SLF backs Smarter Grid Solutions expansion with £2m funding package
The Scottish Loan Fund has completed a £2 million mezzanine debt investment in Smarter Grid Solutions (SGS), enabling the company to accelerate product development and fund its continued expansion in the UK, Europe and the US.
Founded in 2008, with shareholders including the University of Strathclyde, the Scottish Investment Bank and Scottish Equity Partners, SGS has established itself as the UK leader in the development of Active Network Management (ANM) solutions. ANM technologies allow Distribution Network Operators to manage and integrate distributed renewable energy resources into the electrical grid, without the need to build new grid assets.
SGS is already affiliated with the New York City Accelerator for a Clean Resilient Economy (NYC ACRE), located within the Urban Future Lab, NYC’s premier facility for the cleantech and energy community, supporting company formation and showcasing innovation.
Richard Elliott, investment manager at Maven, said: “Smarter Grid Solutions is an exciting and dynamic technology business with a suite of fully developed market leading products ready to be deployed on a business-as-usual basis. With an impressive track record of already having worked with many leading Distribution Network Operators, the business is well placed to capitalise on the increasing demand in the market for ANM technology. We are therefore delighted to support SGS with this funding package from SLF as the business enters its next phase of growth.”
Maggie McGinlay, director of energy and clean technologies at Scottish Enterprise, said: “The implementation of smart grids will be key to the successful transition to a low carbon economy not just in Scotland, but globally. It’s fantastic to see a small, rapidly growing Scottish business leading the way in developing the technology to enable this and attracting some major global energy players as customers. Smarter Grid Solutions is a perfect example of how Scottish Enterprise support to assist innovation, investment and international growth combine to help a company achieve its ambitions and deliver sustainable growth for the Scottish economy.”
Gerry Docherty, chief executive at SGS, said: “We very much welcome the support of the Scottish Loan Fund. Smarter Grid Solutions is a real Scottish success story, developing from world-class research at the University of Strathclyde. We are now delivering innovative technology products that support the integration of renewable energy throughout the UK, and increasingly across North America. This funding package, together with additional in-market support from Scottish Development International, allows us to accelerate our penetration of the fast-growing international smart grid market.”