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
WFM Asia Announces Brand Evolution, Bolstering its Commitment to Delivering Investment Excellence in Asia Pacific
Continues to be a trusted partner for both global institutional investors as well as publicly listed and private companies in Asian markets
HONG KONG, Nov. 4, 2024 /PRNewswire/ — Hong Kong founded independent investment firm WFM Asia announced today that it has completed a brand evolution from Ward Ferry Management. The firm’s long-term commitment to investing in Asian markets, disciplined and focused investment strategy, and well-established team remain unchanged.
The refreshed branding reflects WFM Asia’s continued focus on investing in small and mid-cap companies across Asia Pacific and points to the regional expertise of its current generation of leadership, Vineet Mitera and Daphne Chester, who have been leading the company for the past seven years. Vineet has been with the firm since 2005, and Daphne joined in 2013.
WFM Asia manages long-only equity funds with over US$3 billion in assets under management as of end September 2024. Vineet has been solely responsible for managing these funds since mid-2014. For nearly 25 years, the firm has helped institutional clients from all over the world secure exposure to Asian markets through some of the leading publicly listed and private companies in Asia Pacific.
As a trusted partner for global investors seeking exposure to Asia’s dynamic markets, WFM Asia’s unique position in the investment landscape is reinforced by its extensive local networks in underpenetrated markets, primary research activities on the ground, and commitment to long-term value creation through a focused investment strategy. The firm has been a strong, long-term partner to the management teams of public and private companies it invests in. WFM Asia’s future-focused growth will be enabled through ongoing expansion of its team based in Hong Kong and Singapore, continued focus on executing its long-standing investment process, and strengthening its established relationships with companies across Asia.
Vineet Mitera, Chief Investment Officer of WFM Asia, commented, “We remain positive about the growth of emerging companies in the region, and we continue to build on our trusted partnerships with our investors and management teams. Our entrepreneurial mindset, market and sector expertise, and regional resources remain aligned to our clear investment philosophy, and we look forward to taking the firm’s growth to the next level for the benefit of our investors and employees.”
Daphne Chester, President of WFM Asia, said, “Our brand evolution builds on our long-standing strong Asia heritage and recognition of our management tenure and investment track record in the region. For nearly 25 years, our firm has taken a private equity approach to public markets investing, finding Asian small and mid-cap companies that have multiplied in value over the long term. As we continue to evolve, we remain committed to our investment approach and to cultivating substantial growth in our chosen investments in Asia Pacific.”
WFM Asia will continue to serve its clients through a global team of 33 people, including 13 experienced investment professionals, located across its offices in Hong Kong, Singapore, and London.
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About WFM Asia
Founded in 2000 as Ward Ferry Management, WFM Asia is a leading independent investment firm based in Hong Kong and Singapore, specializing in long-only public and private equity investments in small and mid-cap companies across Asia. For nearly 25 years, WFM Asia has been a trusted partner to the management teams of the companies it invests in and to institutional investors alike by applying its bottom-up approach to fundamental research and investing its capital for attractive returns over the long term. As of end September 2024, the firm oversees over US$3 billion in assets under management (“AUM”) for global institutional investors.
WFM Asia has offices in Hong Kong, Singapore, and London. WFM Asia’s various group entities are regulated by the United States Securities and Exchange Commission, the Hong Kong Securities and Futures Commission, the Singapore Monetary Authority, the United Kingdom Financial Conduct Authority, and the British Virgin Islands Financial Services Commission. Additional information is available on www.wfmasia.com.
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ALUMINIUM CHINA 2025: Celebrating 20 Years of Collective Achievements and Embracing a New Chapter
SHANGHAI, Nov. 4, 2024 /PRNewswire/ — The 20th ALUMINIUM CHINA will take place from July 9-11, 2025, at the Shanghai New International Expo Centre (SNIEC). Organized by RX China, the event will feature over 600 diverse exhibitors showcasing the entire aluminium industry chain. With the theme “Aspirational•Limitless•Unique: 20 Years of Excellence,” the exhibition will span over 60,000㎡ and expects more than 30,000 global professionals. Exciting activities throughout the year will foster international exchange, business cooperation, and celebrate innovation and development in the aluminium sector.
A Year Full of Engagements and Innovations
To mark its twentieth anniversary, ALUMINIUM CHINA will launch various activities aimed at fostering industry connections and showcasing achievements.
- Exclusive Visits to Top Enterprises
Leading up to next year’s exhibition, the “Visits to Leading Aluminium Enterprises” initiative will offer site visits to prominent companies in the aluminium processing sector. Through tailored one-on-one discussions, this initiative will spotlight the noteworthy accomplishments of these leading enterprises in advancing the aluminium industry. Their invaluable experiences and inspiring growth stories will be shared alongside the exhibition.
- Dazzling Array of Events
Building on the success of multiple “Exploring Application Industries” events over the past year, which garnered widespread acclaim, the focus remains sharp in 2025, as 2025 marks the 20th anniversary of the exhibition. Efforts will intensify in exploring key application markets such as automotive, packaging, home appliances, 3C electronics, solar photovoltaics, and energy storage. Notable representatives and experts will participate, creating a diverse platform for industry exchange and learning, featuring thematic reports, supply-demand matching, product displays, roundtable discussions, and closed-door meetings.
- Recognizing Industry Achievements
In the flourishing landscape of the aluminium processing industry over the last two decades, numerous innovative technologies and superior products have emerged, fostering high-quality sectoral growth. To set industry standards and promote healthy development, ALUMINIUM CHINA is proud to introduce the “ALU FUTURE Awards.” This prestigious accolade aims to honor exceptional contributions from enterprises and individuals in the aluminium sector, spanning categories such as the Application Innovation Award, Craftsmanship Award, and Honorary Award for Quality Partners.
- Enhancing Global Connection Initiatives
Capitalizing on years of amassed international resources, ALUMINIUM CHINA is poised to strengthen initiatives aimed at connecting with overseas markets. By empowering enterprises to reach global markets, a series of activities including overseas market research, trade matchmaking and high-level meetings will be orchestrated in foreign countries and regions. Furthermore, collaborations with international industry associations will be strengthened, spotlighting guest country of honor activities and other international features at the grand 20th-anniversary exhibition.
- Bridging Industry, Academia, and Research
ALUMINIUM CHINA have meticulously outlined a series of industry-academia-research activities. The specially curated “Innovation Achievements Showcase” will illuminate aluminium material research outcomes from universities and research institutions, showcasing high-performance aluminium alloys and environmentally friendly aluminium-based composites. Attendees will have a unique opportunity to interact closely with cutting-edge technology and witness the allure of innovation. Furthermore, the grand “Empowering Industries of the Future: Aluminium Innovation and Development Symposium” is scheduled, inviting distinguished scholars and industry experts from globally renowned universities to engage in profound dialogues on breakthroughs in aluminium materials research and emerging trends.
Two Decades of Continuous Growth
Since its inception in 2005, ALUMINIUM CHINA quickly emerged as a cornerstone for industry professionals worldwide. During its early years (2005-2009), the exhibition expanded across various segments of the aluminium processing chain, steadily increasing exhibitors and attendees, surpassing 10,000 visitors. Strategic collaborations with domestic and international associations bolstered its reputation as a premier platform for communication.
From 2010-2014, ALUMINIUM CHINA solidified its role in connecting China’s aluminium sector with the global market. Attendance continued to grow as the exhibition welcomed professionals from over 60 countries, facilitating crucial discussions on market trends and technological innovations.
The subsequent five years saw continued growth, with approximately 400 exhibitors attracting over 24,000 visitors by 2019. ALUMINIUM CHINA emphasized “Technological Innovation for the Future,” showcasing cutting-edge applications of aluminium in sectors such as automotive lightweighting, packaging and consumer electronics through specialized exhibits. Notable collaborations, including featuring “India as the Guest Country of Honor” and “Thailand as the Guest Country of Honor,” opened new avenues for international exchange, enabling domestic companies to engage on a global scale.
Despite unprecedented global challenges during 2020-2024, ALUMINIUM CHINA introduced innovative solutions like online livestreaming and year-round business matchmaking. These adaptations ensured that over 600 exhibitors could connect with 29,000+ professionals from over 100 countries by 2024. The commitment to promoting sustainability was evident through initiatives supporting green practices within the industry.
The celebration of its 20th anniversary marks a momentous milestone for both the event and the enduring growth of the industry. For further insights into ALUMINIUM CHINA, please visit their official website at https://www.aluminiumchina.com/en-gb.html or Facebook page @Aluminium China.
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Fintech PR
ARRAY Innovation Celebrates Landmark Success at Gateway Gulf with Three Major Partnership Deals
MANAMA, Bahrain, Nov. 3, 2024 /PRNewswire/ — ARRAY Innovation, the Bahrain-based leader in AI, enterprise software, and cloud solutions, proudly celebrated a milestone at Gateway Gulf 2024. During the event, organized by the Bahrain Economic Development Board (EDB) in the Kingdom of Bahrain, ARRAY signed strategic agreements with Bahraini organizations: Aluminium Bahrain B.S.C. (Alba), National Bank of Bahrain (NBB), and the Labour Fund (Tamkeen), highlighting ARRAY’s commitment to digital transformation.
ARRAY Chairman, Mr. Khalid Taqi, commented, “Our collaborations with Alba, NBB, and Tamkeen underscore ARRAY’s dedication to Bahrain’s digital transformation journey. We are committed to delivering technology solutions that support local enterprises in sustainable growth and operational excellence.”
“ARRAY’s mission is to develop advanced enterprise software and AI solutions that create high-value jobs for Bahrainis. Our latest agreements with leading Bahraini organizations reflect our vision to positively impact the Bahraini enterprises and communities,” said Alaa Saeed, ARRAY Founder & CEO.
ARRAY’s partnership with Alba focused on AI, data analytics, and automation solutions, driving operational excellence and cost reduction. “Our strategic collaboration with ARRAY marks a significant step towards positioning Alba as a technology-driven industry leader. This partnership will not only advance our Industry 4.0 journey, driving operational excellence, but also aligns with Bahrain Economic Vision 2030 by investing in local talent,” said Alba’s Chairman of the Board, Mr. Khalid Al Rumaihi.
ARRAY’s partnership with the National Bank of Bahrain (NBB) aims to enhance NBB’s technology infrastructure with advanced Natural Language Processing (NLP) and Generative AI. The collaboration will deliver actionable insights, optimize operations, and improve customer experience. “By integrating the latest in artificial intelligence, we are positioned to drive our digital transformation forward, delivering solutions that enrich our customers’ banking experience. Our partnership with ARRAY Innovation underscores our focus on modern technology to reinforce Bahrain’s leadership in financial ingenuity,” said NBB Group CEO Mr. Usman Ahmed.
In its agreement with Tamkeen, ARRAY will develop an AI-powered job-matching solution boosting Bahrain’s economic growth through strategic private sector alignment. Her Excellency Ms. Maha Abdulhameed Mofeez, Chief Executive of Tamkeen, highlighted, “By enhancing both internal and external operations through this partnership, we aim to maximize the impact of our initiatives and increase opportunities for Bahraini talent within the private sector.”
These landmark agreements underscore ARRAY’s role as a trusted partner in Bahrain’s digital transformation, empowering organizations to drive efficiency and growth aligned with Bahrain’s Economic Vision 2030.
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View original content:https://www.prnewswire.co.uk/news-releases/array-innovation-celebrates-landmark-success-at-gateway-gulf-with-three-major-partnership-deals-302294831.html
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