Global venture capital firm Energy Impact Partners (EIP) announced today the closing of its climate tech-focused EIP Deep Decarbonization Frontier Fund, reaching commitments of $485 million, and substantially passing the fund’s initial $350 million target.
The fund, launched earlier this year, targets early-stage, revolutionary technologies aimed at accelerating the net zero transition, with outsized financial prospects, with a focus on companies that have achieved early technical validation but have not yet reached full maturity at scale.
Shayle Kann, Partner at EIP, said:
“The challenge is both simple and daunting – the world must go from 50 gigatons of CO2e emissions per year, to net-zero by midcentury, if not sooner. Our Frontier Fund is dedicated to supporting entrepreneurs who will build the foundations of that transformation and the trillions of dollars of opportunity it represents.”
At launch, EIP said that the fund is built on the core principles that an unprecedented wave of innovation is coming to solve the most challenging problems in deep carbonization and that the demand for zero-carbon energy, products, and goods will accelerate market adoption of these new technologies and drive commercial outcomes for the winners.
To date, the fund has invested in 12 companies including energy storage company Form Energy, zero-emissions nitrogen fertilizer company Nitricity, carbon capture provider Carbon America, and zero-carboncement company Sublime Systems
Ashwin Shashindranath, Partner at EIP, said:
“We are looking at the earliest stages for solutions to climate problems and develop real pathways to commercial success, helping complete the last mile of deep decarbonization.”