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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

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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
News

News

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240521093366/en/

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)

Next Article

Italy advances at Euro 2024 after Zaccagni equalizer in injury time against Croatia

2024-06-25 06:29 Last Updated At:06:31

LEIPZIG, Germany (AP) — Italy substitute Mattia Zaccagni scored in the last minute of stoppage time for Italy to advance to the knockout stage of the European Championship after drawing Croatia 1-1 on Monday.

Luka Modric’s second-half strike looked like sending Croatia through as the Group B runner-up, but Zaccagni swept a brilliant shot inside the far post in the eighth minute of added time to cap a furious finale from the defending champions.

Croatia coach Zlatko Dalic was unhappy so much time was added after a battling performance from his side.

“You can’t have eight minutes of added time after that game, it’s nonsense,” Dalic said. “There weren’t so many breaks in play, or so many fouls to justify that. I don’t want to cause a fuss but I think Croatia needs to be acknowledged and respected. We played for almost three hours.”

Italy needed a point to progress, while Croatia realistically needed a win to stay in the tournament. The Croatians have two points from their three games and were at the mercy of other results to see if it’s enough to scrape through as one of the best third-place finishers.

Dalic made no mention of waiting. He already believes his side is out.

Italy will face Switzerland in the round of 16 on Saturday in Berlin's Olympiastadion, where the final is on July 14.

“We were a bit soft at times in the game, we didn’t produce our best football,” Italy coach Luciano Spalletti said. “When you can afford to draw the game, that’s how it goes, you know a draw is enough, you are a bit more timid.”

But Spalletti bristled at a question asking if he was concerned about his team trailing going into stoppage time.

“Worries and concerns are part and parcel of this job,” the Italy coach said. “We did what we needed to do.”

Modric scored 33 seconds after having a penalty saved by Italy goalkeeper Gianluigi Donnarumma to become the oldest goal-scorer ever at the tournament.

Modric, at 38 years, 289 days on Monday, broke the record held by Ivica Vastic, who was 38 years, 257 days, when he scored for Austria against Poland at Euro 2008.

After Modric’s penalty miss, Croatia immediately attacked again and Donnarumma had to save a shot by Ante Budimir. Modric pounced on the rebound in the 55th minute.

The goal sent showers of beer into the sky as ecstatic Croatian fans jettisoned the cups they were holding in the celebrations.

Alessandro Bastoni headed just over in response as the Italians suddenly found themselves in need of a goal. Defeat could have seen the defending champion knocked out depending on results in other games.

Modric turned his skills to defense until he went off to standing ovations in the 80th.

“He wasn't tired,” said Dalic, who added he wanted to give his star a rest.

But Italy maintained its pressure and it finally paid off at the last possible moment with Zaccagni’s curling shot.

AP Euro 2024: https://apnews.com/hub/euro-2024

Croatia's Ante Budimir, left, vies for the ball with Italy's Matteo Darmian during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sunday Alamba)

Croatia's Ante Budimir, left, vies for the ball with Italy's Matteo Darmian during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sunday Alamba)

Croatia's Luka Modric celebrates after scoring his side's opening goal during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Ebrahim Noroozi)

Croatia's Luka Modric celebrates after scoring his side's opening goal during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Ebrahim Noroozi)

Croatia's Luka Modric scores his side's opening goal during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Ebrahim Noroozi)

Croatia's Luka Modric scores his side's opening goal during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Ebrahim Noroozi)

Croatia's Luka Modric reacts at the end of Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sunday Alamba)

Croatia's Luka Modric reacts at the end of Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sunday Alamba)

Italy's Mattia Zaccagni, right, celebrates after scoring his side's opening goal of Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sunday Alamba)

Italy's Mattia Zaccagni, right, celebrates after scoring his side's opening goal of Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sunday Alamba)

Italy's Mattia Zaccagni, top left, celebrates after he scored his side's opening goal during the Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sergei Grits)

Italy's Mattia Zaccagni, top left, celebrates after he scored his side's opening goal during the Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Sergei Grits)

Italy's Mattia Zaccagni scores his side's opening goal during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Petr David Josek)

Italy's Mattia Zaccagni scores his side's opening goal during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Petr David Josek)

Italy's Mattia Zaccagni celebrates after scoring during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Petr David Josek)

Italy's Mattia Zaccagni celebrates after scoring during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Petr David Josek)

Italian players celebrate after teammate Mattia Zaccagni scored during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Petr David Josek)

Italian players celebrate after teammate Mattia Zaccagni scored during a Group B match between Croatia and Italy at the Euro 2024 soccer tournament in Leipzig, Germany, Monday, June 24, 2024. (AP Photo/Petr David Josek)

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