FirstEnergy invests in fund to foster clean energy technologies
FirstEnergy Corp. is investing in global venture capital firm Energy Impact Partners’ (EIP) Fund II, designed to finance, develop, and deploy technologies for a sustainable future.
FirstEnergy joins with other leading utilities and companies to provide more than $1 billion in capital commitments to the initiative. Among the target initiatives of the EIP Fund II are HVAC and transportation electrification initiatives, energy storage and carbon capture technology, grid hardening, and cyber security, and smart home and cities programs.
The investment aligns with FirstEnergy’s pledge to achieve carbon neutrality by 2050, with an interim goal of achieving a 30 percent reduction in greenhouse gases by 2030.
“Over the course of our five-year commitment to EIP, FirstEnergy will have opportunities for early access to the cutting-edge technology and solutions being developed that will help us prepare the grid of the future and enable our customers to live more sustainably,” Steven Strah, FirstEnergy president and CEO, said. “Rather than having to develop a new product or program on our own, we can jumpstart the process by implementing a pilot program or partnership using technology from an EIP portfolio company to assess potential customer benefits before deploying on a wider scale.”
This is FirstEnergy’s second investment with EIP. In July, FirstEnergy became a partner in EIP’s Elevate Future Fund, which is focused on expanding access and opportunities for underrepresented sustainable energy entrepreneurs. The fund has already made investments in several startup companies, including a web-based platform for on-demand repair of electric vehicle (EV) charging stations and a youth transportation solution for schools, government agencies, and families.
FirstEnergy has several emerging technology programs, including EV Driven, an electric vehicle pilot program in Maryland. Through this initiative, FirstEnergy’s Potomac Edison utility is installing 59 public charging stations, including 20 fast-chargers, across its Maryland territory. Potomac Edison has also received approval from the Maryland Public Service Commission to install two battery storage projects, including one that is paired with a new EV fast-charging station.
Also, FirstEnergy subsidiaries Mon Power and Potomac Edison have filed a proposal with the West Virginia Public Service Commission to build five utility-scale solar energy projects throughout the utilities’ West Virginia service territory. The facilities would generate a combined 50 megawatts of clean, renewable energy.
Through its 10 electric distribution companies, FirstEnergy serves customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York.
