National Grid has launched its Silicon Valley Venture capital arm.
The aim is to speed up the energy transition by investing in new and innovative technologies and energy startups.
Following the launch, National Grid has through the arm invested $19.5 million to help five startups to further develop and research as well as commercialise their technologies.
The startups include:
- Autogrid to improve its technology which helps utilities to predict demand and supply on the electric grid network.
- ClimaCell to enhance its IoT networks and sensor-based technology used to forecast weather and their impacts on energy demand, generation and supply.
- Leap which has developed an automated energy trading system to improve utility adoption and management of distributed energy resources.
- Omnidian which provides monitoring and contract maintenance for residential solar systems.
- Sitetracker which has developed a cloud-based system to help project developers to manage large infrastructure projects.
Lisa Lambert, National Grid’s chief technology and innovation officer, said: “Weather is important to us for disaster planning and for responding and recovering from storms.
“When we can get precise information about what weather will be doing in an area, we can improve readiness and reduce costs.”
National Grid has plans to invest over $253 million in energy startups via its Silicon Valley Venture arm over the next three years. Between 10 and 15 startups will benefit the fund per annum.