Energy transition-focused venture capital investor Energy Impact Partners (EIP) announced today the completion of its fundraising for Elevate Future Fund I LP, focused on accelerating the clean energy transition with a focus on diverse founders, with commitments of $111.9 million.

According to EIP, the new fund aims to drive diversity in the energy ecosystem, supporting the goals of accelerating the clean energy transition and working towards improved inclusion in the venture capital network. The fund invests in companies founded or run by diverse talent driving innovation to advance the low carbon economy in areas including supply decarbonization, electrification, tech enabled infrastructure, reliability and resilience, and intelligent demand.

Portfolio companies of Elevate Future include EV charging support company ChargerHelp!, logistics and manufacturing AI and robotics company Robust.AI, and sustainable resource sharing platform Rheaply.

Hans Kobler, Founder and Managing Partner at EIP, said:

“Urgent action is needed to combat climate change and a task this size cannot be done alone. It requires a coalition of diverse thought, perspective and collaboration to make actionable progress toward decarbonizing the global economy. The Elevate Future Fund is one great step forward in advancing equity and opportunity in the clean energy industry.”

LP investors in the fund include Fortis, Southern Company, Xcel Energy, PPL Corporation,Amazon, Microsoft’s Climate Innovation Fund, CenterPoint Energy and GE.

Nick Komorous, Vice President of Worldwide Corporate Development at Amazon, said:

“We’re proud to invest in the Elevate Future Fund as part of our Amazon Catalytic Capital investment program. Bringing this together with our Climate Pledge Fund allows us to create a more sustainable future and increase access to capital for underrepresented entrepreneurs and communities.”