid renewable energy growth and already beginning to manage the challenges of decreased grid stability caused by a loss of inertia.
In particular focus is Reactive Technologies’ GridMetrix technology which works by taking measurements of grid inertia and providing system operators with accurate real-time visibility over power network conditions. This mission-critical data enables grids to safely and cost-effectively increase their renewable energy capacity as they accelerate the decarbonisation of their energy systems.
The investment comes as Reactive prepares to deploy its first commercial GridMetrix service contract with UK grid operator National Grid. With annual investment in grid infrastructure set to treble from €221 to almost €700 billion by 2030 and over 70% of the world’s emissions under jurisdictions that have committed to a 2050 net zero target, Reactive is uniquely positioned to play a leading role in the decarbonisation of the global energy system.
The investment entry of one of the world’s most prestigious clean energy funds is a major validation of Reactive’s technological solutions. Breakthrough Energy Ventures invests only in technologies with the potential to reduce greenhouse gases by at least 1% of global emissions (0.5 gigatons) per year. Meanwhile, Eaton will make a strategic investment, and together with Reactive, will explore opportunities for collaboration on utility market support and future service offerings.
Aravind Yarlagadda, Eaton executive vice president and chief digital officer, said: “As the world moves towards a net zero carbon energy system, we expect this massive shift to place increasing pressure on grids everywhere and require insights from innovative technology companies like Reactive and proven solutions from their partner ecosystems. Our strategic investment accelerates our ability to provide digital solutions and support our customers in the global energy transition.”
Reactive expects to announce further strategic investments as part of a second closing round later in the year.