PPL Corp partners with EIP; commits to invest $50M in energy transition

PPL Corporation

PPL Corp, a Pennsylvania-based electricity and natural gas company, announced today it has partnered with Energy Impact Partners (EIP); a global investment platform leading the transition to a sustainable energy future.

Firstly, under the partnership, PPL Corp will expand its efforts to advance clean energy technologies; by joining EIP’s global investment platform. Therefore, PPL has committed to invest $50 million in EIP’s platform.

Secondly, the partnership with EIP will allow PPL Corp a greater visibility into emerging technologies to advance the clean energy transition. The investing will be as an EIP limited partner on its new Elevate Future Fund; which EIP also announced today.

Thirdly, the Elevate Future Fund will focus on enhancing diversity, equity and inclusion by expanding opportunities for underrepresented entrepreneurs and communities in the energy transition.

Moreover, this would include investments in companies focused on supply decarbonization; electrification, tech-enabled infrastructure; also, reliability and resilience, and intelligent demand solutions. It also means partnerships and agreements with tech accelerators such as universities; however, the investments will greatly focus on historically black colleges and universities.

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PPL Corp advancing further actions with suppliers and low carbon initiatives

In addition, about PPL Corp’s ambitions on the matter, company’s CEO Vincent Sorgi, said. “Investing in research and development is a key component of PPL’s clean energy strategy. It will take new systems and technologies to achieve net-zero emissions while preserving energy reliability and affordability; and we look forward to partnering with EIP to fuel this innovation.”

He also remarked. “We believe cultivating diversity in our workplace; partners and also suppliers fosters innovation and delivers positive outcomes for the customers and communities we serve.”

Furthermore, the partnership builds upon other actions that PPL Corp has undertaken on the energy transition matter; for example, it has supported the Low-Carbon Resources Initiative, led by the Electric Power Research Institute and Gas Technology Institute.

Finally, about the relevance of the partnership for EIP, Anthony Oni, managing partner of the fund, said. “With the creation of the Elevate Future Fund, we are addressing the need for the venture capital community to come together; to provide better opportunities for underserved communities in our industry; and PPL’s commitment will help us address this need.”

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