Reactive Technologies, a power grid technology startup, has raised £16 million in venture debt from the European Investment Bank (EIB). Up to £6 million of the funding will support R&D at its centre in Oulu, Finland, and £10 million will support deployment of the technology in the European Union.
The company's platform, GridVerix, provides real-time measurements of key indicators of grid stability. These include inertia, the stored kinetic energy in generators that helps the system withstand sudden disturbances, as well as the strength and stability of voltage across different parts of the grid. With that view of their networks, grid operators can identify vulnerabilities and keep the system stable as more renewable energy comes online.
As more wind and solar power connects to Europe's grids, and as large electricity users such as data centres come onto the network, grids are becoming more complex to manage. GridVerix is designed to help operators integrate that new supply and demand securely, reduce the risk of power outages and lower grid operating costs. It can also help cut renewable energy curtailment, the deliberate reduction of electricity generation, and the costs that curtailment passes on to consumers.
The financing covers a material part of Reactive Technologies' investment programme. The operation is backed by the InvestEU programme and contributes to TechEU, the EIB Group initiative to accelerate investment in strategic technologies and strengthen Europe's technological competitiveness.
Europe needs electricity grids that can keep pace with the rapid growth of renewable energy. Reactive Technologies gives grid operators a much clearer picture of what is happening across their networks in real time. Our financing will help bring this European technology to more markets, reduce the risk of power outages and support the secure integration of more clean power.
EIB support comes at a critical moment. The rapid growth of renewable energy and large power consumers such as data centres are making Europe's grids more complex to manage. By providing real-time measurements of grid stability, GridVerix can help operators keep the system secure, operate more efficiently and reduce costs for consumers.
