Fintech PR
Survey: Utility leaders say government regulators have key role to play in boosting energy innovation
National Grid Partners’ inaugural Utility Innovation Survey also reveals more progress is needed to build bridges between startups and energy industry
MENLO PARK, Calif., Oct. 15, 2024 /PRNewswire/ — National Grid Partners, the corporate venture capital and innovation arm of one of the world’s largest utilities, today announced the results of its first-ever Utility Innovation Survey. The poll of nearly 220 industry innovation leaders explored the top priorities at US energy utilities, and more than half said it’s critical to boost electric capacity given skyrocketing demand to electrify transportation and heat. But respondents also admitted the industry’s traditionally slow-moving culture has led them to deprioritize innovation and shy away from working with startups that can offer technological breakthroughs.
Notably, nearly three quarters (72%) of utility leaders surveyed say innovation at their organization is primarily driven by regulation or compliance.
- Despite a heavy focus from the industry and from government, only 19% of utility innovation leaders named net zero goals as a top priority at their companies.
- Nearly three in 10 respondents named compliance as their top priority; this was followed by reliability, which 20% of respondents named first.
- When asked about their innovation priorities, respondents listed net zero third, behind digital transformation of their operations and boosting efficiency.
The survey findings were announced at the second annual NextGrid Alliance Summit in Boston. The event brought together more than 200 senior leaders from the energy, technology, startup and government sectors. Featured speakers included Greg Jackson, CEO of Octopus Energy; Silver Spring Networks co-founder Eric Dresselhuys; and a trio of senior leaders from the U.S. Department of Energy: Chief Commercialization Officer Vanessa Chan; Jeff Marootian, Principal Deputy Assistant Secretary for Energy Efficiency & Renewable Energy; and solar energy pioneer Jigar Shah, who leads the department’s $40 billion Loan Programs Office to help renewable technologies scale.
“Regulators historically have set the terms that drive innovation for our industry—for instance, by rewarding operators to build new infrastructure but not to take risks and deploy new software-based solutions,” said Steve Smith, Chief Strategy and Regulation Officer at National Grid. “At the same time, it’s incumbent upon utilities to think and act more boldly, without waiting for third parties to take the lead. That’s precisely why we convened the NextGrid Alliance: To accelerate the development and deployment of breakthrough technology at the speed and scale the market demands.”
The Alliance is a first-of-its-kind network that brings together utilities and startups to address the clean energy transition. Launched in 2020, the group now comprises more than 120 utilities worldwide, including Edison International, NextEra Energy and Enel. In the past 18 months alone, it has brokered more than 100 introductions between startups and member utilities.
Survey respondents indicated a number of ways regulation can shift utility priorities.
- Regulatory environment matters: Nearly half (48%) saw insufficient incentives and scarce resources as the top challenges to innovation – so regulatory environments need to support and encourage utility innovation efforts.
- Show me the numbers: Nearly two-thirds of those surveyed (66%) agree upcoming disclosure laws will change how they do business.
- Innovation priorities: Respondents identified carbon capture (76%), smartgrid (69%) and mass electrification (69%) as emerging technologies with the most promise.
“Electrification and artificial intelligence require robust power grids for a new era of energy consumption. And with the Securities and Exchange Commission pushing to require companies to disclose climate-related information, we must embrace new ways to deploy and scale innovation,” said Smith, who spent a decade as a top utility regulator in the U.K.
Smith also noted that survey respondents who are active in the Alliance said they are far more likely to partner with startups for innovation. Yet overall, just 26% of those surveyed said they identify fresh ways of thinking and operating from startups. Instead, utilities are primarily looking inward for innovation, with more than four in five (82%) saying their own employees are the top source of ideas.
And even when utilities do identify innovations, “pilot hell”—whereby new technologies scale slowly—is persistent.
- The median time for surveyed utilities to move from piloting projects to rolling them out is about a year;
- Just one in four innovation projects on the drawing board ever gets implemented (24%).
“The energy transition is in full swing, and utilities can lead the way or be a bottleneck,” said Adam Richins, Senior Vice President and Chief Operating Officer of Idaho Power. He is a past NextGrid Alliance working group co-chair and was a panelist at this year’s Summit on the topic of reducing barriers to innovation.
“This survey data underscores that our industry can do more to partner with startups to solve our innovation challenges,” Richins said. “We are in this together.”
National Grid Partners conducted the research using an online survey prepared by Method Research in late winter 2024. It was distributed by RepData and National Grid Partners to 219 directors, vice presidents and other executives involved in innovation at US energy utilities.
About National Grid Partners
National Grid Partners is the venture investment and innovation arm of National Grid plc., one of the world’s largest investor-owned energy companies. National Grid Partners invests for strategic and financial impact across four pillars: Future Electric Networks; Decarbonizing Gas; Customer First; and Efficiency Through Innovation. By providing corporate venture capital, business development counsel and direct integration with National Grid’s innovation team, National Grid Partners is accelerating the energy transition and helping innovators reach critical scale faster. We also convene the NextGrid Alliance (www.ngalliance.energy), an innovation network of senior executives from more than 120 worldwide utility companies. Headquartered in Silicon Valley, National Grid Partners has offices in Boston, London, and New York. Visit ngpartners.com or follow us on Twitter (@ngpartners_) and LinkedIn.
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Fintech PR
Hastee reaches profitability as Earned Wage Access solutions become the norm for top employers
LONDON, Oct. 16, 2024 /PRNewswire/ — Hastee, one of Europe’s leading providers of earned wage access (EWA) and financial wellbeing solutions, is proud to announce that it has reached profitability. This marks a significant milestone in its journey to empower employees with greater financial flexibility and control. The achievement comes amid rising demand for on-demand pay solutions, with destination employers now frequently citing these as a necessary benefit to attract, retain, and engage staff.
Founded with a mission to improve the financial resilience of workers, Hastee has grown rapidly since its launch and now has over 350 employer clients spanning nearly all sectors. Notable customers include global leaders in hospitality (such as McDonald’s, Domino’s and Taco Bell), top international retailers (such as IKEA, Mediamarkt and DIA), major healthcare organisations (such as Bupa and the NHS), and many more of the world’s leading employers (such as Unilever, PayPal, Iberia Express and EY).
Hastee operates in 4 of the 5 largest European markets for earned wage access: UK, Spain, Ireland, and Portugal. In 2020, Hastee acquired Typs, one of Southern Europe’s leading financial wellbeing solutions, enabling Hastee to build a unique multi-language, multi-currency, and flexible platform ready for further international scaling. Hastee is majority-owned by IDC, a multi-fund platform with $2.2B AUM, through its innovation vertical IDC Ventures.
Hastee’s solution is built on 3 pillars of financial wellbeing: Earn, Learn, and Grow. Employees can use the award-winning Hastee app to track their earnings, access earned pay flexibly, receive personalized bite-sized financial education and save directly from their payroll. The app is one of the most popular financial wellbeing apps in the Apple App Store and Google Play Store, with a user rating of 4.7 in each.
“We are extremely proud to be among the very first EWA providers globally to reach profitability,” commented Hastee CEO Jaime Jimenez. “The combination of rapid growth of our customer base alongside a cautious approach to spending has paid off: we have built a highly sustainable business that can service its clients without the need for further external funding.”
Jimenez continued: “Financial wellbeing has risen to the very top of the agenda among HR leaders, and we are honoured to have a role to play in supporting employees improve their financial health, while also helping our clients reach their ambitious ESG targets.”
“We are thrilled to support Hastee in reaching this pivotal moment,” shared Alejandro Rodriguez, co-founder and Managing Partner at IDC Ventures. “Hastee’s focus on financial wellbeing aligns perfectly with IDC Ventures’ mission of backing impactful companies that make a positive difference. We’re excited to be part of this journey, providing real value to both the end users and our partners. This achievement reflects the strength of Hastee’s model and the growing importance of solutions that empower individuals to take control of their financial health.”
About Hastee
Hastee is a financial wellness platform that allows employees to access a portion of their earned wages before payday, helping them manage cash flow and avoid debt. The platform integrates with employers’ payroll systems and provides users with flexible, on-demand access to their earnings. Hastee currently has over 350 employer clients spanning nearly all sectors. Learn more by visiting Hastee.com.
About IDC Ventures
IDC Ventures (IDCV) is a venture capital platform within IDC Network, a global multi-fund asset manager. Serving as the Partner of Choice for over 150 family offices across 30 countries, IDCV offers a diverse range of venture capital opportunities including proprietary funds, co-investments, and co-managed funds in collaboration with industry-leading managers. With $500M in assets under management, IDCV typically leads funding rounds and holds board seats, offering founders guidance drawn from deep expertise in entrepreneurship, banking, law, and consulting. Since its inception in 2019, IDCV has backed transformative founders from Series A to growth stages, with a primary focus on fintech and marketplaces in Europe, the US, and Latin America—particularly Brazil and Mexico. For more information, visit IDCVentures.com.
Media Contact:
Ernesto Bernado
[email protected]
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OSLO, Norway, Oct. 16, 2024 /PRNewswire/ — Akastor ASA invites investors and analysts to a webcast presentation of the third quarter 2024 financial results on Wednesday, 30 October 2024.
Date and time:
Wednesday, 30 October 2024, at 15:00 CET
Presenters:
- Akastor: Karl Erik Kjelstad, CEO, and Øyvind Paaske, CFO
- HMH: Thomas McGee, CFO, and David Bratton, SVP FP&A and Operational Finance
Link to webcast:
https://akercreativehub.eventcdn.net/events/akastor-audiocast-q3-2024
Questions can be submitted throughout the streaming event. The presentation material will be published on www.akastor.com and www.newsweb.no at 07:00 CET on 30 October.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Mob: +47 917 59 705
E-mail: [email protected]
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
This information was brought to you by Cision http://news.cision.com
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LONDON, Oct. 16, 2024 /PRNewswire/ — Greenbrook, the specialist communications advisor, is pleased to announce the appointment of former European Commissioner and Lead non-exec director at HM Treasury, Lord Hill, and the return of the City advisor, David Trenchard, as advisors to the firm.
Lord Hill is the former European Commissioner for Financial Stability, Financial Services and Capital Markets Union. He was Leader of the House of Lords and Chancellor of the Dutchy of Lancaster from 2013 to 2014. He has been Lead non-executive director at HM Treasury and is Chairman of the Ditchley Foundation. He carried out the UK Listings Review for the then Chancellor of the Exchequer in 2021.
David Trenchard, who was an advisor to Greenbrook from 2014 to 2022, brings over four decades of experience in finance. Most recently, he was Engagement Director at Elliott Advisors. David began his career at Morgan Stanley, rising to become a Managing Director in Equity Capital Markets and Head of Corporate Broking.
Andrew Honnor, Managing Partner of Greenbrook, commented: “We are delighted to welcome both Jonathan and David to our team. Their considerable experience across policy, markets and finance will provide deep insight to our clients as they navigate the evolving challenges and opportunities in the current macro-economic environment.”
Lord Hill commented: “I’ve known Andrew for two decades, and have looked with admiration at what he has achieved at Greenbrook. I look forward to joining his team and hope I can add something to the firm’s growing success.”
David Trenchard commented: “It is a pleasure to return as an advisor to Greenbrook, a leader in complex communications issues. I look forward to working with Greenbrook’s clients across various situations.”
Lord Hill and David Trenchard join Michelle Pinggera, Simon Walker and Piers Dennison as advisors to Greenbrook. Michelle joined Greenbrook in July 2018 and is the former International Chief of Staff and Partner at Goldman Sachs. Simon joined Greenbrook in March 2017 and was previously Director General of the Institute of Directors, Communications Secretary to HM Queen Elizabeth II, advisor to former Prime Minister John Major, and Chief Executive of the British Private Equity & Venture Capital Association. Piers joined Greenbrook in July 2021 and is a former Partner and Head of Investor Relations at Park Square Capital.
Contact details:
Ksenia Galouchko / Demi Kurban
Greenbrook
+44 20 7952 2000 / [email protected]
About Greenbrook:
Greenbrook provides strategic communications advisory services to the investment industry. We work with clients across the following asset classes: private equity, venture capital, private debt, hedge funds, activist funds, infrastructure and real estate, and traditional fund management.
We advise our clients on all aspects of their business through the lens of reputation, helping to build and protect value.
Greenbrook has advised on over $58 billion of corporate and sovereign debt restructurings over the last 12 months. Greenbrook was ranked by Bloomberg as the #1 advisor in Europe for engaged shareholder communications in 2023. The firm ranked among the top #5 in Europe by Mergermarket and the #1 PR and communications firm in Europe by Private Equity Wire.
For more information, please visit www.greenbrookadvisory.com or follow Greenbrook on LinkedIn.
View original content:https://www.prnewswire.co.uk/news-releases/greenbrook-appoints-lord-hill-and-david-trenchard-as-advisors-302276721.html
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