New York-based EIP is back with a $1 billion fundraise for its third flagship fund focused on ready-to-scale climate solutions, according to an SEC filing. The firm’s strategic investors and collaborators include more than 60 utilities and corporations, from Xcel Energy and Entergy to GE and Microsoft, that are looking for commercial-stage solutions to help them decarbonize.
The third fund follows a billion-dollar raise for Fund II in November 2021. “Our goal as a firm is to really accelerate the pace of change of the energy transition,” said EIP’s Sameer Reddy at the firm’s annual meeting in June. “We have such a unique platform to be able to do just that.”
Decarbonize everything
The fundraise bumps EIP’s assets under management to some $5 billion. Since it was founded in 2015, EIP’s has added a Frontier Deep Decarbonization Fund for seed and early-stage venture investments, two credit funds, and the Elevate Future Fund for seed, early stage and debt investments in diverse-led companies and funds.
The flagship fund’s portfolio companies to date include industrial heat battery maker Rondo; Electric Hydrogen, which makes next generation electrolyzers; EV charger maintenance company Charger Help; and Spire, which makes specialty power transformers to boost grid capacity.
