Utility industry's only Silicon Valley venture arm reports nearly 80% of portfolio companies have engaged with its parent company to upgrade the grid, improve operations and drive the next era of innovationMENLO PARK, Calif., Dec. 19, 2024 /PRNewswire/ -- National Grid Partners , the corporate venture capital and innovation arm of one of the world's largest utilities, has surpassed $500 million deployed since its 2018 founding to improve the aging power grid and accelerate the utility industry into the next era. The group also reported that nearly 80% of its portfolio companies have strategically engaged with National Grid's businesses units, validating its mission to bring startup innovation to utility scale."Utilities face a new era of operational challenges–from the electrification of everything and the integration of low-cost renewables to the widespread deployment of artificial intelligence," said Steve Smith, president of National Grid Partners and chief strategy and regulation officer at National Grid. "We've built National Grid Partners to not only fund the most promising startups addressing these challenges, but also to make a real impact on our business and across the industry. Moreover, our investments attract further momentum, with our $500 million having unlocked $3 billion in follow-on funding for our portfolio companies."National Grid supplies power to more than 20 million people in New York and Massachusetts, serves as the electricity transmission provider to all of England and Wales, and owns and operates the U.K.'s largest electricity distribution network. The utility has directly engaged with more than 30 National Grid Partners portfolio companies, including:AiDash , which unites satellite data with artificial intelligence (AI) and helps utilities identify in real time hotspots that should be prioritized for hazardous tree removal

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