Tech start-up Faraday Grid has entered administration after the firm drained its research budget and failed to secure further funding.
UK Power Networks has confirmed that Faraday Grid’s proposed pilot project is no longer going ahead
Grant Thornton has announced it was appointed as the administrator of the company on 8 August.
Faraday Grid was formed in 2016 to develop its Faraday Exchanger technology for use by electricity networks.
The company claimed the hardware could combine the functions of multiple existing devices – converters, inverters, rectifiers and transformers – and autonomously maintain a target voltage, frequency and power factor when combined with its namesake software platform.
UK Power Networks announced plans in October to trial the technology across London starting in spring 2019.