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Reactive Technologies Raises £25M (US$31.4M) to Support Global Expansion in Funding Round led by M&G, BGF, and Breakthrough Energy Ventures


Reactive Technologies Raises £25M (US$31.4M) to Support Global Expansion in Funding Round led by M&G, BGF, and Breakthrough Energy Ventures


Reactive Technologies Raises £25M (US$31.4M) to Support Global Expansion in Funding Round led by M&G, BGF, and Breakthrough Energy Ventures

2024-05-21 15:02 Last Updated At:15:11

LONDON--(BUSINESS WIRE)--May 21, 2024--

Reactive Technologies, the UK and Finland-based leader in grid stability measurements, announced today the successful completion of a Series D funding round. The £25 million funding round (US$31.4 million) was led by M&G’s Catalyst investment, alongside UK and Ireland growth capital investor BGF and Breakthrough Energy Ventures. EKTA Partners acted as the exclusive financial advisor to Reactive Technologies on this transaction. This strategic funding will support Reactive's global expansion initiatives and key hiring endeavors, advancing the realization of contracted projects worldwide.

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As global renewable energy deployment accelerates, grid operators are grappling with challenges related to grid stability, such as diminishing inertia and system strength. Reactive Technologies addresses these challenges with its pioneering GridMetrix® technology, empowering system operators to monitor power system stability in real time. This capability enables operators to reduce renewable curtailment, prevent blackouts, and optimize spending on balancing services.

Growing Demand for Grid Technologies

The increasing integration of renewables into power systems worldwide is driving a surge in demand for Reactive's technology, including its Tradenergy® software, designed to help short-term power traders navigate the complexities of a renewables-dominated landscape. This most recent investment comes at a crucial juncture as Reactive Technologies strives to meet the escalating demand for its solutions.

M&G’s investment is from Catalyst, a £5 billion purpose-led private assets strategy that invests in innovative companies tackling some of the world’s biggest environmental and social challenges. The investment will further accelerate Reactive's mission to support key players in the global energy transition with real-time data that enables a net-zero future.

Proud of the support from M&G at this pivotal stage in the company's growth, Reactive Technologies' CEO Marc Borrett stated, "This investment from M&G along with our existing investors, BGF and BEV , marks another significant milestone for Reactive Technologies. As we deliver more projects to support the global transition to Net Zero, this backing will empower us to deliver at scale, expand our commercial presence internationally, innovate further, and make a real contribution to a clean energy future."

This funding round follows Reactive Technologies' previous successful funding rounds, including the 2021 investment led by BGF and BEV. The continued support from investors underscores confidence in Reactive's vision and commitment to supporting global decarbonization.

Enabling Net Zero

In the UK, Reactive's GridMetrix® service is estimated to be saving approximately 18 million tonnes of CO2 annually for the UK power system (or approximately 5.5% of total annual UK CO2 emissions). This figure is expected to rise significantly as greater measurement data enables National Grid ESO to safely operate with lower levels of stability, aligning with the pursuit of Net Zero. Globally, GridMetrix® has the potential to mitigate 1,450 million tons of CO2 annually.

The funding announcement comes on the heels of Reactive Technologies' successful entry into the US market, with a large-scale demonstration project in New York State in collaboration with multiple utilities. With additional projects on the horizon in the US, Asia, Europe, and the Middle East, Reactive is poised for substantial commercial growth and will actively increase its workforce to support these initiatives.

"Energy transition is a central theme to our strategy in Catalyst as we seek to invest in innovative solutions that drive environmental progress while delivering sustainable returns for investors,” said Zachary Webb, Head of EMEA Investments in Catalyst, M&G Investments. “We are proud to back Reactive Technologies, which is fast becoming a British success story. Our investment will support the company’s international expansion, potentially transforming how grid systems operate worldwide to reduce unnecessary carbon emissions.”

"The positive experience of our collaboration with Reactive Technologies has been transformative, showcasing the power of direct measurement innovation in advancing the energy transition,” said Julian Leslie, Head of Networks at National Grid ESO. “Collaboration with other power grids is paramount if we are to achieve Net Zero globally. We take pride in pioneering this Net-Zero-enabling technology with Reactive, which now offers a replicable model that can materially contribute to clean energy systems worldwide."

About Reactive Technologies

Reactive Technologies is a grid resilience technology company helping grid operators, electric utilities, and regulators transition to Net Zero and ensure resilient, renewable grids. Reactive’s products, including the first-of-its-kind GridMetrix® technology, bring unprecedented transparency to grid operations by measuring grid inertia and other functions with 95% accuracy, a vast improvement over the projections and estimates they are replacing. Reactive has worked with some of the most advanced electric utilities in the world and consistently delivers accurate grid data that informs better planning, full utilization of electricity supplies, and cost savings while enabling an accelerated transition to clean energy. Reactive is backed by several of the world’s leading sustainability and tech venture and management companies, including M&G, BGF, Breakthrough Energy Ventures, Eaton, Toshiba, and Accenture Ventures. Reactive Technologies is a 2022 Bloomberg New Energy Finance Pioneers winner.

Reactive Technologies Senior Leadership Team, from L-R: Robert Macklin, CFO; Chris Kimmett, COO; Marc Borrett, Founder & CEO; Duncan Burt, Chief Strategic Growth Officer. (Photo: Business Wire)

Reactive Technologies Senior Leadership Team, from L-R: Robert Macklin, CFO; Chris Kimmett, COO; Marc Borrett, Founder & CEO; Duncan Burt, Chief Strategic Growth Officer. (Photo: Business Wire)

JERUSALEM (AP) — Israel’s far-right national security minister visited Jerusalem’s most sensitive holy site on Thursday, a move that could disrupt the delicate Gaza cease-fire talks.

Itamar Ben-Gvir, an ultranationalist settler leader, said he had gone up to the contested Jerusalem hilltop compound of Al-Aqsa Mosque to pray for the return of the hostages "but without a reckless deal, without surrendering.”

The move threatens to disrupt sensitive talks aimed at reaching a cease-fire in the 9-month-old Israel-Hamas war. Israeli negotiators landed in Cairo on Wednesday to continue talks.

The visit also came just days before Prime Minister Benjamin Netanyahu leaves for a trip to the United States, where he will address Congress.

Ben-Gvir said while standing in front of the golden dome of Al-Aqsa Mosque that he “is praying and working hard" to ensure that Netanyahu will not give in to international pressure and will continue with the military campaign in Gaza.

Ben-Gvir last visited the site in May to protest countries unilaterally recognizing Palestinian statehood.

He has been convicted eight times for offenses that include racism and supporting a terrorist organization. As a teen, his views were so extreme that the army banned him from compulsory military service.

As security minister, Ben-Gvir oversees the country’s police force. As a key coalition partner, Ben-Gvir also has the power to rob Netanyahu of his parliamentary majority and try to force early elections.

Ben-Gvir has used his influence to push forward pet projects and encourage Netanyahu to press ahead with the war in Gaza in the face of widespread calls to reach a cease-fire deal that would bring home hostages.

Jews and Muslims both claim the Jerusalem hilltop compound, which is considered the holiest site for Jews.

Palestinians consider the mosque a national symbol and view such visits as provocative, though Ben-Gvir has frequently visited the site, revered by Jews as the Temple Mount, and Muslims as Haram al-Sharif, during tense periods. Tensions over the compound have fueled past rounds of violence.

In an overnight session that lasted into Thursday morning, Israel’s parliament overwhelmingly passed a resolution rejecting the establishment of a Palestinian state. The vote was largely symbolic and meant to send a message ahead of Netanyahu’s trip to the U.S.

Overnight Israeli strikes Thursday in central Gaza killed at least 11 people, according to the Hamas-run Civil Defense organization and hospitals. At least two children and two women were killed in air strikes on a house and a car.

In recent weeks, Israel has stepped up strikes in central Gaza, where many Palestinians have fled to escape fighting in other parts of the beleaguered territory. Israel’s military said it targeted a senior commander from the militant Palestinian group Islamic Jihad’s naval forces in Gaza City, and another Islamic Jihad commander responsible for launches in the city of Shejayiah.

Israel also said it killed a senior commander affiliated with Hamas and other militant groups in Lebanon. In a statement, Sunni al-Jamaa al-Islamiya, or the Islamic Group, identified him as Mohammad Hamed Jabbara and said he was killed in a strike in the western Bekaa area in Lebanon not far from the Syrian border. The Israeli military described Jabara as a Hamas operative in Lebanon who helped coordinate Islamic Group attacks targeting northern Israel.

The war in Gaza, which was sparked by Hamas’ Oct. 7 attack on southern Israel, has killed more than 38,600 people, according to the territory’s Health Ministry, which does not distinguish between combatants and civilians in its count. The war has created a humanitarian catastrophe in the coastal Palestinian territory, displaced most of its 2.3 million population and triggered widespread hunger.

Hamas’ October attack killed 1,200 people, mostly civilians, and militants took about 250 hostage. About 120 remain in captivity, with about a third of them believed to be dead, according to Israeli authorities.

FILE - Israel's National Security Minister Itamar Ben-Gvir attends a weekly cabinet meeting in Jerusalem, Sept. 10, 2023. (AP Photo/Ohad Zwigenberg, Pool, File)

FILE - Israel's National Security Minister Itamar Ben-Gvir attends a weekly cabinet meeting in Jerusalem, Sept. 10, 2023. (AP Photo/Ohad Zwigenberg, Pool, File)

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