Faraday Grid enters administration after research budget runs dry
Tech start-up Faraday Grid has entered administration after the firm drained its research budget and failed to secure further funding.
Grant Thornton has announced it was appointed as the administrator of the company on 8 August.
Faraday Grid was formed in 2016 to develop its Faraday Exchanger technology for use by electricity networks.
The company claimed the hardware could combine the functions of multiple existing devices – converters, inverters, rectifiers and transformers – and autonomously maintain a target voltage, frequency and power factor when combined with its namesake software platform.
UK Power Networks announced plans in October to trial the technology across London starting in spring 2019.
“The company had previously received investment to fund its research and ultimately, the further development of its Faraday Grid architecture,” Grant Thornton said in a statement.
“However, it became apparent that significant further funding would be required to enable its research and development to progress through to its next stage.
“Unfortunately, the directors were unable to secure the necessary level of investment and as a result, recognised that the company did not hold sufficient funds that would enable them to honour all existing liabilities. “
“Therefore, the directors reached the decision that the company was insolvent and that appointing administrators was the only available option.”
In January, Faraday Grid secured £25 million of investment from Adam Neumann, the co-founder and chief executive of US shared office space company We Work.
This article appeared first on edie's sister title, Utility Week