EIB provides €19 million in financing for Reactive Technologies
Reactive Technologies’ platform, known as GridVerix, provides real-time measurements of key indicators of grid stability, including inertia as well as the strength and stability of voltage across different parts of the grid.
The European Investment Bank (EIB) is providing Reactive Technologies, a power-grid technology company co-founded in the UK and Finland, with EUR 19 million to promote its technology platform aimed at reducing the risk of electricity outages, lowering grid operating costs and increasing the supply of clean energy in Europe.
Reactive Technologies’ platform, known as GridVerix, provides real-time measurements of key indicators of grid stability, including inertia — 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, according to a press release.
As more wind and solar power is connected to Europe’s grids, GridVerix can help operators identify vulnerabilities and keep the system stable while integrating more renewable energy and connecting large electricity users such as data centres. It can also help reduce renewable energy curtailment — the deliberate reduction of electricity generation — and the associated costs for consumers.
“Europe needs electricity grids that can keep pace with the rapid growth of renewable energy,” said EIB Vice-President Karl Nehammer. “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.”
Of the EUR 19 million EIB loan, up to EUR 7 million will support R&D activities at Reactive Technologies’ centre in the central Finnish city of Oulu, while EUR 12 million will support deployment of the technology in the European Union, the press release said.
“EIB support comes at a critical moment,” said Reactive Technologies Chief Executive Officer Marc Borrett. “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.”
