UK-based fund manager Octopus Investments has invested in Reactive Technologies, helping the smart grid firm to secure its biggest funding round.
Octopus, the firm behind Lightsource Renewable Energy, said that the investment “represents a strategic decision” and would support its existing position as one of the UK’s largest investors in the renewable energy sector.
Reactive Technologies develops innovative technologies aimed at reactive power management, network efficiency, demand side response (DSR) services and the integration of renewable energy technologies into the grid. It said that Octopus’ investment was recognition of the “unique value” and market potential of its technologies.
Chris Hulatt, Co-founder of Octopus commented: “At Octopus, we look to invest in areas where we can really make a difference. Reactive Technologies is at the heart of changing the way energy is managed and addresses some of the energy sector’s biggest challenges.”
Volker Beckers, Chairman of Reactive Technologies, said that the investment was a major milestone for the company. “Our ambition and technology is transforming energy systems from carbon-intensive, centralised generation towards smart, clean and agile systems that have software engineering and digital communications at their core,” said Beckers.
In the UK alone, National Grid spends £1 billion per year on balancing services, a figure that is expected to grow with increasing levels of decentralized renewable energy in the grid. Similar challenges are present in other markets around the world, Reactive said.
“This investment will enable us to increase our commitment to the UK and continue our international expansion, develop our technology solutions and commercial activities to deliver real scale and opportunity in the energy industry,” said Dr Jens Madrian, Chief Financial and Commercial Officer, Reactive Technologies.
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