SEP backs Smarter Grid Solutions

SEP invested from its Environmental Energies Fund (EEF), while Scottish Enterprise invested through the Scottish Investment Bank. The University of Strathclyde, the original backer of the company, also participated in the round. Smarter Grid Solutions is part of the university's Renewable Energy Portfolio – this was the first time the academic body has reinvested in a portfolio company.

The funding will help the company tap into the international smart grid technology market, particularly in the UK, Europe and North America, which is expected to be worth more than $56bn by 2020. The business plans to develop its products, grow its Glasgow base, expand its London office and open an office in New York.

Company
Smarter Grid Solutions has developed a real-time grid management software for the management of electricity network congestion issues at local, regional and national levels. The software is also designed to help power companies cope with increasing demand for low carbon generation.

Founded in 2008 as a joint venture between the University of Strathclyde and utilities provider SSE, the company now employs more than 30 people with plans to increase its staff over the next three years. Graham Ault is the company's incumbent development director and founded the business alongside managing director Alan Gooding and technical director Bob Currie. Smart Grid Solutions recorded a turnover of £2m and an EBITDA of £275,771 in the financial year ending in March 2012.

People
Kerry Sharp is acting head of the Scottish Investment Bank and Tony Robison is investment principal at SEP. 

Advisers
Equity - MacRoberts (Legal). 

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• Expansion
• Scottish Enterprise
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