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Quick take: I've been on the advisory board of a national laboratory for over a decade and I often consult to energy startups. So I've seen up close and personal the dreaded "valley of death" -- the gap between proving a technology in the lab and proving it at commercial scale.
Now an investment group has formed not just to funnel money to startups, but also to help them with key commercialization challenges. By securing partnerships with some big-name utilities, the group has created a network that can provide all-important pilots, demonstrations and test beds. Smart. Very smart. – Jesse Berst .
Power and utility companies – including Duke Energy, GE and National Grid – are teaming with investment firm Broadscale Group to invest in and help commercialize new energy technologies and services offered by growth-stage companies. (Read the press release on page 2.)
Broadscale founder Andrew Shapiro, the founder and former CEO of strategy firm GreenOrder, describes his new venture as a "new model of investment firm" that will address the market challenges that have made it difficult for many groundbreaking energy companies and products to achieve mainstream success.
Broadscale has formed a strategic relationship with Pegasus Capital Advisors L.P., a leading private equity fund manager, to invest in deals that Broadscale identifies. Pegasus manages approximately $2.7 billion in assets, including a portfolio of energy and sustainable business investments.
But Shapiro notes it's not all about the money.
“Capital is necessary, but not sufficient," he said. "New models of collaboration are needed to scale up breakthrough solutions. Broadscale will connect the right market participants, align their financial interests, and partner with them to turn innovation into impact.”
What's in it for the utilities?
From Duke Chairman and CEO James Rogers: "Technology is key to Duke Energy’s mission of delivering affordable, reliable, and cleaner electricity.We believe this network approach can help us to cost-effectively identify and benefit from promising new energy solutions."
From National Grid USA CEO Tom King: "We are eager to work with Broadscale and the other partners to find new opportunities to bring next generation solutions to our markets and most importantly to our customers."
More on energy innovation…
5 don't-miss grid innovations from a U.S. national laboratory
Video: ARPA-E and its role in our smart energy future 6 new smart grid (and related) technologies: Brilliant or bizarre? . Jesse Berst is the founder and chief analyst of Smart Grid News.com, the industry's oldest and largest smart grid site. A frequent keynoter at industry events in the U.S. and abroad, he also serves on advisory committees for Pacific Northwest National Laboratory and the Institute for Electric Efficiency. He often provides strategic consulting to large corporations and venture-backed startups. He is a member of the advisory boards of GridGlo and Calico Energy Services.
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