PPL joins energy platform
PPL Corporation announced it is expanding its efforts to advance clean energy technologies by joining Energy Impact Partners’ global investment platform, which brings together leading companies and entrepreneurs worldwide to foster innovation toward a sustainable energy future.
PPL said it has committed to invest up to $50 million across EIP’s investment platform to help accelerate the shift to a low-carbon future and drive commercial-scale solutions needed to deliver deep, economywide decarbonization. Collaboration with EIP will provide PPL greater visibility into emerging technologies that can be leveraged to advance the clean energy transition.
“Investing in research and development is a key component of PPL’s clean energy strategy,” said PPL President and Chief Executive Officer Vincent Sorgi. “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 said its partnership with EIP 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. This includes investing in companies focused on supply decarbonization, electrification, tech-enabled infrastructure, reliability and resilience, and intelligent demand solutions - key areas targeted by EIP’s overall investment platform. In addition, it includes forming partnerships with technology accelerators and universities, including historically black colleges and universities.
“Advancing the clean energy transition and fostering greater diversity, equity and inclusion are core to our long-term strategy and commitments at PPL, and we see a perfect marriage of these two objectives in EIP’s Elevate Future Fund,” said Sorgi.
PPL’s partnership with EIP complements other actions the company is taking both to help accelerate low-carbon technologies and to promote diversity, equity and inclusion. This includes PPL’s support of the Low-Carbon Resources Initiative, led by the Electric Power Research Institute and Gas Technology Institute. PPL is an anchor sponsor of LCRI, and Sorgi chairs EPRI’s LCRI Board Working Group. In addition, it includes PPL’s efforts to develop and sustain relationships with diverse suppliers and service providers. The company, for example, spent $275 million on diverse suppliers in 2020.
To learn more, visit www.pplweb.com/sustainability.