PSEG Joins Energy Impact Partners' Funds to Drive Decarbonization and Clean Energy Innovation
PSEG to gain insights into cutting-edge research and technologies to help accelerate ESG targets Investments to include companies run by or focused on underrepresented communities
NEWARK, N.J., February 10, 2022 /3BL Media/ – Public Service Enterprise Group (PSEG) announced today it has committed $35 million to funds managed by Energy Impact Partners (EIP). EIP, a global venture capital firm, and its funds target early-stage, innovative technologies aimed at combatting climate change. In addition to supporting financial returns, PSEG’s investment aims to help accelerate the transition to net-zero greenhouse gas (GHG) emissions and a clean energy future while enhancing our own insights and strategies.
Participating in these funds enables PSEG to gain valuable insights into cutting-edge technologies from across EIP’s portfolio of companies to help accelerate our sustainability roadmap and more rapidly advance our environmental, social and governance (ESG) objectives, strengthening our ESG leadership.
“PSEG is committed to addressing the causes and impacts of global climate change, but no one company can find all the solutions alone,” PSEG Chairman, President and CEO Ralph Izzo said. “While we continue to focus on delivering safe, reliable, sustainable and increasingly cleaner power to our customers, this investment partnership allows us to support innovative research, technology and a variety of early-stage companies – including those run by or focused on the advancement of underrepresented people – that can help accelerate the transition to a clean energy future.”
“We are excited for PSEG to join our coalition focused on creating a sustainable future,” said Hans Kobler, Founder and Managing Partner of EIP. “Tackling climate change is a major challenge and opportunity that can only be solved by working together."
PSEG climate leadership includes our 2030 net-zero climate vision and our participation in the U.N.-backed Race to Zero campaign. Since 2005, PSEG has achieved a more than 54% reduction in GHG emissions, including retiring more than 4,000 megawatts of fossil generation in the past decade. PSEG also announced the sale of PSEG Fossil’s 6,750 MW portfolio located in NJ, MD, CT and NY.
In addition to clean energy and deep decarbonization, PSEG is committed to sustainability and ESG principles. Details on PSEG policies that support social responsibility, diversity, equity and inclusion (DEI) and other ESG metrics can be found in our 2021 Sustainability and Climate Report and our 2021 DEI report.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 14 consecutive years (https://corporate.pseg.com).
The statements contained in this press release that are not purely historical are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
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