Fri, 23 Aug 2019 | ADMINISTRATION
Faraday Grid, an Edinburgh-headquartered energy transformer technology start-up company, has been put into administration after running out of funds to take the business to the next stage.
The company was placed into administration despite securing a £25 million investment injection from WeWork co-founder Adam Neumann. Although the money was set aside to assist Faraday Grid expand into international markets, further investment was needed to support research and development. The failure to secure further funding forced the company to call in professional advisory firm Grant Thornton LLP to handle the administration process.
A statement from the administrators said: “The company had previously received investment to fund its research and ultimately, the further development of its Faraday Grid architecture. However, it became apparent that significant further funding would be required to enable its research and development to progress through to its next state. Unfortunately, the directors were unable to secure the necessary level of investment.”
Faraday Grid was established in 2016 and launched into the UK market in 2017 in a bid to bring new exchanger technologies to facilitate a more efficient transfer of renewable energy to the grid. It was named “Faraday Grid architecture”, and was set to be in a pilot project with UK Power Networks (UKPN) this year.
However, the project was halted as a result of no technology being installed for UKPN.
A spokesperson for UKPN said: “No customer money was invested into any projects with Faraday Grid and we will continue to deliver our programme of innovation projects that have already saved customers £182 million since 2014.”
The administrators are inviting offers of interest from potential buyers who are looking to purchase Faraday Grid’s assets or take over the business as a whole.
Click here to view the Faraday Grid Limited listing for full details.
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