UK-listed utility National Grid has committed a further $150m to its Silicon Valley-based corporate venture and innovation group.
It is smart timing beyond being so-called Earth week – a series of events around the world focused on climate and sustainability, including GCV’s Earth Day webinar on carbon capture and hydrogen on 22nd.
National Grid is sponsor of the United Nations’ COP26 climate conference – the biggest convening of global environmental policy and industry leaders since the 2015 Paris Agreement – expected in early November in the UK and will include the 10th GCV Symposium gala dinner at St Paul’s cathedral.
Since its launch less than three years ago, National Grid Partners (NGP) has put $227m into 29 startups at the intersection of energy and information technology.
Now, the rest of the world is catching up to the opportunities in the field, including tech company Apple’s $200m committed last week to the Restore Fund for carbon removal through forestry innovation, and so National Grid is committing more to its pace of investment.
Its most recent deals include $7.5m invested into seed-stage, US-based companies Pathr, a spatial intelligence platform to generate anonymous location data in real time as people work around buildings, and AccuKnox, a Stanford Research Institute spinout whose KubeArmor technology provides a kubernetes platform for security, compliance and governance in public and private clouds.
Lisa Lambert, chief technology and innovation officer of National Grid and the founder and president of NGP as well as chairwoman of the Global Energy Council, said: “Earth Week is a perfect time to announce this vote of confidence from our senior leadership.
“We are investing in and deploying technologies across National Grid’s networks to enhance resilience and reliability, while more easily integrating renewable energy.”
Read more on the topic in the Global Energy Council’s latest quarterly report.