Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

Biden to sign 15 executive actions on Day One

President-elect Joe Biden. Photo: SAUL LOEB/AFP via Getty Images

President-elect Joe Biden is expected to sign 15 executive actions upon taking office Wednesday, immediately reversing key Trump administration policies.

Why it matters: The 15 actions — aimed at issues like climate change and immigration — mark more drastic immediate steps compared with the two day-one actions from Biden's four predecessors combined, according to incoming White House press secretary Jen Psaki.

Off the Rails

Episode 7: Trump turns on Pence

Photo illustration: Eniola Odetunde/Axios. Photos: Elijah Nouvelage, Alex Wong/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 7: Trump turns on Pence. Trump believes the vice president can solve all his problems by simply refusing to certify the Electoral College results. It's a simple test of loyalty: Trump or the U.S. Constitution.

"The end is coming, Donald."

The male voice in the TV ad boomed through the White House residence during "Fox & Friends" commercial breaks. Over and over and over. "The end is coming, Donald. ... On Jan. 6, Mike Pence will put the nail in your political coffin."

Big Tech's post-riot reckoning

Photo illustration: Sarah Grillo/Axios. Photo: Tasos Katopodis/Getty Images

The Capitol insurrection means the anti-tech talk in Washington is more likely to lead to action, since it's ever clearer that the attack was planned, at least in part, on social media.

Why it matters: The big platforms may have hoped they'd move to D.C.'s back burner, with the Hill focused on the Biden agenda and the pandemic out of control. But now, there'll be no escaping harsh scrutiny.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!