PPL Corp. joins EIP’s Deep Decarbonization Frontier Fund
PPL Corp., based in Allentown, Pa., has joined Energy Impact Partners (EIP) to launch its Deep Decarbonization Frontier Fund.
The fund targets early-stage, revolutionary technologies that accelerate the transition to net-zero greenhouse gas emissions. The fund has already received commitments for more than $200 million from new and existing investors. It is well on its way to its target of $350 million.
“Innovation fuels progress, and at PPL, we are committed to driving innovation that will help us achieve our goal of net-zero carbon emissions, drive value for customers and shareowners, and advance a sustainable energy future,” Vincent Sorgi, PPL president and CEO, said. “We understand the power of partnerships in unleashing innovation, and we are proud to support the Frontier Fund.”
PPL’s participation in the Frontier Fund is part of its commitment to invest up to $50 million across EIP’s platform to accelerate the shift to advance clean energy technologies. This collaboration with EIP is expected to provide PPL with greater visibility into emerging technologies that can be leveraged to advance the clean energy transition.
“We are glad that PPL has joined our latest fund,” Shayle Kann, partner in the EIP Frontier Fund, said. “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 is also involved in other efforts to advance research and development, including its membership in the Electric Power Research Institute and Gas Technology Institute’s five-year Low-Carbon Resources Initiative (LCRI). Sorgi is chair of the LCRI Board Working Group.
