Steve Smith, the new head of National Grid Partners, has shifted focus to technologies that directly impact the operation of the power grid.

There will not be enough rare earth metals to make the magnets industry needs in the next decade so the race is on to find alternatives.

The fund is raising an initial £150m to finance deep tech startups from eight universities in the UK Midlands.

Solar energy and grid storage saw some of the biggest funding rounds as falling prices put these clean energy options into the mainstream.

BP has significantly increased its capital allocation to its venture unit. Some 90% will go to energy transition, says head of unit Gareth Burns.

XGS is the third geothermal startup to raise cash this year, as the industry looks to overcome drilling costs and geography.

Statkraft has contributed to a series B round for Aira, which is tackling a heat pump market CEO Martin Lewerth believes can reach €150bn in size every year.

Oil and gas conglomerate Aramco Oil Company has injected an extra $4bn into Aramco Ventures to further push development in disruptive technologies.

Abhishek Shukla has been promoted from partner of enterprise, infrastructure and deep tech investments to managing director at Prosperity7 Ventures.

Laurel Buckner will be the vice president of ventures at BHP Ventures where she will lead investments in the decarbonisation and green energy sectors.