Faraday Grid, a systems design company, and Amp, a global developer of flexible clean energy infrastructure, announced the launch of Emergent, a new company that is creating a transactional grid operating platform.
Emergent has developed an integrated software platform designed to primarily operate on Faraday Exchangers, a patented FGL technology. The platform will balance electricity supply and demand across the entire energy system, using price as the key operational mechanism.
It 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 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 approach to the energy market offers significant benefits to electricity users:
• It will allow the electricity grid to provide better service and a wider range of buying choices to people and organizations that have different energy needs, at the lowest cost.
• It will allow users, large and small, 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 its potential, in the same way that an autonomous common information sharing protocol underpinned the rapid growth of the internet.
• It will allow significantly more, smaller-scale “prosumers” (residential, industrial or commercial) to actively participate in the electricity market. These prosumers can 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.
“We are creating a new technology ‘backbone’ for electricity grids that will stimulate innovation and change how we think about and use electricity,” said Andrew Scobie, executive chairman of FGL. “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.”
“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,” said Paul Ezekiel, co-founder, executive chairman and chief investment officer of Amp.