FirstEnergy Corp. has announced an incremental investment in global venture capital firm Energy Impact Partners’ (EIP) Fund II. Through this and other funds, EIP brings leading utility, energy, real estate and industrial companies together with sustainable energy entrepreneurs to help finance, develop and deploy technologies to lead the transition to a sustainable future.
As a limited partner in EIP Fund II, FirstEnergy joins with leading utilities and other companies to provide more than $1 billion in capital commitments to the initiative. Some of the core target areas for EIP Fund II investments include HVAC and transportation electrification initiatives, energy storage and carbon capture technology, grid hardening and cybersecurity, and smart home and cities programs.
The relationship with EIP aligns with FirstEnergy’s pledge to achieve carbon neutrality by 2050, with an interim goal of achieving a 30 percent reduction in greenhouse gases within the company’s
