Energy utility AGL Energy joined US-based private equity firm Energy Impact Partners (EIP)’s strategic partner network, Nexus, yesterday and is investing an undisclosed sum in the firm’s first fund.
Founded in 2015, EIP invests in companies developing technology to optimise energy consumption and boost energy generation from sustainable sources.
The firm takes a collaborative strategic approach to investing and, through Nexus, partners energy utilities that have the buying power, operational and customer expertise to help portfolio companies grow and innovate.
EIP’s portfolio includes Sense Labs, a home energy monitoring technology developer backed by petroleum producer Shell, and energy management technology provider AutoGrid Systems, whose investors include energy company Eon.
Elisabeth Brinton, executive general manager of new energy at Australia-based AGL, said: “The investment with EIP forms part of a broader innovation strategy at AGL, providing greater reach for AGL’s technology scanning and incubation, and a ready process to bring new solutions to scale.
“It is also a channel to international markets, strategic partnerships and finance for our innovative Australian technology partners.”
Andy Vesey, AGL’s managing director and chief executive, added: “Innovation is key to our growth and customer focus and this investment will provide access to innovative ideas, technologies and business models.”
Other Nexus members include energy utilities Southern Company, Ameren Corporation, Great Plains Energy, Xcel Energy and Canada-based Fortis, as well as and power transmission infrastructure operator National Grid.