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National Grid Partners
Steve Smith's National Grid Partners is the CVC arm of National Grid, investing in AI, cybersecurity and climate tech for utility networks since 2018.
National Grid Partners
For entrepreneurs with a provocative vision for energy & IT; National Grid Partners is the only utility venture & innovation fund that taps into the global network of National Grid, accelerating companies with investment, innovation, incubation & business development; realizing the full potential of energy
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
Europe
Country
United States
City
Menlo Park
Corporate office
Menlo Park, CA, United States
Additional offices
London, United Kingdom
Principals
Steve Smith
President
Pradeep Tagare
Head of Investments
Brett Chandler
Vice President
Gerard Kelly
Vice President
Sector focus
Frequently asked questions
Who runs investment decisions at National Grid Partners?
Pradeep Tagare is the Head of Investments, leading the investment team within NGP. He operates under President Steve Smith, who oversees the firm's overall strategy as the corporate venture and innovation arm of National Grid. The team draws on roughly 100 years of combined investment experience, according to the firm.
Is National Grid Partners a single family office or a corporate venture capital unit?
National Grid Partners is the corporate venture capital arm of National Grid, one of the world's largest investor-owned energy companies. It was launched in 2018 to invest in startups that can accelerate the clean energy transition. It is not a family office or an independently managed fund.
Does National Grid Partners invest directly in startups or through funds?
NGP makes direct investments in startups at various stages, from seed to growth. The firm also commits capital to external venture funds. Its website lists fund investments in IQ Capital, a Cambridge-based deep-tech VC, and Jerusalem Venture Partners, an Israeli technology venture firm, indicating a hybrid direct and fund-of-funds approach.
What investment stages does National Grid Partners typically target?
The firm invests across a range of stages. The portfolio site states it backs startups 'from disruptive seed ideas to more mature companies at the intersection of energy and emerging tech.' Confirmed positions include early-stage companies like direct ocean capture spinout Captura and later-stage firms like industrial AI platform Avathon (formerly SparkCognition).
How does National Grid Partners source its deal flow?
Deal sourcing is uniquely tied to National Grid's operational footprint and the NextGrid Alliance, a network of over 150 global utilities that NGP convenes. This structure surfaces pain points directly from grid operators and provides a pipeline of startups addressing specific infrastructure challenges. The firm also partners with venture capital funds in the UK and Israel to access deep-tech startups.
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