Edinburgh, Scotland — Faraday Grid Limited (“FGL”), the systems design company, and Amp (“Amp”), a global developer of flexible clean energy infrastructure, announced today the launch of Emergent (“Emergent”), a new company that is creating a transactional grid operating platform that will revolutionise how electricity is produced, distributed, bought and consumed globally.
Emergent has developed an integrated software platform designed to primarily operate on Faraday Exchangers, a patented FGL technology, which will balance electricity supply and demand across the entire energy system, using price as the key operational mechanism.
The platform combines multiple Faraday Exchangers to improve network flexibility and power flow efficiency, with the Emergent transactional layer to facilitate energy transactions between buyers and sellers at market-based, real time pricing.
Emergent’s unique combination of hardware and software creates a system that allows any device or person to trade electricity and other related energy products with any other market participant.
This new approach to the energy market offers significant benefits to electricity users:
- It allows the electricity grid to provide better service and a wider range of buying choices to people and organisations that have different energy needs, at the lowest cost
- Users, large and small, will be able to set the price they are willing to pay for electricity, and make choices about how the electricity they purchase is generated
- It will allow the grid to evolve, enabling new technologies to fulfil their potential, in the same way that an autonomous common information sharing protocol underpinned the rapid growth of the internet and subsequently transformed how we live our lives
- It will allow significantly more, smaller-scale ‘prosumers’ (whether residential, industrial or commercial) to actively participate in the electricity market. These prosumers will be able to feed electricity from their own renewable energy generation and storage assets into the grid at a price they choose and can change easily in real time
Andrew Scobie, Executive Chairman of FGL, said: “We are creating a new technology ‘backbone’ for electricity grids that will stimulate innovation and change how we think about and use electricity. In the future, an electricity grid enabled by our platform will act as a communications network and marketplace, as well as a distributor of power to consumers, and will allow multiple users and technologies to interact seamlessly and in real time.
Emergent will facilitate a significant reduction in the cost of power for all consumers; from the largest of global businesses down to the individual in their own home. Given the role that the energy system plays in global economic output, increasing its effectiveness and responsiveness will yield greater prosperity, greater investment, and greater competitiveness across the economy and our society.”
Paul Ezekiel, Co-Founder, Executive Chairman and Chief Investment Officer of Amp, added: “We are very excited about the Emergent transactional platform and believe it will fundamentally change the way energy is bought and sold between producers and consumers.
Emergent is a unique partnership, pairing Faraday Grid’s novel and proprietary hardware and software solutions with Amp’s clean energy financing, development, and operational expertise. We build, own and operate clean energy assets for our customers around the world, and recognize that a transactional grid platform will help significantly reduce the cost and enhance the usage of clean and renewable energy to our customers.”
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