PSEG commits $35M to Energy Impact Partners funds
Public Service Enterprise Group (PSEG) committed $35 million to funds managed by Energy Impact Partners (EIP), a venture capital firm that funds early-stage technologies to combat climate change.
PSEG’s investment aims to help accelerate the transition to net-zero greenhouse gas (GHG) emissions while enhancing its own strategies and capabilities. The investment gives PSEG valuable insights into innovative technologies from across EIP’s portfolio of companies to advance its environmental, social and governance (ESG) objectives.
“PSEG is committed to addressing the causes and impacts of global climate change, but no one company can find all the solutions alone,” PSEG Chairman, President and CEO Ralph Izzo said. “While we continue to focus on delivering safe, reliable, sustainable, and increasingly cleaner power to our customers, this investment partnership allows us to support innovative research, technology, and a variety of early-stage companies – including those run by or focused on the advancement of underrepresented people – that can help accelerate the transition to a clean energy future.”
PSEG has achieved a more than 54 percent reduction in GHG emissions since 2005, including retiring more than 4,000 megawatts of fossil generation in the past decade.
“We are excited for PSEG to join our coalition focused on creating a sustainable future,” Hans Kobler, founder and managing partner of EIP, said. “Tackling climate change is a major challenge and opportunity that can only be solved by working together.”
