FirstEnergy Corporation has announced a $2.5 million (£1.8m) investment in a venture capital fund targeting decarbonisation technologies.
Energy Impact Partners’ (EIP) Frontier Fund, which targets early-stage technologies, has already made investments in technology companies that have the potential to accelerate the transition to a sustainable energy future.
The relationship with EIP aligns with FirstEnergy’s pledge to achieve carbon neutrality by 2050, with an interim goal of achieving a 30% reduction in greenhouse gas emissions within the company’s direct operations by 2030.
This marks FirstEnergy’s third investment with EIP – in December 2021, the company invested $20 million (£14.7m) over five years in EIP’s Fund II, which brings larger companies together with sustainable energy entrepreneurs to help finance, develop and deploy technologies.
It followed a $2.5 million (£1.8m) investment last year in EIP’s Elevate Future Fund, focused on expanding venture capital access and opportunities for under-represented sustainable energy entrepreneurs.
Steven E. Strah, FirstEnergy President and Chief Executive Officer said: “Through our investment in the Frontier Fund, we can leverage a strong wave of innovation on the horizon that will help decarbonise not just electric utilities but other key industries as well.
“Our involvement with EIP allows us to get in on the ground level of the commercial implementation of sustainable, clean energy technologies that will benefit our customers and help address climate change.”