National Grid, the British utility firm, is powering new tech start-ups in the United States through a $250m (£193.9m) venture capital fund based in Silicon Valley. National Grid Partners has invested in six US energy start-ups in two months since the FTSE 100 network giant launched a development fund in California towards the end of last year. It is expected to build on the company’s move into the US energy market by spending a quarter of a billion dollars over the next two to three years on fresh energy technology start-ups. To date, the investments have spanned smart energy grids, solar power systems and next-generation weather forecasting technologies, which can help predict household energy use. The move deepens National Grid’s commitment to the growing US market as political tensions ratchet higher in the UK. The firm is pouring more than half of its spending into the US, where it operates around 9,000 miles of electricity transmission cables across five north-eastern states. Its decision to invest in the US is already paying off in higher dividends for its largely UK-based shareholders, as most National Grid profits flow into the business from across the Atlantic.
Telegraph 20th Jan 2019 read more »