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
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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