Venture capital fund secures $45mn for energy transition
US-based Energy Capital Ventures (ECV) said August 9 that it closed on $45mn in capital to support the use of natural gas and the broader energy transition.
ECV describes itself as the “only strategic venture capital fund purpose-built for driving environmental, social and governance innovation and digital transformation for the natural gas distribution industry.”
From five utility companies, ECV said the tranche is the first step toward a larger fund meant to support innovations in renewable natural gas, hydrogen and other clean energy alternatives.
“By investing in ECV, we’re also supporting and enabling the innovation of other companies that could bring new technologies to market to help advance our energy industry,” said Dennis Vermillion, the CEO of ECV’s founding limited partner Avista Utilities. “By working together, we can move forward toward the clean energy future we all want.”
The closing on the capital commitments follows a UN report on climate change that points the finger squarely at human activity for dangerous weather trends, from extreme cold and heat to glacial melting.
The report from the Intergovernmental Panel on Climate Change suggests that support for the energy transition and sweeping commitments to abate greenhouse gas emissions are essential to mitigate against any further damage to the environment.