Canadian energy and services company Emera has joined Energy Impact Partners’ Elevate Future Fund as a founding limited partner. No financial terms were disclosed. EIP, a US sustainable energy private equity firm, is targeting $120 million for Elevate, which will invest in under-served opportunities focused on the low-carbon economy.
HALIFAX, Nova Scotia–(BUSINESS WIRE)–Emera Inc. (TSX: EMA) is pleased to join the Energy Impact Partners Elevate Future Fund as a founding limited partner.
Energy Impact Partners, a global investment platform focused on a sustainable energy future, established the Elevate Future Fund to help address the disparity in access to capital for companies led by entrepreneurs from underrepresented groups.
“We’re proud to be part of this important initiative to connect innovative energy companies with essential capital, helping to break down barriers all while growing and supporting a lower-carbon economy,” says Karen Hutt, Executive Vice President Business Development and Strategy, Emera Inc. “Our Environmental, Social and Governance commitments are core to Emera’s strategy and the Elevate Future Fund aligns with our focus on helping to build stronger, more innovative communities that are more diverse and equitable for everyone.”
Investments from the Fund will focus on start-up companies that are founded or led by diverse talent, or that provide meaningful employment for underserved communities. The companies will also drive innovation in the areas of decarbonization, electrification, tech enabled infrastructure, reliability and resilience, and intelligent demand.
“We know innovation and new technology are critical to building a clean energy future that’s also affordable and reliable for customers,” says Hutt. “We look forward to enabling promising start-ups to make significant contributions to the energy transition in our local jurisdictions, and beyond.”
Emera is committed to leveraging the already strong business and innovation networks in the areas where we operate by working with community partners to better understand the local start-up landscape, spread awareness of the Fund, and facilitate connections.
“I look forward to working with Emera on creating a more equitable, diverse and inclusive energy transition through the Elevate Future Fund,” said Anthony Oni, Managing Partner of the Elevate Future Fund at Energy Impact Partners. “With the creation of the Elevate Future Fund we are addressing the need for the venture capital community to come together to provide better opportunities for underserved communities in our industry, and Emera’s commitment will help us address this need.”
The Fund has already made three investments in diverse companies focused on the energy transition. This includes Los Angeles-based ChargerHelp! that has developed a mobile application and web-based platform for rapid, on-demand repair of electric vehicle charging stations; Project Canary, an international environmental standards company based in Denver; and HopSkipDrive, an innovative, safe, and dependable youth transportation solution for schools, districts, government agencies and families.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H and EMA.PR.J. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.