National Grid Partners (NGP), the corporate venturing arm of energy supplier National Grid, has now invested a total of $90m from its initial $250m budget, after backing four new portfolio companies and two strategic funds.
NGP has become a limited partner in venture capital firm IQ Capital’s third fund, which concentrates on deep tech and which had raised $121m for a $165m targeted close as of June 2018, and the eighth fund of Israel-focused VC firm Jerusalem Venture Partners, which closed at $220m in February 2019.
The unit is also a limited partner in sustainable energy generation-focused vehicle Energy Impact Fund, which had raised $150m of its $400m ceiling from investors including National Grid as of 2015, according to a regulatory filing.
NGP has added sound recognition technology provider Audio Analytic, whose NGP-backed series A round GCV reported yesterday, to its portfolio together with solar power installer Carbon Lighthouse, infrastructure asset management consultancy Copperleaf and payment technology developer GoCardless.
The additions mean NGP has now backed 12 companies in all, following earlier commitments to the likes of edge computing platform developer Pixeom and energy management software producer Autogrid.
The unit also announced it had opened new offices in San Francisco to facilitate collaboration between industry leaders and assistance for the division’s early-stage portfolio companies.
NGP launched in November 2018 with the objective of supporting the energy grid’s transition in response to trends such as decarbonisation, decentralisation and digitisation. Its first fund has a three-year term and invests up to $30m in each deal, in the main taking part in early and growth-stage rounds.
John Pettigrew, chief executive of National Grid, said: “We have been mobilising and preparing ourselves for what tomorrow’s customers will require. By investing and partnering with these innovators, National Grid will stay a step ahead of emerging technology trends to meet our customers’ energy needs into the future.”
GCV interviewed Lisa Lambert, senior vice-president of NGP and the chief technology and innovation officer for National Grid, in January this year.