U.S. utility holding company National Grid has launched a new venture capital arm to invest in startups related to innovation and disruption in the energy business.
The National Grid Partners division will focus on innovation, incubation, investment, and business development. It will lead investments or cooperate with other firms in co-investments, as needed.
The company will invest $250 million over the next two to three years, making about 10 to 15 investments a year.
It has invested $19 million so far in the first five companies, and it will spread its investments across the U.S. and Europe. The focus will be in electric cars, residential solar, and energy.