RIYADH: Promising climate tech startups are set to benefit from a $200 million fund raised by US global investment platform, Energy Impact Partners LP.
The firm, also known as EIP, secured the cash from Microsoft, as well as US electric power and natural gas holding firm, Duke Energy Corp.
EIP aims to raise an additional $150 million for the fund this year.
The money will be used to transform promising climate technologies into commercial operations, Bloomberg reported.
Startups in the climate field require massive amounts of capital which is not easily attained due to the associated risk of failure.
EIP is financed by oil and gas firms as well as utility providers.
It will pair promising climate tech startups that are determined to meet net zero deadlines with their corresponding portfolio firm.