Vsim, a simulation startup co-founded by former Nvidia executives, has secured $21.5 million in seed funding led by EQT Ventures. This investment will fuel the company’s growth and development of innovative physics simulation solutions. Vsim’s technology offers a significant advantage over existing solutions by providing high-performance simulations with minimal engineering efforts. The company’s founders, Michelle Lu and Kier Storey, bring over 20 years of experience in physics simulation, having worked on Nvidia’s simulation technology team. Vsim’s solution leverages new algorithms and multi-core hardware architectures to accelerate simulations across various industries, including robotics, visual effects, aerodynamics, gaming, and e-commerce. By addressing the limitations of existing solutions, Vsim enables companies to complete simulations in minutes instead of days without compromising on quality. The company’s flexible framework allows users to easily customize simulations and develop new models to meet their specific requirements. Vsim has also expanded its technology stack to include a reinforcement training framework, offering up to 100x faster training performance compared to other solutions. With this new funding, Vsim plans to expand its offerings and develop tailored software solutions for robotics applications. Michelle Lu, Co-Founder and Chief Executive Officer at Vsim, commented:“We are thrilled to announce our seed funding round led…
Octopus Energy, a leading renewable energy company, has announced a significant investment of £2 billion in UK clean energy projects by 2030. This investment will support the development of new solar farms and battery projects, contributing to the UK’s transition to a greener energy future. The company has recently secured four new solar farm projects with a combined capacity of 222 MW and is breaking ground on a 12 MW battery project. These projects will help power tens of thousands of homes and reduce emissions equivalent to removing thousands of fossil-fuel cars from the road. Octopus Energy’s investment aligns with the UK government’s target of tripling solar capacity by 2030. In addition to these projects, Octopus Energy has increased its stake in Exagen, a British solar and storage developer. This investment will accelerate the rollout of new renewables projects in the UK. The company is also actively pursuing new onshore wind projects, taking advantage of the recent government planning reforms. Octopus Energy’s “Fan Club” scheme offers customers living near wind turbines discounted rates when the wind is blowing. Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The UK is on the verge of a green energy revolution. This £2 billion investment…
ISG, the sixth-largest building contractor in the UK, has filed for administration, raising concerns about the future of numerous projects nationwide. The company’s six UK subsidiaries, including its main construction arm, have submitted court applications, following months of speculation about their financial difficulties. The collapse of ISG could have significant implications for the construction industry and the completion of several high-profile projects. Among the projects impacted by ISG’s administration are the restoration and redevelopment of Birmingham’s Moseley Road Baths, the Regents Quarter offices-to-labs project at King’s Cross, and the conversion of Coventry’s former IKEA store into an arts and culture center. ISG’s workload includes 34 contract awards and 45 ongoing schemes, totaling £4.15 billion. One of the most significant projects is the Queen Square Institute of Neurology and UK Dementia Research Institute for the University College London, which was expected to be completed in early 2025. The six companies that have filed for administration are: ISG Construction Ltd, ISG Engineering Services Ltd, ISG Jackson Ltd, ISG Retail Limited, ISG UK Retail Ltd, and ISG Central Services Ltd. According to recent financial reports, ISG Construction and ISG Retail had experienced financial challenges in the past year. In November 2023, ISG was…
Community groups, not-for-profit organizations, and small to medium-sized enterprises in St Albans are invited to apply for grants of up to £20,000 to support sustainability projects. The St Albans Greener Together’s Net Zero Fund aims to fund innovative projects that have a positive impact on the community and long-lasting potential. Priority will be given to projects that reduce energy use in homes, schools, community buildings, and businesses. Examples of eligible projects include working with landlords to improve building energy efficiency, raising awareness among homeowners about retrofit options and low-carbon energy sources, and implementing transport improvements to reduce emissions and encourage electric vehicle use and active travel. The Net Zero Fund is open for applications until Wednesday, October 30. Decisions on grant recipients will be announced within six weeks of the closing date. Suzanne Jones, the council’s strategic director for customer, business and corporate support, said: “The Greener Together network is one of the many actions we have taken to achieve this goal with its Net Zero Fund being created to help finance projects that can make a difference.” “I urge residents, community groups and businesses who have a project in mind to make an application if they are in need…
British Airways has announced a significant investment in carbon removal projects, solidifying its position as the largest carbon removals purchaser in the UK and the largest airline purchaser of carbon removals globally. The airline has signed a six-year agreement to purchase over £9 million worth of carbon removal credits from innovative projects in the UK and overseas. These credits will contribute to British Airways’ ambitious goal of achieving net-zero emissions by 2050 or sooner. Carbon removal projects supported by British Airways include initiatives such as capturing CO2 from whisky distilleries and repurposing it into building materials, enhanced rock weathering techniques, and high-durability reforestation projects. The airline is also investing in carbon capture projects in Canada and India, focusing on carbon removal from rivers, oceans, and soil. British Airways has partnered with CUR8, a UK-based company specializing in sourcing high-quality carbon removal credits. The airline has purchased 33,000 tonnes of carbon removal credits through its CUR8 portfolio, contributing to the growth and development of the carbon removal sector. Carrie Harris, Director of Sustainability at British Airways, said: “As we approach the halfway point in this critical decade of action, we’re sharpening our focus on delivering real, tangible progress by 2030. We…
The UK government has achieved a significant milestone in its clean energy mission by securing a record number of projects through its latest renewables auction. The auction round resulted in the approval of 131 new green infrastructure projects, including a significant number of onshore wind, solar, and tidal energy projects. These projects have the potential to power the equivalent of 11 million British homes. This success follows the government’s decision to increase the auction budget by 50%, which has played a crucial role in attracting more renewable energy projects. Offshore wind projects, in particular, have seen a resurgence, with 9 contracts awarded, including the largest and second-largest windfarm projects in Europe. The government’s efforts to secure clean energy are driven by a commitment to energy independence and energy security. By investing in renewable energy, the UK aims to protect families and businesses from volatile global fossil fuel prices. The projects awarded in the auction will not only contribute to clean energy generation but also create new green jobs across the country, boosting economic growth in industrial heartlands and rural communities. Energy Secretary Ed Miliband said: “We inherited a broken energy policy, including last year’s disastrous auction round which gave us…
Vodafone has extended its strategic agreement with Microsoft to implement Microsoft 365 Copilot AI software across its organization. This move aims to enhance productivity, innovation, and digital efficiency for Vodafone’s 68,000 employees worldwide. The generative AI (GenAI) tool will be integrated into various areas of Vodafone’s business, from customer service to product development, network management to sales and marketing. This aligns with Vodafone’s strategy to become a leading telecommunications company in Europe and Africa. Microsoft 365 Copilot, embedded into Microsoft’s productivity apps, will empower Vodafone employees to draft emails, analyze data, summarize meetings, generate marketing content, and create imagery. Commenting on the partnership, Scott Petty, Chief Technology Officer, Vodafone, said: “Our AI journey is focusing on three areas: operational efficiency inside the organisation; rewiring the business to provide an enhanced customer experience; and unlocking growth opportunities through new products and services that we can create around generative AI. “Copilot will help drive all three.” A pilot trial of Copilot demonstrated significant benefits for Vodafone employees, including increased productivity, time savings, and improved work-life balance. Nearly all users reported positive experiences and a desire to continue using the tool. Vodafone’s decision to extend Copilot to 68,000 employees reflects its confidence in…
The Monetary Policy Committee (MPC) of the Bank of England has decided to maintain the Bank Rate at 5%, a decision that reflects ongoing concerns about inflation pressures. In its September meeting, the MPC voted by a majority of 8-1 to keep the Bank Rate unchanged. One member advocated for a rate reduction of 0.25 percentage points to 4.75%. Additionally, the Committee voted unanimously to reduce the stock of UK government bond purchases by £100 billion over the next 12 months. The MPC’s decision was guided by the need to address persistent inflationary pressures and ensure that inflation expectations remain well anchored. The Committee considered various scenarios, including the potential for a period of economic slack and the possibility of structural shifts in wage and price-setting. While global economic activity has continued at a steady pace, there are signs of increasing uncertainty in the near-term outlook. Oil prices have declined, and market-implied paths for policy rates in major advanced economies have decreased. In the UK, headline GDP growth is expected to return to its underlying pace of around 0.3% per quarter in the second half of the year. Twelve-month CPI inflation is projected to increase to approximately 2.5% by the…
A new report by the Association for Project Management (APM) highlights the need for improved Diversity, Equity, and Inclusion (DEI) practices in the project profession. The research explores the early-career experiences of racially diverse project professionals in the UK and Australia. The report, titled “Improving the Early-Career Experiences of Racially Diverse Project Professionals,” was conducted by Dr. Christina Scott-Young, Dr. Jessica Borg, and Dr. Naomi Borg. The researchers found concerning levels of discrimination experienced by racially diverse project professionals in both the construction and business sectors. The authors said: “Reflecting on these high figures, we would do well to be mindful of the negative impacts that racial discrimination can have on an individual. We found it concerning that discrimination was so prevalent towards early career diverse project management professionals. We hope that our research helps highlight this issue and, in turn, helps encourage action towards creating a more inclusive project management community.” While many organizations have DEI policies in place, the report found that they are not always effectively enforced. The researchers emphasize the importance of creating a supportive environment where individuals feel comfortable reporting discrimination and taking appropriate action. The report identifies several recommendations for employers, universities, and professional…
Netcompany, a leading global provider of digital transformation solutions, has secured a significant new build contract with His Majesty’s Revenue and Customs (HMRC). The contract, awarded under the Crown Commercial Service’s (CCS) Digital and Legacy Application Services (DALAS) framework, will see Netcompany modernize core digital customer services for HMRC’s Customer Services Group (CSG), including the Customer Compliance Group (CCG). The contract, valued between £120 million and £135 million over a five-year term, aims to simplify the process for citizens to access and manage their tax affairs through a personalized digital account. Netcompany was selected following a competitive procurement process. “We are proud and honoured to be selected to bring our expertise and knowledge to bear in helping enable HMRC’s digitalisation journey,”André Rogaczewski, CEO & Co-founder Netcompany “Improving citizen experience through responsible digitalisation of public services is a core part of our DNA. Through this partnership, Netcompany looks forward to working in partnership with HMRC to help realise their digital transformation aspirations, resulting in both better customer services and value to the taxpayer.” This contract win marks a significant milestone for Netcompany, demonstrating the company’s expertise in delivering complex digital transformation projects for large public sector organizations. By modernizing HMRC’s digital…
