Akron, Ohio, February 1, 2022 /PRNewswire/ — To help advance a sustainable energy future, FirstEnergy Corp. (NYSE: FE) today announced a $2.5 million investment in global venture capital firm Energy Impact Partners (EIP) Frontier Fund, which targets innovative early-stage decarbonization technologies. Through this fund, EIP works closely with industry entrepreneurs and leading utility, energy, environmental and financial companies to identify and invest in decarbonization technology, from idea conception to commercial success. , which can help accelerate the global transition to net-zero greenhouse gas emissions. .
Relationship with EIP aligns with FirstEnergy’s commitment to achieve carbon neutrality by 2050, with an intermediate goal of achieving a 30% reduction in greenhouse gases (GHGs) under direct operational control by 2030. In 2020, FirstEnergy made progress towards this goal, with a 19% reduction in GHG emissions from its 2019 baseline.
“Through our investment in the Frontier Fund, we can capitalize on a strong wave of innovation on the horizon that will help decarbonize not only electric utilities, but other key industries as well,” said Steven E. Strah, President and CEO of FirstEnergy. “Our involvement with EIP allows us to step into the field of commercial implementation of sustainable and clean energy technologies that will benefit our customers and help fight climate change.”
EIP’s Frontier Fund has already invested in several technology companies that have the potential to accelerate the transition to a sustainable energy future, including: a company producing industrial-scale hydrogen from renewable energy; a zero-emission fertilizer company; a company that produces steel from electricity without using coal; economical nuclear fusion technology; a low-cost, multi-day energy storage company; and a zero carbon cement company.
This is FirstEnergy’s third investment with EIP. In December 2021, FirstEnergy invested $20 million, over five years, under EIP Fund II, which brings together leading companies and sustainable energy entrepreneurs to help fund, develop and deploy technologies to lead the transition to a sustainable future. The partnership follows a $2.5 million FirstEnergy investment in July 2021 in EIP’s Elevate Future Fund, focused on expanding access to venture capital and opportunities for underrepresented entrepreneurs in the field of sustainable energy. FirstEnergy is reviewing all companies in the EIP fund portfolio to determine which may be suitable for future testing and deployment.
FirstEnergy’s investments in the EIP Funds have been coordinated by the company’s Emerging Technologies organization, which develops an internal culture of multi-level innovation to explore and pursue technologies that deliver profitable value to customers.
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its ten power distribution companies form one of the largest investor-owned power grids in the country, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The Company’s transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.
SOURCE First Energy Corp.