Strathclyde spin out launches New York office
Leading renewable energy technology company Smarter Grid Solutions – a spin-out from the University of Strathclyde – has officially opened its first US office in New York.
First Minister Alex Salmond attended the opening ceremony for the announcement which also marked the signing of collaborative agreements with US firms Silver Spring Networks and HEVO Power.
Smarter Grid Solutions, headquartered in Glasgow, is at the forefront of smart grid technology – creating products that enable power companies and utilities to increase their existing grid capacity in order to connect more renewable energy and respond to the global rise in the demand for electricity.
Speaking at the opening in Brooklyn, New York, the First Minister said:
“Scots are well known for pioneering research in many sectors, especially in technology and renewable energy. Smarter Grid Solutions is an excellent example of how a Scottish company can take this research and create a successful, growing business overseas - with Scottish university research at its core.
“Decarbonising our energy, while maintaining the resilience of our power grid, is a challenge for communities across the world. In Scotland, we are already leading the way with our ambitious climate change targets. 2013 was a record year for Scottish renewables, with 46.5 per cent of our electricity needs coming from renewable sources.
“It’s fantastic to see Scottish companies take their knowledge and expertise around the globe. Today I witnessed Smarter Grid Solutions signing new deals and developing relationships with new customers. I wish them the best of luck as they continue to grow and expand.”
The company already works with five of the UK’s six electricity distribution network operators and has won a contract to model and simulate microgrid applications for the New York metro area.
Dr David McBeth, Director of Research and Knowledge Exchange Services at the University of Strathclyde said:
"Strathclyde is very excited to see Smarter Grid Solutions launching in the USA following 2013 investment by Scottish Equity Partners Ltd.
"The University itself invested in the company, using its new commercial investment powers for the first time to help accelerate the growth of selected spin-outs. As a leading international technological university, we see Smarter Grid Solutions as a great example of the international reach of Strathclyde innovation."
Lena Wilson, chief executive of Scottish Enterprise said:
“It’s estimated that the smart grid technology market will be worth more than $56billion globally by 2020, and as an innovative company with strong international growth ambitions Smarter Grid Solutions is in an ideal position to capture a slice of this.
“We’ve worked closely with the company to support its plans for growth, and are delighted to see this latest success at it starts exporting its technologies to the key US market.”
Dr Bob Currie, Smarter Grid Solutions’ Chief Technology Officer and Co-Founder, added:
“In the short time we have been operating in New York, we have identified significant opportunities to accelerate our growth and have already started work with a number of prominent organisations in the smart grid sector.
“Our technology and solutions are being well received and leading to important new business relationships, some of which we are announcing today. We are looking forward to growing our presence in North America and applying our knowledge and experience to create a smarter grid.”
Smarter Grid Solutions’ new office is situated within New York City’s Urban Future Lab, the city's premiere clean and resilient technology incubator. It is the product of a partnership between NYU Polytechnic School of Engineering and The City and State of New York. Smarter Grid Solutions is the Lab’s first international tenant.
8 April 2014