The company is developing an entirely new technology, the Faraday Exchanger, to address short term volatility and frequency, which when deployed across the electricity grid will enable significantly greater integration of renewable energy; increased grid stability and resilience to cyber-attack; as well as contributing to reduced cost of energy for consumers.
Faraday Grid chose to establish its headquarters in Edinburgh due to Scotland’s world-class engineering heritage and to take advantage of the talent pool of local universities, in particular the universities of Edinburgh and Strathclyde. The company is currently building its talent base to launch the Faraday Exchanger at scale prototype in late 2017.
Faraday Grid was born in Australia and having already developed a lab prototype proving the system physics, the company’s leadership moved to Scotland in late 2016. With a desire to solve the world’s greatest challenges, starting with the energy system, Faraday Grid chose Scotland due to its openness for international business and the opportunity to make a sustainable improvement to the UK’s energy system.
Andrew Scobie, Executive Chairman of Faraday Grid Limited, said:
“As a huge fan of the great scientists, philosophers and economists that called Edinburgh home, I’m absolutely delighted to have moved here and that Faraday Grid is now set up in Edinburgh, hiring local talent in our efforts to solve today’s greatest challenges. I would also like to extend my thanks and appreciation to Scottish Development International for their efforts to assist with building local relationships...”