Allentown-based energy PPL Corp. is investing in Flagship Fund, Fund II, which is offered by venture capital firm Energy Impact Partners.
The fund invests in energy companies and technologies that advance the transition to low-carbon energy.
It has already received $1 billion in commitments. Significant investments in more than a dozen technology companies that are accelerating the energy transition have already been made.
PPL’s participation is part of its commitment to invest up to $50 million across EIP’s platform to accelerate the shift to a low-carbon future. Through Fund II, PPL will work with EIP to identify technologies that advance the zero-carbon economy. This includes companies innovating across supply decarbonization, electrification, tech-enabled infrastructure, reliability and resilience, and intelligent demand.
“Innovation is key to our goal of achieving net-zero carbon emissions by 2050 while keeping energy reliable and affordable for our customers and the communities we serve,” PPL President and CEO Vincent Sorgi said. “That’s why we’re partnering with EIP to support entrepreneurs, and it’s why we’re investing more than ever before to fuel research and development of breakthrough clean energy technologies.”
The collaboration builds on PPLʻs growing culture of innovation. It will provide greater insight into emerging technologies that can be used to advance a cleaner energy future.
“We are thrilled to work with PPL as part of our largest coalition of utilities and industrials focused on creating a sustainable future,” Hans Kobler, founder and managing partner of EIP, said. “Tackling climate change is a major challenge and opportunity that can only be solved by working together. Our unique engagement model helps our partners innovate, drives growth in our investments, and as a result, maximizes real near-term impact on the climate.”
PPL recently announced its participation in another EIP fund, the Elevate Future Fund. This fund focuses on enhancing diversity, equity, and inclusion by expanding opportunities for underrepresented entrepreneurs and communities in the energy transition.