Startup Reactive Technologies, a UK and Finland based grid technology company, announced last week a new group of investors as part of a $15M fundraise — the business’ largest ever. The funding round was led by the UK & Ireland’s most active investor, BGF, alongside Breakthrough Energy Ventures, and Eaton.
Reactive will use the proceeds to expand its international activities globally. The company’s technology supports the electric grid in regions where the addition of renewables is leading to destabilization because of low inertia.
Reactive said its GridMetrix technology is like ‘sonar’ for the grid, uniquely able to take direct measurements of grid inertia and providing system operators with real-time visibility over power network conditions. This mission-critical data enables grids to increase their renewable energy capacity as they accelerate the decarbonization of their energy systems, said the company in a press release.
The investment entry of one of the world’s most prestigious clean energy funds is a major validation of Reactive’s technological solutions. Breakthrough Energy Ventures invests only in technologies with the potential to reduce greenhouse gases by at least 1% of global emissions (0.5 gigatons) per year. Meanwhile, Eaton will make a strategic investment, and together with Reactive, will explore opportunities for collaboration on utility market support and future service offerings.
Reactive expects to announce further strategic investments as part of a 2nd close later in the year.
Carmichael Roberts, Breakthrough Energy Ventures (BEV) said he sees the company potentially becoming a “significant global player in the decarbonization of power grids worldwide by enabling greater deployment of renewable resources.”
Aravind Yarlagadda, Eaton executive vice president and chief digital officer, said Eaton invested in the technology to support its customers in the global energy transition. “We expect this massive shift to place increasing pressure on grids everywhere and require insights from innovative technology companies like Reactive and proven solutions from their partner ecosystems.”
The investment comes as Reactive prepares to deploy its first commercial GridMetrix service contract with UK grid operator National Grid.