Reactive Technologies Raises £25M (US$31.4M) to Support Global Expansion in Funding Round led by M&G, BGF, and Breakthrough Energy Ventures
21 Mayo 2024 - 2:00AM
Business Wire
Reactive Technologies, the UK and Finland-based leader in grid
stability measurements, announced today the successful completion
of a Series D funding round. The £25 million funding round (US$31.4
million) was led by M&G’s Catalyst investment, alongside UK and
Ireland growth capital investor BGF and Breakthrough Energy
Ventures. EKTA Partners acted as the exclusive financial advisor to
Reactive Technologies on this transaction. This strategic funding
will support Reactive's global expansion initiatives and key hiring
endeavors, advancing the realization of contracted projects
worldwide.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240521093366/en/
Reactive Technologies Senior Leadership
Team, from L-R: Robert Macklin, CFO; Chris Kimmett, COO; Marc
Borrett, Founder & CEO; Duncan Burt, Chief Strategic Growth
Officer. (Photo: Business Wire)
As global renewable energy deployment accelerates, grid
operators are grappling with challenges related to grid stability,
such as diminishing inertia and system strength. Reactive
Technologies addresses these challenges with its pioneering
GridMetrix® technology, empowering system operators to monitor
power system stability in real time. This capability enables
operators to reduce renewable curtailment, prevent blackouts, and
optimize spending on balancing services.
Growing Demand for Grid Technologies
The increasing integration of renewables into power systems
worldwide is driving a surge in demand for Reactive's technology,
including its Tradenergy® software, designed to help short-term
power traders navigate the complexities of a renewables-dominated
landscape. This most recent investment comes at a crucial juncture
as Reactive Technologies strives to meet the escalating demand for
its solutions.
M&G’s investment is from Catalyst, a £5 billion purpose-led
private assets strategy that invests in innovative companies
tackling some of the world’s biggest environmental and social
challenges. The investment will further accelerate Reactive's
mission to support key players in the global energy transition with
real-time data that enables a net-zero future.
Proud of the support from M&G at this pivotal stage in the
company's growth, Reactive Technologies' CEO Marc Borrett stated,
"This investment from M&G along with our existing investors,
BGF and BEV , marks another significant milestone for Reactive
Technologies. As we deliver more projects to support the global
transition to Net Zero, this backing will empower us to deliver at
scale, expand our commercial presence internationally, innovate
further, and make a real contribution to a clean energy
future."
This funding round follows Reactive Technologies' previous
successful funding rounds, including the 2021 investment led by BGF
and BEV. The continued support from investors underscores
confidence in Reactive's vision and commitment to supporting global
decarbonization.
Enabling Net Zero
In the UK, Reactive's GridMetrix® service is estimated to be
saving approximately 18 million tonnes of CO2 annually for the UK
power system (or approximately 5.5% of total annual UK CO2
emissions). This figure is expected to rise significantly as
greater measurement data enables National Grid ESO to safely
operate with lower levels of stability, aligning with the pursuit
of Net Zero. Globally, GridMetrix® has the potential to mitigate
1,450 million tons of CO2 annually.
The funding announcement comes on the heels of Reactive
Technologies' successful entry into the US market, with a
large-scale demonstration project in New York State in
collaboration with multiple utilities. With additional projects on
the horizon in the US, Asia, Europe, and the Middle East, Reactive
is poised for substantial commercial growth and will actively
increase its workforce to support these initiatives.
"Energy transition is a central theme to our strategy in
Catalyst as we seek to invest in innovative solutions that drive
environmental progress while delivering sustainable returns for
investors,” said Zachary Webb, Head of EMEA Investments in
Catalyst, M&G Investments. “We are proud to back Reactive
Technologies, which is fast becoming a British success story. Our
investment will support the company’s international expansion,
potentially transforming how grid systems operate worldwide to
reduce unnecessary carbon emissions.”
"The positive experience of our collaboration with Reactive
Technologies has been transformative, showcasing the power of
direct measurement innovation in advancing the energy transition,”
said Julian Leslie, Head of Networks at National Grid ESO.
“Collaboration with other power grids is paramount if we are to
achieve Net Zero globally. We take pride in pioneering this
Net-Zero-enabling technology with Reactive, which now offers a
replicable model that can materially contribute to clean energy
systems worldwide."
About Reactive Technologies
Reactive Technologies is a grid resilience technology company
helping grid operators, electric utilities, and regulators
transition to Net Zero and ensure resilient, renewable grids.
Reactive’s products, including the first-of-its-kind GridMetrix®
technology, bring unprecedented transparency to grid operations by
measuring grid inertia and other functions with 95% accuracy, a
vast improvement over the projections and estimates they are
replacing. Reactive has worked with some of the most advanced
electric utilities in the world and consistently delivers accurate
grid data that informs better planning, full utilization of
electricity supplies, and cost savings while enabling an
accelerated transition to clean energy. Reactive is backed by
several of the world’s leading sustainability and tech venture and
management companies, including M&G, BGF, Breakthrough Energy
Ventures, Eaton, Toshiba, and Accenture Ventures. Reactive
Technologies is a 2022 Bloomberg New Energy Finance Pioneers
winner.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521093366/en/
Redwood Climate Communications for Reactive Technologies
Jonaliza Ceklic reactive-technologies@redwoodclimatecomms.com