The Austin Technology Incubator (ATI) in the IC2 Institute at The University of Texas at Austin and National Grid, the United Kingdom's electricity distribution company with significant operations in the northeastern United States, have formalized a partnership to help develop innovative clean energy solutions.
National Grid hopes to forge stronger links with the startup community in Central Texas by providing knowledge and expertise to accelerate technology development.
"I'm always greatly encouraged by the inspiring clean-tech innovations I hear about. Getting them to commercialization has always been a great challenge, so through this partnership with ATI and other activities we are undertaking, I want to ensure that we do all we can to make that happen," said National Grid CEO Steve Holliday.
ATI has a long-standing track record in helping companies develop innovations from concept to investment. During the past five years, ATI has helped startups raise more than $250 million in investor capital. National Grid and ATI share a drive and commitment to see clean-tech companies achieve success; ATI's ability to provide that early-stage environment coupled with National Grid's industry knowledge will make a powerful partnership.
"It is increasingly important for startups to develop early relationships with established players in their market, both to validate their technical solutions and to create opportunities for rapid scaling of their businesses," said Isaac Barchas, overall director at ATI. "This is especially true in the energy sector. We think that this relationship with forward-thinking National Grid, combined with our existing partnership with Austin Energy, creates a unique platform for startup success."
"We've had an informal relationship with ATI for some 18 months, so I've seen first-hand their great ability to support clean-tech development. Strengthening our relationship is excellent news for both ATI and National Grid, but more importantly, for the innovators and entrepreneurs looking to develop clean-tech solutions,'' said Neil Hughes, head of technology at National Grid.
The Austin Technology Incubator prepares technology startups to compete successfully for growth capital. ATI, in the IC2 Institute at The University of Texas at Austin, has a 25-year history of successful new venture support. ATI has helped more than 250 companies raise over $1 billion of investor capital.
National Grid is an international electric and gas company based in the United Kingdom and northeastern United States, serving 19 million customers directly and many more indirectly.