PPL Corp. launches Decarbonization Fund

PPL Corp. Of Allentown has joined Energy Impact Partners, a global investor, in the launch of its Deep Decarbonization Frontier Fund. The fund targets early-stage technologies that accelerate the transition to net-zero greenhouse gas emissions. 

With a target of $350 million, PPL said the fund has already received commitments for more than $200 million from both new and existing investors. Through the Frontier Fund, PPL will work with EIP to identify innovations that address deep decarbonization challenges. 

PPL’s participation in the Frontier Fund is part of the company’s commitment to invest up to $50 million across EIP’s platform to accelerate the shift to a low-carbon future and advance clean energy technologies. Collaboration with EIP is expected to provide PPL greater visibility into emerging technologies that can be leveraged to advance the clean energy transition. 

PPL is also involved in other industry efforts to advance research and development. This includes engaging as an anchor member in the Electric Power Research Institute and Gas Technology Institute’s five-year Low-Carbon Resources Initiative. Sorgi is helping to lead this effort as chair of the LCRI Board Working Group. 

“We are glad that PPL has joined our latest fund,” said Shayle Kann, partner in the EIP Frontier Fund. “Over the last six years, we have built an ecosystem and process to drive innovation in massive, mature and technically complex industries, and nowhere is this skillset needed more than the drive toward deep decarbonization.” 

PPL joins global investment platform to promote clean energy

PPL Corp. of Allentown has joined Energy Impact Partners’ global investment platform as part of its effort to transition to clean energy.

It has committed to invest up to $50 million across EIP’s investment platform to shift to lower carbon-based energy generation. By working with EIP, PPL will have more insight into emerging technologies that will help it in its clean energy transition.

“Investing in research and development is a key component of PPL’s clean energy strategy,” said Vincent Sorgi, president and CEO of PPL. “We recognize that 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.”

PPL’s partnership includes investing as a founding limited partner in EIP’s new Elevate Future Fund. The Elevate fund focuses on enhancing diversity, equity and inclusion by expanding opportunities for underrepresented entrepreneurs and communities in the energy transition.

“I look forward to working with PPL on creating a more equitable, diverse and inclusive energy transition through the Elevate Future Fund,” said Anthony Oni, managing partner of the fund at EIP, a global investment platform. “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.”