Centrica is to launch a new venture to “identify, incubate and accelerate” fresh technologies and innovations.
Called Centrica Innovations, it will invest up to £100 million over the next five years in fledgling firms developing new products and services for customers.
The enterprise will be headed up by Centrica’s group director of technology and engineering, Charles Cameron, and will deploy scouts to key technology hubs in London, Cambridge, Seattle, Houston and Tel Aviv.
As well as investing in promising start-ups, Centrica Innovations will act as an “incubator” for those not yet mature enough for investment, supporting them with expertise, mentoring or product piloting, for example.
It will also provide assistance those companies already within the Centrica group, such as data services firm Io-Tahoe. Ignite, Centrica’s existing £10 million social entrepreneurship fund, will be brought within the new venture.
The creation of Centrica Innovations is part of the group’s multi-billion-pound pivot announced in June 2015 away from its loss-making gas and power businesses and towards its more lucrative customer-facing activities.
The British Gas owner revealed plans to invest £1.5 billion over the following five-years, with a particular focus on energy supply, services, distributed energy and power, the connected home and energy trading.
“The launch of Centrica Innovations is an important step in identifying and responding to the changing needs of our customers,” said Centrica chief executive Iain Conn. “The new venture will ensure innovation is embedded across our business and will allow us to invest in the technologies that can support our customers into the future.”
“As the government launches an industrial strategy with technology and research and development at its heart, Centrica is focused on delivering a smarter energy future for the UK,” he added.
Howz – a connected home system which allows customers to check up on elderly relatives by monitoring their energy usage – was named the 2016 winner of EDF Energy’s Blue Lab innovation competition last week.