National Grid Partners plans $100 million investment in AI startups
Image: Amperon
National Grid’s venture capital arm National Grid Partners has announced the commitment to invest $100 million in AI startups that are advancing the future of energy.
The aim of the funds, which will be disbursed over a so far unspecified period, is to accelerate the development of a more efficient, resilient and dynamic grid that supports economic growth, reduces customer costs, helps meet climate goals and ensures energy security, a statement reads.
As part of this commitment, National Grid Partners also announced an investment in Houston-headquartered Amperon, a provider of AI-powered energy forecasting and analytics solutions.
“AI is helping us improve operations and achieve efficiencies we never could with legacy technologies,” said Steve Smith, president of National Grid Partners and chief strategy and regulation officer at National Grid.
“This $100 million commitment will help National Grid accelerate AI deployments to build a more robust and intelligent grid, while ensuring that AI delivers far more value than the energy it consumes.”
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National Grid Partners reports having invested more than $150 million in 18 AI startups since its founding in 2018, amounting to over a third of its portfolio – and indicative of the importance of AI in tackling sector challenges.
More than 80% of the portfolio also are engaged with National Grid both in the US and UK in its operations.
Among these is AiDASH which unites satellite data with proprietary AI to help utilities monitor infrastructure networks in real time, and Exodigo, which uses AI and advanced sensors to ‘see’ underground and detect obstacles when expanding energy infrastructure.
Luminance develops legal-grade AI to automate and augment touchpoints a business has with its contracts and Sensat uses AI to help owners of critical infrastructure visualise and collaborate via digital twins.
Urbint develops an AI-based risk management platform to predict threats to critical infrastructure and worker safety.
National Grid through the recently launched NextGrid Alliance, now with more than 120 utility members globally, aims to share insights from these and the other companies in its portfolio.
