US-based venture capital firm Energy Impact Partners has raised more than $60m for its Elevate Future Fund, from corporate limited partners including corporates Microsoft, Southern Company, Fortis, Alliant and Xcel.
The fund will back underrepresented entrepreneurs and communities advancing the low carbon economy, including supply decarbonisation, electrification, technology-enabled infrastructure, intelligent demand, reliability and resilience. The news follows reports earlier in the month Xcel would co-chair the fund.
The fundraising follows a record week for the sector, as the Financial Times reported that private equity firm TPG had brought in commitments worth $5.4bn for its first Rise Climate Fund while Brookfield said it had raised even more, $7bn, for its Global Transition Fund.
More than $1bn of the total raised by TPG came from at least 20 corporations, including Apple, Alphabet, Bank of America, General Electric and General Motors.
Elevate’s first three investments are:
ChargerHelp, a black women-owned startup that has developed a mobile app and web-based platform for rapid, on-demand repair of electric vehicle charging stations;
Project Canary, an international environmental standards company; and
HopSkipDrive, a youth transportation service for schools, districts, government agencies and families.
In addition to its direct investments, the Elevate team said it would form partnerships with technology accelerators and universities, including historically black colleges, to nurture talent, promote infrastructure and support systems to retain talent from underrepresented groups.
The fund will work closely with its strategic corporate investors and partners including Alliant, Ameren, Duke Energy, Emera, FirstEnergy, Fortis, Microsoft (through its Climate Innovation Fund), OGE Energy, Pinnacle West Capital, PPL, Southern Company, Tennessee Valley Authority Asset Retirement Trust and Xcel Energy.
Anthony Oni, managing partner of the Elevate Future Fund and former vice-president at Southern Company, said: “We look forward to working closely with our incredible corporate partners to help advance a more equitable ecosystem and provide better opportunities for underrepresented people.”
Brandon Middaugh, director of Microsoft’s Climate Innovation Fund, said: “Microsoft is investing in EIP’s Elevate Future Fund through our Climate Innovation Fund because of their support for climate solutions driven by a diverse talent base.”
“As a long-time investor in Energy Impact Partners, we are pleased and proud to have the opportunity to both invest in and co-chair the Elevate Fund,” added Ben Fowke, CEO and chairman of Xcel Energy.
Vincent Sorgi, PPL president and CEO, said: “We recognise that it will take new ideas, technology and systems to achieve a net-zero emissions future that preserves energy reliability and affordability.”
“We are proud to be an investor in Energy Impact Partners,” said Diane Cooke, vice-president of human resources for Alliant Energy.
Photo of Anthony Oni courtesy of LinkedIn.
