Energy Impact Partners, a global investment firm custom-built to invest in the energy transition, announced it has completed fundraising for its inaugural Elevate Future Fund I LP, one of the largest funds of its kind, with $111.9 million of limited partner commitments.

Elevate is a purpose-built fund focused on driving diversity in the energy ecosystem through a three-step approach – providing capital to underrepresented founders, supporting diversification and minority owned businesses in the supply chain and investing in all parties along the ecosystem to achieve the mutual goal of accelerating the clean energy transition while increasing diversity, equity and inclusion in the broader venture capital network.

“At EIP, we believe that investing in diverse founders is not only a social equity imperative, but a key component in driving innovation and progress in the clean energy transition,” said Anthony Oni, Managing Partner at EIP. “The close of this fund shows that investors are committed to supporting the next generation of diverse entrepreneurs who are creating the critical solutions needed to reduce the world’s exposure to carbon emissions and fossil fuels.”

The Fund seeks to identify, support and grow its energy incumbents’ local and regional efforts that expand clean energy opportunities and investments in the United States and Canada. Elevate has already invested in companies such as ChargerHelp! (EV charging support), Robust.ai (AI for logistics and manufacturing) and Rheaply (sustainable resource sharing).

Hans Kobler, Founder and Managing Partner at EIP, commented, “Urgent action is needed to combat climate change and a task this size cannot be done alone. It requires a coalition of diverse thought, perspective and collaboration to make actionable progress toward decarbonizing the global economy. The Elevate Future Fund is one great step forward in advancing equity and opportunity in the clean energy industry.”

See related article: Energy Impact Partners Launches Europe Fund with EUR 390 Million from Microsoft, Adia and More

Investors Leading the Equitable Energy Transition

Elevate attracted equity commitments from a multi-faceted LP base, with investors from the rural and urban U.S., as well as indigenous populations from the U.S. and Canada. Key investors include Fortis Inc., Southern Company, Xcel Energy, PPL Corporation, Amazon (Amazon Catalytic Capital and Amazon/Climate Pledge Fund), Microsoft, through its Climate Innovation Fund, CenterPoint Energy and General Electric Company.

“We are proud to be a founding investor in the Elevate Future Fund and strongly believe in its mission to drive diversity and inclusion in the clean energy ecosystem,” said Chris Womack, President and CEO-elect at Southern Company. “Southern Company recognizes the importance of and is committed to helping bring a range of perspectives to the table as we work to transition to a clean energy future.”

Vincent Sorgi, President and CEO at PPL Corporation, added, “At PPL, we understand that transitioning to a cleaner energy future in a sustainable and affordable way requires innovation. As an investor in the Elevate Future Fund, we are furthering our commitment to support the next generation of diverse entrepreneurs contributing to building a clean energy economy that benefits everyone.”

“We’re proud to invest in the Elevate Future Fund as part of our Amazon Catalytic Capital investment program,” said Nick Komorous, Vice President of Worldwide Corporate Development at Amazon. “Bringing this together with our Climate Pledge Fund allows us to create a more sustainable future and increase access to capital for underrepresented entrepreneurs and communities.”

“We applaud the EIP Elevate team for reaching this important milestone in mobilizing capital for a just and equitable energy transition through innovation,” commented Melanie Nakagawa, Chief Sustainability Officer at Microsoft. “As both an investor and a renewable energy buyer, we know it is essential for energy innovation to include underrepresented founders and yield broad community benefits, and the Elevate Future Fund is creating the diverse ecosystem needed to deliver a beneficial net zero transition.”

This fundraising milestone is an example of EIP and its LP’s continuing commitment to provide more inclusive capital to diverse founders and support the continued diversification of the venture capital ecosystem within the broader energy transition.