In brief: VC firm EIP raises $1bn for venture climate tech

Microsoft, FirstEnergy and ESF Group are investors in Energy Impact Partners’ second fund.

Energy Impact Partners has closed a climate technology impact fund at more than $1 billion with capital commitments from a number of “strategic and financial investors across the utility, energy, real-estate, mobility and industrial sectors,” the firm announced today.

EIP manages assets worth $2 billion across six funds and has made 75 investments – including electric vehicle charging company Volta and software company Arcadia. Its core objectives include “superior, risk-adjusted returns for investors, and advance positive environmental and social outcomes through our investments,” according to the firm’s 2021 ESG and impact report. It was founded in 2015 and is headquartered in New York City.

Investors in the second fund include: Alliant Energy, Ameren, AvalonBay, Avista, Burns & McDonnell, Cox Enterprises, Duke Energy, EDF Group’s EDF Pulse Holding, Emera, ENMAX, Entergy, Enterprise Holdings, Evergy, FirstEnergy, Fortis, Hawaiian Electric Industries, Hydro One, MGE Energy, Microsoft’s Climate Innovation Fund, OGE Energy, Park Hotels & Resorts, Pinnacle West Capital, Portland General Electric, PPL Corporation, Public Storage, Southern Company, TC Energy, Tennessee Valley Authority Asset Retirement Trust, Williams, and Xcel Energy.

EIP is targeting $120 million for its Elevate Future fund, launched in July to invest in companies “founded or run by diverse talent”.