US-based investment firm Energy Impact Partners (EIP) launched a corporate-backed venture capital fund on Wednesday that will invest in companies developing sustainable energy generation and energy efficiency technology.
The fund has secured commitments from limited partners including energy utilities Xcel Energy and Southern Company, and electricity and gas distributor National Grid, which although headquartered in the UK has almost 7 million US customers.
EIP has offices in New York and San Francisco, and is led by a team that previously helped develop General Electric’s strategic technology investment business. It has not disclosed the amount raised for the fund or how much it plans to provide to each portfolio company.
Hans Kobler, managing partner of EIP, said: “Energy Impact Partners is honoured to have three of the leading energy companies in the world as initial investors in our fund.
“As EIP moves into full operating mode, we will turn our partners’ strategic priorities into practical investment theses, working closely with the companies that will be the building blocks of tomorrow’s global energy web.”
Sectors EIP intends to target include smart buildings, smart or connected grid technology, power management and energy storage, distributed generation, and data management and analytics.
Ben Fowke, Xcel Energy’s chairman, president and CEO, said: “New technology is driving tremendous change in our industry, and it is important that we adapt to and embrace that change.
“Our involvement with EIP will help us better understand how to continue leveraging technology’s impact on our business to drive greater efficiency and innovation and meet the evolving needs of our customers as a trusted energy partner.”
– Photo courtesy of Pantona via Wikimedia Commons