It has to be the perfect environment for developing new businesses and strategic impact: Silicon Valley is where you can find more than 23 000 start-ups attracting around $24 billion of annual venture capital investment. In 2016, 14 of these companies became unicorns with revenue in excess of $1 billion. After two years working on site, it’s clear that the innogy New Ventures team in the Silicon Valley has found a great place to nurture innovation and grow strong roots.
The opening of our new offices recently gave us a reason to celebrate in style. The team invited more than 200 guests from the Silicon Valley ecosystem, including people from our existing portfolio, promising tech start-ups, venture capital companies, other corporates in our network and partners from neighbouring universities such as Stanford. The result was a great day and lots of more new connections.
Celebrating two successful years
After two years it’s time to take stock: innogy New Ventures LLC has built a very strong network within the world’s biggest high-tech ecosystem and is actively sourcing high-impact innovations for innogy. We have connected with more than 1000 tech start-ups, closed seven strategic investments and eight “proof of concepts” deals with our innogy businesses in Europe. Amongst our success stories are Planet OS, which is now empowering large parts of our offshore and onshore wind assets, Bidgely, who are supporting innogy’s core business transformation to a digital utility as well as Intertrust, which has technologies and capabilities that are currently considered by all three business units from innogy (Grid & Infrastructure, Retails and Renewables) as well as the innogy Innovation Hub. Total strategic investments as per today amout to $36 million. The total equity value of all portfolio companies together is around USD 200m.
More opportunities for co-creation
Now we are looking forward to new great opportunities for co-creation. Together with our utility partners from the Free Electrons Program, we will share our offices with our Australian utility partners from Origin and various start-ups with whom we are developing further business models on site.