Illustration: Sarah Grillo/Axios

The huge power company National Grid unveiled a venture capital arm Thursday and announced the first wave of what's slated to be $250 million worth of investments over the next two to three years.

Why it matters: The launch of Silicon Valley-based National Grid Partners signals how a big, traditional utility hopes to benefit from technologies that will shake up how power is provided and consumed in the future. That's a better path than sitting back and then getting undercut in the future.

What's new: They're focused on the intersection of information tech and low-carbon energy services, including solar power, electric vehicles and storage.

“We want to disrupt ourselves before we are disrupted.”
— National Grid Partners' Lisa Lambert

The big picture: The new branch is designed to be an in-house VC firm for the power giant. But more broadly, it's aiming to help incubate and develop companies, while bringing more innovation overall to National Grid, which provides power and gas to millions of customers in the U.K. and northeast U.S. states.

  • National Grid Partners envisions making 10–15 investments per year, ranging from seed capital to late-stage funding.
  • In addition to being investors, they plan to form what Lambert called "strategic" commercial agreements with some companies they support.
  • Lambert, who is heading the effort, is a longtime VC veteran who came to National Grid in January after gigs at Intel Capital and The Westly Group, a prominent VC firm.

Details: The company today announced its first 5 investments totaling $19 million. The recipients are...

  • AutoGrid, a company that provides software to help enable power grids with more renewable and distributed resources.
  • ClimaCell, a weather data company that National Grid Partners notes can "provide by-the-minute demand response for the smart grid for business optimization as well as asset-specific outage forecasts for storm response."
  • Leap, a company that provides distributed energy trading services which, per the announcement, "enables a more effective monetization of grid services."
  • Omnidian, a firm that provides monitoring, maintenance and "performance guarantees" for solar power projects, among other services.

Sitetracker, which provides software that helps industries including power companies manage their infrastructure.

Go deeper:

Go deeper

New York City schools will not fully reopen in fall

Photo: Spencer Platt/Getty Images

New York City Mayor Bill de Blasio announced at a press conference on Wednesday that schools will not fully reopen in fall, and will instead adopt a hybrid model that will limit in-person attendance to just one to three days a week.

Why it matters: New York City, once the epicenter of the coronavirus outbreak in the United States, is home to the nation's largest public school district — totaling 1,800 schools and 1.1 million students, according to the New York Times. The partial reopening plan could prevent hundreds of thousands of parents from fully returning to work.

Treasury blames lenders for PPP disclosure debacle

Illustration: Aïda Amer/Axios

The U.S. Treasury Department is pointing the finger at lenders for errors discovered in Monday's PPP data disclosure.

What they're saying: "Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.

Updated 42 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 11,863,477 — Total deaths: 544,949 — Total recoveries — 6,483,402Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 2,996,679 — Total deaths: 131,486 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
  3. Public health: Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: How the pandemic changed mobility habits, by state.
  5. Education: Harvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.