I think they latched onto the "Faraday" name as a way to increase recognition and publicity and "scientific-ness".... Likely because "Tesla" was already taken. I don't think it has one thing to do with anything Faraday did, other than being an electronic device.
From all the hokey-pokey text meant to fill up the pages, all I can gather is that it is a device that helps integrate and balance and improve the efficiency of having multiple power sources feeding into the grid... solar, wind, with traditional like hydro, nuclear, coal.
EDIT: I don't see one iota of technical information explaining how it works. A simple block diagram will do, or a cute animated video like they did for their campaign. So far... . I call BS on this, unless proven otherwise.
EDIT 2: Why would a company with any calibre crowd-fund something like this? Backers are offered various branded corp promo swag as rewards. Looks like they bought too many for the latest trade show and this is how they plan on getting rid of it. There seems to be a disconnect between the supposed strength of this company and their previous projects and expertise, and asking the public to fund this campaign. Then again, this is not entirely surprising (Batteriser, Airing,etc).