ENERGY IMPACT PARTNERS
Impact & ESG   
Performance  
Report
2022

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
2
Dear Partners, Investors, & Stakeholders,
The past year has been extremely eventful for the world, 
the global climate, and our work at Energy Impact Partners. 
The ongoing effects of the COVID-19 pandemic, the 
immense tragedy in Ukraine, disruptions to the global 
energy supply chain and the increasingly frequent 
extreme weather events all over the world remind us 
that democracy, peace, and sustainability are essential 
for prosperity — and that a clean, reliable and abundant 
energy supply is critical for a better future. At COP26 the 
nations of the world agreed to uphold or develop new 
commitments towards a safer global climate, with much 
work still to be done. In global financial markets, we see 
continued progress towards meeting sustainability and 
decarbonization goals, but also clear signs that we must 
pick up the pace of the clean energy transition globally.
At EIP, the monumental events of the past year have 
further accelerated our mission to lead the transition to 
a sustainable energy future while achieving superior, 
risk-adjusted returns for our investors. In 2021 we 
made our first five investments from the Frontier Deep 
Decarbonization Fund, our new fund dedicated to investing 
in companies at the forefront of deep decarbonization 
technology. We also launched the Elevate Future Fund, our 
fund dedicated to investing in companies that are led by 
people from underrepresented groups, empower diverse 
talent, and/or create economic opportunity for underserved 
communities. 
Our portfolio of nearly 100 innovations and technologies, 
which we believe are key building blocks of the energy 
transition, has collectively enabled reductions of the global 
carbon load by more than six million metric tons in 2021. 
We also fully offset our own carbon footprint, and our 40+ 
corporate partners have increased their commitments and 
dedication to the energy transition.
Yet we know that we must do more. In addition to 
expanding our investment platform, we are intensifying 
our ESG-related work with our portfolio companies and 
investors, improving the environmental attributes of our 
own workplace, and collaborating much more with peers 
in our industry to advance better impact and carbon 
reporting practices. We have also become a more diverse 
and representative workplace — approximately 65% of 
the new hires that we welcomed aboard last year are from 
backgrounds that are traditionally underrepresented in the 
venture capital and energy technology industries. We are 
committed to continue on this path and to help our portfolio 
companies improve their diversity and social policies as well. 
Transitioning the world’s energy systems to clean, sustainable 
forms is indisputably one of the most pressing challenges of 
our era — and one of the largest investment opportunities in 
history. We look forward to working with all of our partners 
and stakeholders to make progress towards this goal.
WELCOME
PETER FOX-PENNER 
Chief Impact Officer
HANS KOBLER 
Chief Executive Officer
From left: Peter Fox-Penner, 
Hans Kobler

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
3
CONTENTS
4	
Report Overview
8	
Section One: About EIP
9	
THE WORLD HAS COMMITTED TO  
NET ZERO EMISSIONS
11	
EIP HAS BEEN CUSTOM-BUILT TO ACCELERATE 
THIS TRANSFORMATION
18	 HOW WE APPROACH IMPACT & ESG
23	 Section Two: Advancing Climate 
Solutions
24	 CARBON SAVING IMPACTS ENABLED
31	 FOUNDATIONAL COMPANY IMPACTS
39	 CUSTOMER IMPACT KPIs	
46	 HELPING OUR PARTNERS SUCCEED
51	 Section Three: Case Studies
52	 FORM ENERGY: TRANSFORMING THE GRID WITH 
NOVEL MULTI-DAY ENERGY STORAGE
55	 ENCHANTED ROCK & SINGULARITY ENERGY: 
COLLABORATING TO MEASURE CARBON 
SAVINGS
57	 PROJECT CANARY: MEASURING & CERTIFYING 
RESPONSIBLY PRODUCED NATURAL GAS
59	 MEASURABL: THE LEADING ESG DATA 
MANAGEMENT & ANALYTICS SOLUTION FOR 
COMMERCIAL REAL ESTATE
61	 CHARGERHELP!: RELIABLE & COST-EFFECTIVE 
EV CHARGER MAINTENANCE SOFTWARE & 
SERVICES
63	 Section Four: EIP’s Carbon Impact
64	 OUR INTERNAL FOOTPRINT
66	 SCOPE 3 EMISSIONS
68	 OFFSETS & IMPACTS
69	 Section Five: ESG
70	 OVERVIEW
71	 ENVIRONMENTAL METRICS
73	 DIVERSITY, EQUITY & INCLUSION
79	 ADDITIONAL SOCIAL & GOVERNANCE METRICS
83	 SUSTAINABLE DEVELOPMENT GOALS
84	 Section Six: Thought Leadership
89	 Carbon Goals Appendix
91	 Authors & Acknowledgements
92	 Notice for this Document
In This Document

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
4
E
nergy Impact Partners (“EIP”) 
is a global investment platform 
leading the transition to a sustainable 
energy economy. EIP brings together 
entrepreneurs and the world’s most 
forward-looking energy and industrial 
companies to advance innovation. 
Our strategic investor 
group consists of 40+ 
leading energy utilities and 
industrial firms with strong 
involvement in energy 
and climate technologies. 
These investors are deeply 
involved in helping us 
find the best early-stage 
companies, adopting 
these companies to 
innovate within their own 
enterprises, and supporting 
the rapid scaling of these 
solutions throughout the 
addressable market.
EIP is purpose-built to 
maximize impact. In 2021, 
EIP’s portfolio companies 
enabled carbon savings 
of 6.4 million metric tons 
(MT), the equivalent of 
carbon absorbed by 104.8 
million trees over ten years 
or the carbon emitted by 
1.34 million cars in one 
year. 
REPORT OVERVIEW
Carbon Savings Enabled (metric tons CO2e)
Electricity Savings Enabled (MWh)
Fuel Savings Enabled (gallons)
Water Savings Enabled (gallons)
EIP PORTFOLIO MEASURED IMPACTS
2018 · .8 million
2018 · 1.1 million
2018 · 23 million
2018 · 660 million
 2019 · 1.8 million
 2019 · 2.1 million
 2019 · 92 million
 2019 · 1.3 billion
 2020 · 2.8 million
 2020 · 3.2 million
 2020 · 153 million
 2020 · 1.9 billion
 2021 · 6.4 million
 2021 · 4.8 million
 2021 · 260 million
 2021 · 2.6 billion

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
5
The actual annual carbon 
savings our companies enable 
exceed the carbon footprint 
of our operations and all our 
portfolio companies financed 
emissions by a factor of more 
than 50, even when weighted 
by ownership.
Tracking customer 
expansion within the 
EIP coalition across 
all reporting portfolio 
companies shows a 24% 
increase in customers 
from 2020 to 2021, and a 
total 40% increase since 
2019
Tracking customer 
expansion within the 
energy industry for all 
reporting companies 
shows a 19% increase in 
customers from 2020 to 
2021, and a total 32% 
increase since 2019
Tracking customer expansion for all reporting portfolio 
companies shows a 45% increase in customers from 
2020 to 2021, and a total 65% increase since 2019
The clean energy transition requires a monumental shift of 
supply, delivery, operations, maintenance, management, 
and customer experience across the entire energy value 
chain. To better help enable the full transition, EIP targets 
changes to all parts of the energy system and invests in 
companies that enable the energy transition and are critical 
to future low-carbon economies. Some of these solutions 
cannot currently be measured in tons of carbon emissions 
saved or other traditional energy and environmental 
metrics. As such, we also report on several additional 
metrics that correlate with impact and can be measured 
over time to assess the direction and rate of progress.
EIP'S CUSTOMER IMPACT KPIS
REPORT OVERVIEW
EIP’S ENABLED CARBON SAVINGS FAR 
EXCEED ITS FOOTPRINT
Comparing Full Portfolio Carbon 
Footprint to Enabled Carbon Savings
520,000 MT CO2e
Avoided Emissions 
EIP’s Ownership-Weighted 
Annual Savings Enabled by 
Installed Technologies
10,200 MT CO2e
Financed Emissions 
EIP’s Ownership-Weighted Share 
of 2021 Portfolio Emissions
681 MT CO2e 
EIP’s Own Footprint 
EIP’s Scope 1, 2, and 3 Footprint, 
without Financed Emissions

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
6
REPORT OVERVIEW
Our most important impact pathway is our effect on the 
transitions of our strategic investment partners and, through 
them, on the industries they lead. 95% of our strategic 
partners, who operate large and influential energy, industrial, 
and real estate networks, have adopted climate, energy, or 
sustainability related goals.
At EIP, we strive to facilitate the achievement of these 
goals by introducing and de-risking transition solutions, 
offering strategic insights, and creating a platform for 
shared intelligence and learning. Our partners assist EIP by 
jointly defining attractive investment segments, leveraging 
proprietary deal flows, conducting rigorous due diligence 
grounded in the reality of their industries, and creating 
commercial opportunities for our portfolio companies.
$1 
billion
in cumulative  
bookings  
through 2021
14
working groups  
in 2021
600
working group 
participants  
in 2021
EIP HELPS OUR PARTNERS SUCCEED

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
7
REPORT OVERVIEW
While our investment platform is 
primarily focused on positively 
impacting the energy transition, we 
also believe that following sound ESG 
practices leads to capturing greater 
opportunities and mitigating risks that 
together drive long-term value in our 
portfolio. 
We measure and monitor 
ESG metrics across our 
portfolio and aim to 
support our companies 
in improving these 
practices as they grow. 
We are also proud to 
have launched our Elevate 
Future Fund in 2021, 
an investment vehicle 
dedicated to founders from 
underrepresented groups 
and companies servicing 
traditionally underserved 
communities.
EIP’s unique investment 
model was recognized as 
the #1 globally impactful 
climate venture capital firm 
by Climate 50, an annual 
list that aims the recognize 
the most impactful global 
climate investors.
#1 Climate Tech Investor 2021
15K+
jobs were supported  
in 2021 compared to  
3,500+ in 2020
3K+
direct jobs were created  
in 2021 compared to  
1,100+ in 2020
55%
of our companies  
have waste  
reduction or  
recycling initiatives  
compared to  
46% in 2020
82%
of our companies  
have a health  
& safety policy  
compared to  
54% in 2020
95%
of our companies  
have a DE&I policy  
or are in the process  
of adopting one  
compared to  
83% in 2020
2021 REPORTING PORTFOLIO ESG HIGHLIGHTS

SECTION ONE
About EIP

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
9
ABOUT EIP
The World has Committed 
to Net Zero Emissions
I
t is now widely 
accepted 
that a massive 
transformation 
of our energy 
systems is 
necessary to 
protect the 
climate and 
create a more just 
and sustainable 
energy 
ecosystem.
Recognizing the enormous importance of limiting 
climate change, over 130 countries1, over 7,000 global 
corporations, and over 500 financial institutions2 have 
pledged to achieve net zero carbon emissions by 2050 
or sooner. This grouping represents almost 90% of the 
global GDP.3
This transformation will necessitate an enormous 
increase in clean energy technologies along with many 
other sustainability and climate adaptation solutions.  
Decarbonizing the energy system will require an 
estimated $110 trillion globally through the year 2050.4 
This investment agenda will transform the generation, 
delivery, and use of every form of energy throughout the 
global economy, doubling the share of electricity used 
in climate solutions and expanding other decarbonized 
fuels and processes. An estimated $2.5 trillion of clean 
energy investment is required in the United States alone 
through 2030, with more than half ($1.3 trillion) needed 
to transform the electricity network and most of the 
remainder is needed to decarbonize buildings ($450 
billion) and industrial processes ($360 billion).5 The 
International Energy Agency estimates that roughly 
half this investment must occur in technologies that are 
not yet commercial.6 For the United States to reduce 
emissions at a pace consistent with limiting global 
warming to 1.5°C, emissions will need to be cut by 6% 
each year, almost ten times the average annual reduction 
of 0.8% of the previous decade.7 
ESTIMATED INVESTMENT REQUIRED WORLDWIDE 
TO REACH NET ZERO CARBON BY 20501
 Renewables 
$32.8 USD trillion
 Energy Efficiency 
$32.8 USD trillion
 Electrification 
$26.2 USD trillion
 Bioenergy with 
Carbon Capture and 
Storage (BECCS) 
$18.3 USD trillion
 Hydrogen 
$13.1 USD trillion
 Carbon Capture and 
Storage (BECCS) 
$7.9 USD trillion
THE WORLD HAS 
COMMITTED TO NET 
ZERO EMISSIONS
14%
25%
25%
20%
$ 110
          USD trillion
10%
6%
1 World Energy Transitions Outlook 2022: 1.5C Pathway, 
International Renewable Energy Agency, 2022, Abu Dhabi. 
https://irena.org/-/media/Files/IRENA/Agency/Publication/2022/
Mar/IRENA_World_Energy_Transitions_Outlook_2022.pdf

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
10
ABOUT EIP
THE WORLD HAS 
COMMITTED TO NET 
ZERO EMISSIONS
GLOBAL ENERGY SECTOR 
CO2 EMISSIONS BY 
CURRENT TECHNOLOGY 
READINESS
The IEA estimates that 
roughly half the reductions 
that the world needs to 
swiftly achieve net zero 
emissions will come from 
technologies that are not 
commercially available.1
1 IEA, Global energy sector CO2 
emissions reductions by current 
technology readiness category 
in the Sustainable Development 
Scenario relative to the Stated 
Policies Scenario, 2019-2070, 
IEA, Paris
0
-5
-10
-15
-20
-25
-30
-35
gigatonnes of 
equivalent carbon 
dioxide per year
2020
2030
2040
2050
2060
prototype · 17%
demonstration · 17%
early adoption · 41%
mature · 25%

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
11
ABOUT EIP
EIP has Been 
Custom-Built to 
Accelerate This 
Transformation
E
IP is a unique enterprise designed 
specifically to accelerate the clean 
energy transformation. Our platform 
consists of an unparalleled strategic 
investor coalition, a large internal team 
of investment and energy industry 
veterans with deep sector knowledge, 
and an extensive network of formal 
and informal advisors. 
Our strategic investor group consists of more than 40 
leading energy utilities and industrial firms with strong 
involvement in energy and climate technologies. Rather 
than acting as passive investors in our fund, this group 
is deeply involved in helping us find the best early-
stage and emerging-growth clean energy technologies, 
adopting them to innovate within their own enterprises, 
and helping to scale these solutions rapidly throughout 
their addressable market. Our organizational model 
centers on our belief that investing in innovative solutions 
on behalf of this highly engaged coalition is a uniquely 
effective way to accelerate systemic change, while also 
earning strong investment returns.
EIP HAS BEEN CUSTOM-
BUILT TO ACCELERATE 
THIS TRANSFORMATION
EIP investment partners 
gathered more than 14 times 
during 2021 to evaluate 
innovations, share insights, 
and look for new ways to grow 
clean energy markets.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
12
ABOUT EIP
The energy firms in our 2021 investor coalition serve 
more than 100 million customers, spend more than $65 
billion a year on capital outlays, and operate over 2 million 
miles of transmission and distribution lines. Our coalition 
partners help us evaluate and select new technologies and 
businesses to invest in, pilot our technologies within their 
organizations and customer groups, and share intelligence 
on emerging opportunities and challenges. During 2021 
our coalition met in 14 intensive workshops, each on a 
specific clean energy investment segment. In total, these 
workshops had over 600 individual participants.
Our investor coalition is also augmented by a team of more 
than 30 in-house energy and investment professionals 
with extremely broad qualifications, from deep scientific 
expertise to hands-on experience operating large utilities 
and interacting with policymakers. In addition to evaluating 
new technologies and business models, EIP’s energy and 
investment professionals participate in many industrywide 
convenings, advise policymakers, and create research and 
commentary for the larger clean investment community. 
We also leverage our advisory board and a huge network 
of external stakeholders and longtime energy industry 
colleagues. 
One of the advantages of our investment model is that we 
can help improve and de-risk our technologies by piloting 
and growing them within our own investor coalition. Since 
our inception we have supported firms in our portfolio in 
signing more than 273 contracts with over $1 billion in 
cumulative bookings, primarily through collaborations with 
our partners and select deals with others in the energy 
ecosystem where EIP has played a hands-on role. Many 
of the entrepreneurs at our portfolio companies recognize 
that EIP has a unique ability to introduce technologies into 
the energy system and speak credibly to utilities, regulators, 
and other key stakeholders in the energy marketplace. 
EIP HAS BEEN CUSTOM-
BUILT TO ACCELERATE 
THIS TRANSFORMATION
UTILITY INVESTORS · NORTH AMERICA
UTILITY INVESTORS · EUROPE
INDUSTRIAL INVESTORS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
13
ABOUT EIP
In serving as a bridge 
between new innovations 
and essential energy 
networks, we aim to help 
our utility and industrial 
partners accelerate their 
own journeys to reach zero 
net carbon and achieve 
equitable sustainability. We 
provide frequent briefings 
on new technologies and 
market developments 
to our partners as well 
as bespoke on-demand 
assistance. Because we 
invest in clean energy 
solutions and associated 
technologies, extensive, 
rapid market acceptance 
of our portfolio companies 
may be viewed as 
one indicator of our 
positive impact on the 
transformation of critical 
industries. 
EIP’s unique investment 
model has attracted 
attention and praise 
from many sources. Most 
recently, Climate 50 
recognized EIP as the 
world’s leading climate 
tech growth venture capital 
investment platform in the 
industry.
#1 Climate Tech Investor 2021
EIP HAS BEEN CUSTOM-
BUILT TO ACCELERATE 
THIS TRANSFORMATION
Access to  
expertise of  
250k+  
employees
Trusted  
relationships with  
100m+  
customers
OUR UTILITY COALITION
Spending annually  
on capex  
$65b+
Experience in  
50+  
state & national 
jurisdictions
Operates T&D  
networks of  
2,000,000+  
miles

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
14
ABOUT EIP
INVESTING ACROSS THE CLEAN ENERGY SPECTRUM
E
IP invests in technologies 
critical for the decarbonization 
of the global economy. We invest 
in portfolio companies with direct 
emissions reduction impact as well as 
technologies that lay the foundation 
for a faster transformation to net zero 
emissions. Our investments span the 
entire clean-energy value chain, from 
new sources of clean power generation 
and fuels, to the utilities and energy 
companies that own, manage, and 
operate the rest of the energy grid, 
as well as in technologies that affect 
energy use and emissions by all 
segments of energy customers. Our 
investments tend to follow three main 
themes within the clean-energy value 
chain, with important subsegments in 
each of these themes:
Supply Decarbonization. 
We invest in many 
technologies that help 
supply carbon-free energy 
in one form or another. 
Our investments include 
portfolio companies that 
create fully integrated 
energy-generation facilities, 
offer energy storage 
solutions, contribute key 
elements or processes 
within the production chain, 
and/or that remove carbon 
from traditional production 
facilities or processes.
Tech-Enabled 
Infrastructure. Highly 
complex physical and 
virtual networks are 
critical for connecting 
end-users with clean 
energy generators of all 
sizes, particularly as the 
supply of carbon-free 
energy becomes more 
decentralized. These 
networks must scale 
while remaining resilient, 
cybersecure, efficient, 
and distributed. This 
transformation includes the 
incorporation of new digital 
and AI-enabled intelligence 
and control in every part of 
the network.
These infrastructure 
networks are not only 
systems of hardware 
and software; they are 
also the means by which 
commercial enterprises 
serve their customers 
and energy end-users 
with resilience, efficiency, 
and a positive customer 
experience. Accordingly, 
we invest in a number of 
technologies and firms 
that support and improve 
the business operations 
of utilities and other 
infrastructure-intensive 
firms. In brief, our impact 
thesis for these companies 
is that an operationally and 
commercially successful 
infrastructure segment 
of the clean energy 
industry is essential for 
rapid decarbonization and 
improved ESG outcomes.
Efficient, Electrified 
Customer Use 
Technologies. Across 
every sector of the 
economy, there is a 
growing set of innovations 
that reduce emissions and 
energy use by improving 
energy efficiency and/
or reducing end-use 
emissions directly, 
especially by converting 
fossil-burning end-use 
technologies to clean 
electricity. Our investments 
in this area include a 
variety of technologies 
that target building and 
citywide energy use 
and the electrification of 
transportation, agricultural 
and industrial processes.
EIP HAS BEEN CUSTOM-
BUILT TO ACCELERATE 
THIS TRANSFORMATION

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
15
ABOUT EIP
clean but intermittent supply
intelligent,  
resilient infrastructure 
electrified volatile demand
EIP HAS BEEN CUSTOM-
BUILT TO ACCELERATE 
THIS TRANSFORMATION
Supply Decarbonization
Carbon Capture
Energy Storage
Hydrogen
Renewable Power 
Generation
Tech-enabled Infrastructure
AI & Machine Learning
Distributed Energy
T&D Optimization
Grid Hardening
Microgrids
Cybersecurity
Digitization
Virtual Power Plants
Smart Homes, Buildings, 
& Cities
Demand Electrification
Agriculture
HVAC
Industrial Processes
Mobility & Transportation
WE FOCUS ON THE 
KEY BUILDING BLOCKS 
OF THE ENERGY 
TRANSITION

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
16
ABOUT EIP
OUR PLATFORM
I
n 2021, EIP’s investment platform comprised seven funds. 
Each of these funds share a primary focus on clean energy 
investment and emphasis on strategic collaboration to 
improve targeting and acceleration to scale. Together they 
provide us with great synergies in sourcing, screening and 
scaling the key building blocks of the energy transition and 
accelerating the speed by which our industrial and utility 
partner networks decarbonize. In addition, the funds are 
designed to be symbiotic across types of investment, stage, 
and geography so that our platform provides integrated 
support and collaboration.
EIP’s Flagship Funds focus 
on proven technologies and 
business models that are 
ready to scale or include 
technologies whose 
trajectory we can influence 
with our ecosystem. 
Investments are typically 
inflection or growth-
stage companies. The 
North American Flagship 
funds have invested in 58 
companies. Most portfolio 
companies in these funds 
have at least one fully 
commercial product and 
are steadily expanding 
both product offerings and 
sales with the help of our 
coalition. The track record 
of these companies allows 
us to assess their impact 
using actual physical sales 
and financial data.
Our European Flagship 
strategy pursues a similar 
approach in Western 
Europe, where there 
is strong dedication to 
climate action and many 
compelling technology 
companies keen to get 
access to the large North 
American market. The 
focus of this strategy 
has the same breadth as 
the US-based Flagship 
strategy, and it seeks 
growth-stage companies 
with technologies ready to 
scale within and beyond 
our investor network. 
The Elevate Future 
Fund (“Elevate”), is one 
of our newer and most 
important commitments to 
expanding diversity, equity 
and inclusion (“DE&I”) 
in, and opportunity 
generated by, clean energy 
investing. This fund 
invests in both early- and 
growth-stage companies 
that are founded or led 
by people from under-
represented minorities 
(“URMs”), including female 
founders, that empower 
diverse talent and/or 
that create economic 
opportunity for distressed 
or disadvantaged 
communities. The 
majority of Elevate’s 2021 
investments were in 
growth-stage companies 
with expanding sales and 
impacts. In addition to 
its work as a full-fledged 
investment vehicle, Elevate 
EIP HAS BEEN CUSTOM-
BUILT TO ACCELERATE 
THIS TRANSFORMATION

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
17
serves as a thought leader 
on DE&I policies within 
our portfolio companies, 
our strongest point of 
interaction on DE&I and 
supply chain issues with 
our investor coalition, and 
a key source of expertise 
for our internal ESG team. 
Increasing diversity in 
clean energy is extremely 
important to our partners 
and we believe Elevate 
will continue to play an 
important role in how we 
create a better future.
In 2021 we also launched 
the Frontier Deep 
Decarbonization Fund 
(“Frontier”). The Frontier 
fund is dedicated to 
investing in companies 
at the forefront of deep 
decarbonization. These 
tough technologies are 
needed to reach the 
last 10 or 20% of full 
decarbonization. Many of 
these companies focus 
on carbon-free energy 
production options, such 
as fusion energy or carbon 
capture and sequestration, 
as well as technologies 
that cut emissions in 
difficult-to-abate sectors 
such as industrial heat and 
agriculture. Because most 
Frontier companies are 
pre-commercial, we assess 
impacts on the basis of 
projections rather than 
actual sales. 
Finally, EIP’s first Credit 
Fund (“EICF I”) continued 
to be quite active in 2021. 
EICF I primarily provides 
senior, second lien, and 
mezzanine debt financing 
to small and middle market 
growth-stage companies 
across the clean energy 
spectrum. EICF invests in 
portfolio companies that 
qualify as small businesses 
that have established 
products and sales and are 
seeking growth capital.8 
As with the Flagship 
Funds,  the impact and 
ESG performance of 
these investments can be 
assessed using current 
sales data.
ABOUT EIP
EIP HAS BEEN CUSTOM-
BUILT TO ACCELERATE 
THIS TRANSFORMATION

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
18
Carbon emissions 
reductions
Fuel savings
Water savings
Air pollutant savings
Cars taken off the road
Trees planted
Other KPIs
ABOUT EIP
How We Approach 
Impact & ESG
W
hile both are integral to our work, 
ESG and impact are not identical 
concepts. We have been built to maximize 
impact and have it in our name. We 
measure our impact on the environment 
and society in terms of quantitative and 
qualitative metrics that are indicative of 
progress towards accelerating the clean 
energy transformation. 
We report on the impacts enabled by our portfolio companies 
using a variety of metrics such as reductions in carbon 
emissions, fuel savings, water savings, and other metrics tied 
to the expansion of clean technologies and markets. 
Our ESG reporting incorporates impact metrics as well 
as a broader set of data on the Environmental, Social, and 
Governance attributes of our reporting portfolio companies. 
These ESG factors may impact the current and future financial, 
economic, reputational, and legal prospects of EIP and 
our investments. For example, our ESG reporting includes 
extensive data on the composition of the workforce in our 
portfolio companies, a review of policies affecting DE&I, and 
a number of governance metrics. We believe that reporting 
on this broad set of ESG indicators enhances our role as 
responsible investors and will ultimately lead to improvements 
in portfolio financial performance as well as more sustainable 
outcomes.
HOW WE APPROACH 
IMPACT & ESG
ESG
IMPACT
Environmental policies & 
practices
Carbon footprint
Climate risk
Supply chain
ESG-related litigation
Cybersecurity
Worker safety
Parental leave policies
Workforce development
Jobs created
Diversity metrics

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
19
ABOUT EIP
OUR ESG PROCESS
A
ligned with our commitment to UNPRI, EIP continues 
to implement and refine its ESG processes in pre- and 
post-investment decision making. We believe that integrating 
ESG and impact factors into our investment process and 
reporting on a broad set of ESG indicators are key parts of 
our role as responsible investors and will ultimately lead to 
better financial performance, as well as better environmental 
and social outcomes. Our work in this area is improved by 
our ESG Advisory Board, described further at the end of this 
section.
Before any investment is 
approved by the applicable 
Investment Committee, 
EIP’s ESG and investment 
teams work together 
closely to perform a carbon 
impact assessment and 
review ESG-related risks 
and opportunities. In 2021, 
the ESG team improved our 
process by implementing 
a rubric-based approach 
to provide the investment 
teams with more objective 
and transparent ESG and 
impact scores. These 
scores are reviewed by 
each fund’s Investment 
Committee as part of the 
final investment decision. 
The scoring process 
reviews ESG and Impact 
Factors of a potential 
investment, including its 
estimated carbon savings, 
use of clean energy and 
other environmental 
impacts and its 
contribution to advancing 
DE&I to assess its overall 
ESG performance. In the 
coming year the ESG team 
expects to continue to 
refine our diligence and 
scoring process to further 
incorporate climate risk and 
other ESG factors.
While we have long 
enjoyed a high level of 
collaboration with our 
portfolio companies, in 
2021 we begun seeking a 
formal commitment from 
new investees to share 
data and collaborate with 
EIP on ESG and impact 
measurement by including 
reporting undertakings in 
transaction documents. 
Once EIP has made an 
investment in a company, 
the ESG team meets with 
the company leadership to 
understand the company’s 
ESG and impact status 
and goals. The company 
then begins collecting data 
(including ESG metrics, 
impact KPIs, and carbon 
savings data where 
applicable) with respect to 
the most recently ended 
year. These metrics are 
aggregated for our annual 
ESG and impact reporting. 
In 2022, the ESG team 
expects to also perform an 
annual refresh of portfolio 
companies’ ESG and 
impact scores, informing 
potential improvements 
to their ESG and impact 
performance. The ESG 
team will collaborate with 
investment teams, who 
frequently hold Board 
seats at our portfolio 
companies, to determine 
the best resources and 
action plans with regards 
to ESG and impact. 
Additionally, the ESG team 
expects to use practices 
from Elevate to expand 
DE&I best practices for all 
of our portfolio companies. 
EIP also reports annually 
to UNPRI; our voluntary 
submission was provided 
in 2021. 
Finally, EIP also supports 
our partners on their ESG 
goals and best practices. 
For more details on how 
we work together with 
our partners, please see 
“Helping Our Partners 
Succeed.”
HOW WE APPROACH 
IMPACT & ESG

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
20
HOW WE APPROACH 
IMPACT & ESG
ABOUT EIP
Pre-Investment
Portfolio Questionnaire
Companies fill out brief 
survey with environmental 
and social metrics
Companies provide 
additional data for impact 
calculations if needed
Scoring & Review
ESG team assesses 
companies on their 
carbon impact, other 
environmental metrics, and 
social metrics using in-
house scoring rubric
Review and discussion 
with investment teams
Investment Committee
Results of ESG & impact 
due diligence presented in 
investment memo
Considered as part of the 
Investment Committee’s 
Final Approval
Deal Documentation
Beginning in 2021, all 
companies that EIP 
invests in make a formal 
commitment to share data 
and collaborate on ESG 
and impact measurement
Post-Investment
Portfolio Engagement
Portfolio companies have 
introductory call with EIP 
ESG team upon investment
Portfolio companies 
begin gathering data for 
reporting
Data Collection
Portfolio companies 
receive formal ESG & 
Impact request in January
Portfolio companies report 
to EIP by March
Review & Reporting
EIP ESG team review 
portfolio company data 
submissions
EIP ESG team writes ESG 
& Impact Performance 
report, with publication 
each summer
EIP reports to UNPRI 
annually
Ongoing Collaboration
EIP ESG Advisory Board 
meets quarterly and 
reviews EIP’s ESG practice
EIP supports portfolio 
companies on ESG best 
practices in collaboration 
with investment teams
EIP supports partners with 
ESG efforts and goals
EIP’S IMPACT & ESG PROCESS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
21
ABOUT EIP
EIP’S CLIMATE COMMITMENTS
T
ogether with our portfolio companies, EIP is enabling a  
net reduction in the amount of carbon in the atmosphere.  
In addition, EIP has offset all of its internal emissions since  
its inception. As we work with other partners to formalize a  
net zero framework for the venture capital industry, we  
are committed to remaining carbon neutral in our  
internal operations.
Since 2020, we have made several public commitments to ESG and impact principles 
and reporting to promote accountability and transparency. We are a signatory to the 
Principles for Responsible Investment (“UNPRI”), a UN-supported organization dedicated 
to advancing responsible investment and supporting an international network of investor 
signatories to incorporate ESG considerations into investment decisions and ownership 
practices. We are also members of Initiative Climat International (“iCI”), a subgroup of 
UNPRI specifically formed to work on reducing carbon emissions of private equity-backed 
companies and securing sustainable investment performance by incorporating material 
climate risks in investment decisions. Lastly, EIP is a supporter of the Task Force on 
Climate-related Financial Disclosures (“TCFD”) as we believe the TCFD recommendations 
provide a useful framework for increasing transparency on climate-related risks and 
opportunities within financial markets.
HOW WE APPROACH 
IMPACT & ESG

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
22
HOW WE APPROACH 
IMPACT & ESG
ABOUT EIP
OUR ESG  
ADVISORY BOARD
In 2020, EIP established 
a dedicated ESG Advisory 
Board to provide input 
and guidance on our ESG 
activities and to provide 
a forum for sharing 
ideas, best practices, and 
intelligence. The Board 
meets on a quarterly 
basis to review EIP’s ESG 
activities and discuss other 
ESG-related matters of 
importance to our partners.
Consistent with our culture 
of collaboration and 
innovation, in 2021 our 
approach to giving LPs 
a stake in ESG policies 
through our ESG Advisory 
Board was recognized by 
Private Equity International 
(“PEI”) as one of the “30 
Big Ideas Shaping ESG” in 
the area of governance.9
SIRI KALVIG · NYSNØ
Siri M. Kalvig is CEO of Nysnø Climate investments AS. She 
holds a Master of Science in Meteorology and has a Ph.D. in 
offshore wind technology. Prior to her position in Nysnø, Siri 
headed the research network for clean energy at the University 
of Stavanger. She has founded several businesses and is 
actively engaged in finance and start-up companies within 
environmental technology. 
BRANDON MIDDAUGH · MICROSOFT 
Brandon is the Director of Microsoft’s Climate Innovation 
Fund in their Environmental Sustainability team. She 
works to accelerate innovation through investments in 
global climate solutions. Prior to this she was Microsoft’s 
Senior Program Manager, Distributed Energy where she 
led the evaluation and deployment of emerging energy 
technologies for their global cloud operations. Before 
coming to Washington State, she held several senior 
positions at SunEdison in the San Francisco Bay area.
JOOST SLABBEKOORN · APG
Joost Slabbekoorn is topic lead for climate change within 
the Global Responsible Investment & Governance team of 
APG Asset Management. In this capacity, he is responsible 
for overseeing the efforts of APG to advance climate risk 
and aligning the portfolio with the Paris Agreement. Joost 
is a CFA charterholder.
FRANK PRAGER · XCEL 
Frank Prager is senior vice president of Strategy, Planning 
and External Affairs at Xcel Energy Inc., a major U.S. 
investor-owned electricity and natural gas company 
that operates in eight Midwestern and Western states. 
He is responsible for the company’s business strategy 
development efforts and leads a team that identifies 
strategies that promote the company’s value in a variety of 
areas, including strategies associated with sustainability, 
climate change, renewable energy, utility regulation, federal 
tax policy, energy markets, transmission and innovative 
technologies.

SECTION TWO
Advancing 
Climate 
Solutions

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
24
ADVANCING CLIMATE 
SOLUTIONS
CARBON SAVING 
IMPACTS ENABLED
Carbon Saving Impacts Enabled
T
hroughout this report we use the term enabled to 
describe our role in financing our portfolio companies 
who sell and install carbon-reducing products purchased 
by their customers. As we noted in our previous impact 
report, we recognize that our companies typically are not 
the only actors in the value change that cause a reduction in 
carbon emissions to occur. For example, our residential solar 
financing and installation platform Mosaic increases solar 
installations, but the savings created by these systems also 
require the system to be manufactured, transported, installed, 
marketed, managed, and most importantly owned and paid 
for. Consistent with common practice, we do not allocate the 
impact of our enabled impact between actors along the value 
chain – all of them play an enabling role and all are needed. 
However, within our portion of the value chain – providing 
financing – we allocate enabled savings proportionate to our 
ownership share. 
Across our entire platform, 
2021 was a year of 
strong growth in our 
portfolio holdings and our 
enabled carbon savings 
impact. The number of 
Directly Measurable 
(“DM”) companies on our 
platform doubled during 
the year to 28 companies, 
including five in our 
deep decarbonization 
Frontier Fund.10 Our 
savings impacts for these 
companies are measured 
using three metrics:
Annual Enabled Savings. 
These are the actual 
carbon emissions avoided 
in 2021 by the use of our 
companies’ commercial 
products and services sold 
and installed through 2021. 
Lifetime Enabled Savings. 
Many of the products sold 
by our companies will 
continue to reduce carbon 
emissions for their product 
lifetimes, not just during 
the year they are sold. 
Using these lifetimes, we 
estimate life-of-product 
carbon emissions avoided 
for all sales through 2021.
Projected Ten-Year 
Enabled Savings. For 
companies whose 
product sales are not yet 
commercial, we project 
the date of market entry, 
annual sales from this 
date through YE2031, and 
estimate enabled carbon 
savings from these sales. 
Additional information on 
our savings calculations 
can be found in our 2022 
Technical Appendix posted 
on EIP’s website.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
25
ADVANCING CLIMATE 
SOLUTIONS
ANNUAL & LIFETIME IMPACTS 
Our results for each type of carbon savings showed very 
strong growth this year. Annual total enabled carbon 
savings enabled increased by 128% to 6.4 million metric 
tons (MT), the equivalent of carbon absorbed by the 
growth of 106 million trees over ten years or the carbon 
emitted by 1.4 million cars in one year. Along with these 
carbon savings, we enabled total savings of:
4.8 million megawatt-hours of electricity, 
260 million gallons of gasoline,
2.6 billion gallons of water, 
1,400 metric tons of nitrogen oxides (NOx) and 
890 metric tons of sulfur dioxides (SOx)
CARBON SAVING 
IMPACTS ENABLED
Carbon Savings Enabled (metric tons CO2e)
Electricity Savings Enabled (MWh)
Fuel Savings Enabled (gallons)
Water Savings Enabled (gallons)
EIP PORTFOLIO MEASURED IMPACTS
2018 · .8 million
2018 · 1.1 million
2018 · 23 million
2018 · 660 million
 2019 · 1.8 million
 2019 · 2.1 million
 2019 · 92 million
 2019 · 1.3 billion
 2020 · 2.8 million
 2020 · 3.2 million
 2020 · 153 million
 2020 · 1.9 billion
 2021 · 6.4 million
 2021 · 4.8 million
 2021 · 260 million
 2021 · 2.6 billion

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
26
ADVANCING CLIMATE 
SOLUTIONS
CARBON SAVING 
IMPACTS ENABLED
Total lifetime enabled carbon savings enabled by our in-
market products also increased by 97%, from 38 to 75 
million MT CO2e. Lifetime carbon savings are influenced 
greatly by the life of the products installed; among our 
companies the longest-lasting products we install are solar 
panels, followed by energy efficiency equipment, including 
programmable thermostats.
2050
2045
2040
2035
2030
2025
’22
’20
’18
TOTAL PORTFOLIO CUMULATIVE 
ENABLED LIFETIME CARBON SAVINGS 
(METRIC TONS CO2E)
estimates have increased  
as the portfolio  
has grown
15 million
75 million
25 million
38 million

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
27
ADVANCING CLIMATE 
SOLUTIONS
FRONTIER TECHNOLOGY IMPACTS 
This year for the first time we also report projected savings 
for our pre-commercial deep decarbonization technologies. 
We estimate that, during next ten years, these technologies 
will enter the market and enable savings of approximately 
93 million MT of CO2e. The largest contribution comes 
from EIP portfolio company Electric Hydrogen due to 
its relatively early market entry (forecasted this year) 
and projected ability to achieve a rapid market ramp to 
over 30,000 MW in operation by YE 2031. Zap Energy’s 
projected savings are not as large during the next ten years 
due to its early stage of development.
By design, the markets these technologies target are huge 
sources of carbon emissions, and many are considered 
difficult-to-abate and therefore especially important to 
climate progress (see Table at right). The impact savings 
we project are conservative because they are “bottoms up” 
figures based on the projected sales of our technologies, 
not “top down” estimates of the ultimate share of the 
markets these technologies could win in the coming 
decades.
CARBON EMISSIONS SECTORS TARGETED BY FRONTIER TECHNOLOGIES1
1 https://www.carbonbrief.org/guest-post-these-553-steel-plants-are-responsible-for-9-of-global-co2-
emissions/#:~:text=The%20iron%20and%20steel%20industry,with%20the%20world’s%20climate%20
goals; https://www.iea.org/reports/the-future-of-hydrogen; https://www.epa.gov/ghgemissions/global-
greenhouse-gas-emissions-data; https://thefern.org/ag_insider/report-fertilizer-responsible-for-more-
than-20-percent-of-total-agricultural-emissions/
2 Note: this data spans a range of years
3 Based on current hydrogen production. Hydrogen production is expected to increase dramatically 
as the energy system decarbonizes
CARBON SAVING 
IMPACTS ENABLED
TOTAL FRONTIER PROJECTED TEN-YEAR IMPACT 
Carbon Savings Enabled (Million MT CO2e)
Boston Metal
Electric Hydrogen
Form Energy
Nitricity
Zap
Iron & Steel
Hydrogen Production
Electric Power
Agricultural Fertilizer
 
industry
17
45
16
16
>1
approximate current global 
emissions (% of total2)
total projected savings,  
2022-31 — million MT
11.0%
0.2%3
25.0%
2.4%
17
45
17
16

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
28
ADVANCING CLIMATE 
SOLUTIONS
OWNERSHIP-WEIGHTED (OW) SAVINGS 
In order to provide a more accurate measure of the impact 
of our investment activities we also calculate the effect of 
our ownership. 
Our OW enabled savings are identical to total savings 
figures in this report except they are scaled by the fraction 
of total outstanding equity we hold.
Enabled OW carbon savings have grown significantly, 
although at a slower rate than total savings. OW annual 
enabled savings are 520,000 tons, up about 67,500 tons 
(15%), while lifetime OW savings are now 5.6 million 
metric tons. Among the 13 DM companies in our portfolio 
in both 2020 and 2021, OW lifetime savings increased 
from 2.9 million MT to 4.6 million MT CO2e, an increase of 
59%.11
OW savings are shown by company and fund in the 
figures at right. As the figures show, 13 of the 2021 DM 
and Frontier companies – almost half of this group within 
the portfolio – have lifetime or projected OW savings 
exceeding 100,000 tons. As expected, the Frontier Fund 
has the largest weighted impact at 5.2 million MT, followed 
by Fund I at 4.5 million MT. As our second Flagship, 
European, and Elevate strategies ramp up investing, we 
expect their savings to increase.
CARBON SAVING 
IMPACTS ENABLED
OWNERSHIP-WEIGHTED CARBON SAVINGS BY STRATEGY (MTCO2E)
OWNERSHIP-WEIGHTED LIFETIME & PROJECTED CARBON SAVINGS 
FULL EIP DM PORTFOLIO (MT CO2E)
Boston Metal
Electric Hydrogen
Form Energy
Nitricity
Zap Energy
Flo
Aeroseal
Arcadia
Cimcon
Derive Systems
Ecobee
Enchanted Rock
EV.Energy
EVmo
HopSkipDrive
Manus Bio
Mosaic
Opus One
Palmetto
Powin Energy
Project Canary
Sense
SmartRent
Sparkfund
Urbint
Viriciti
Volta
Zolar
Fund I
4,455,000
Credit 
166,000
Fund II 
421,000
Elevate 
536,000
Europe
25,000
Frontier
5,165,000
3,000,000
1,500,000
0

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
29
ADVANCING CLIMATE 
SOLUTIONS
CARBON SAVING 
IMPACTS ENABLED
The figure at right shows how our OW lifetime and 
projected enabled carbon savings are distributed among 
our three major investment themes. We categorize just 
over 62% or about 6.7 million MT of the 10.8 million MT of 
enabled savings as energy supply decarbonization, 28% 
or about 3 million MT as tech-enabled infrastructure, and 
10% or about 1.1 million MT as demand electrification. As 
the composition of our portfolio evolves we expect that 
these impact proportions will shift, but we expect that all 
three themes will continue to be significantly represented. 
In particular, demand electrification is likely to grow as 
Frontier’s deep decarbonization technologies progress into 
the marketplace. 
OWNERSHIP-WEIGHTED LIFETIME & PROJECTED 
ENABLED CARBON SAVINGS BY INVESTMENT 
THEME (MT CO2E)
Supply Decarbonization
6,680,000
Tech-Enabled Infrastructure
2,984,000
Demand Electrification
1,105,000

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
30
ADVANCING CLIMATE 
SOLUTIONS
CARBON SAVINGS MEASUREMENT METHODS
Our approach to 
enabled carbon savings 
measurement occurs in 
four steps common to 
most impact measurement 
studies around the 
world. These steps are 
a realization of Project 
Frame’s Seven-Step 
Impact Measurement 
Framework, an ongoing 
effort we fully support. 
The figure to the right 
highlights how the EIP 
Impact Measurement 
Steps map to the Project 
Frame framework. Our first 
step consists of analyzing 
the new technology 
or business process to 
determine the business-
as-usual or baseline for 
carbon emissions in the 
absence of the technology. 
For example, we assume 
that electricity from the 
U.S. power system will 
decline in carbon intensity 
linearly to zero by 2050 
regardless of the impacts 
of our investments. We 
derive similar baselines 
for other markets in which 
our technologies operate, 
including steelmaking, 
hydrogen and fertilizer 
production, and building 
heat.
The second step to 
calculating impact consists 
of measuring the impact 
of one sales unit of the 
technology – whether a 
single solar rooftop or a 
new large power plant – on 
baseline emissions. This 
calculation may require 
a simulation of energy 
system emissions with and 
without our technology, 
but often a sound estimate 
can be prepared without a 
full-scale simulation. The 
third step is to move from 
per-unit impacts to total 
annual impacts based on 
actual or projected unit 
sales. In some cases, this 
is a linear application of 
per-unit impacts; in others 
an integrated calculation 
of sales, unit impacts, 
and baseline conditions 
is required. These steps 
lead to the fourth step of 
the process, total savings 
reporting.
Although we are measuring 
savings rather than 
footprint, our methods are 
designed to be consistent 
with the WRI/BCSD 
Greenhouse Gas (GHG) 
Protocol, the Partnership 
for Carbon Accounting 
Financials (“PCAF”), and 
the newly-released PRI/iCI 
greenhouse gas guidance 
for private equity firms. 
Finally, our calculations are 
prepared and verified by 
the ESG Capital Group 
LLC, a longstanding source 
of independent expertise 
in impact investment 
measurement.
CARBON SAVING 
IMPACTS ENABLED
PROJECT FRAME 
APPROACH
EIP IMPACT  
MEASUREMENT
Theory of Change
Impact Thesis:  
Set at Investment
Define Units
Research Baseline
Define Emissions  
per Unit
Integrated into one  
Analytical Step
Calculate Unit Impact
Commercial Volumes
Actual or  
Forecasted Sales
Report
Annual Reporting
Update
Annual Updating

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
31
ADVANCING CLIMATE 
SOLUTIONS
Foundational Company Impacts
T
he clean energy transition requires a monumental shift of supply, delivery,  
operations, maintenance, management, and customer experience across the  
entire energy value chain. Foundational companies perform many functions that  
cannot properly be measured in tons of carbon emissions saved or other traditional  
energy and environmental metrics. These functions range from protecting the  
electricity network so it can safely double in size, to introducing new processes for  
improving engagement between utilities and their customers, to integrating clean  
energy into the grid and transportation networks.
As shown in the chart on the following page, our 
foundational investments can be placed into six distinct 
categories:
Grid integration and optimization firms, which assist with 
integrating and managing distributed energy resources and 
the creation of a digital, multidirectional, fully intelligent grid
Electrification enabling companies that support 
technologies and services that expand electrification of 
industry, the grid, and consumers 
Companies that improve utilities’ operating efficiency, 
lowering the cost of electricity service and thus facilitating 
the shift to clean electricity 
Cybersecurity companies that play specific roles 
safeguarding the entire power system 
Customer engagement companies that improve utilities’ 
communication and interaction with customers, also 
facilitating greater clean electrification of the economy 
Decarbonization tool companies support utilities and 
other companies on their decarbonization journeys, 
ensuring they can measure, analyze, and improve their 
GHG emissions or other ESG KPIs
Each of these categories maps into at least one of our 
investment theses, as shown in the figure on the next 
page. Two new foundational company impact theses 
were defined in 2021, Electrification Enabling and 
Decarbonization Tools.
FOUNDATIONAL 
COMPANY IMPACTS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
32
ADVANCING CLIMATE 
SOLUTIONS
FOUNDATIONAL 
COMPANY IMPACTS
FOUNDATIONAL TYPE
IMPACT THESIS
Grid Integration & 
Optimization
Electrification Enabling
Efficient Operations
Cyber Security
Customer Engagement
Decarbonization Tools
One of decarbonization’s biggest 
challenges is the integration of 
large-scale variable sources, 
storage, and millions of EE, DR, 
and DG sources into one reliable 
grid
Technologies that support 
expanding electrification and 
enable decreased resilience on 
fossil fuels are foundational to a 
clean energy future
Clean energy companies 
must increase efficiency and 
throughput to prevent pushback 
against a rapid clean transition
Stakeholder support for the clean 
energy transition as well as grid 
safety and economic performace 
all require a cyber-secure grid
The clean energy transition 
cannot succeed without 
engaging customers as active 
participants changing their 
energy choices, buildings, and 
mobility options
Utilities and other companies 
aiming for net zero must have 
good tools for measuring and 
protecting GHG emissions and 
other ESG KPIs
INVESTMENT THEMES
Supply 
decarbonization
Tech-enabled 
infrastructure
Reliability and 
resilience
Intelligent 
demand
Electrification

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
33
IMPACT THESIS: GRID INTEGRATION & 
OPTIMIZATION
Grid integration and optimization firms assist 
with integrating and managing distributed 
energy resources and the creation of a digital, 
multidirectional, fully intelligent grid. 
Decarbonizing the grid involves extensive changes in 
the resource mix, network size and architecture, and 
new control systems and markets that extend to the 
grid edge. This includes the integration of large-scale 
plants, storage, and millions of energy efficiency, 
demand response, and distributed generation 
sources in one reliable grid. Diversified resources 
and transmission and distribution systems all require 
awareness, optimization and control elements that 
facilitate grid edge intelligence in a variable and 
distributed future.
 
Power Factors The 
leading platform for 
renewables asset 
management, with 
solutions across 
performance, financial, 
and field services 
management. Power 
Factors is used now to 
verify and optimize the 
performance of over 110 
GW of solar, wind, and 
storage assets.12
 
Spire Power Solutions 
Leading provider 
of specialty power 
transformer products. 
Transformers are a 
critical element in 
expanded distribution 
systems able to 
accommodate high 
levels of electrification 
and are also critical 
elements for resilience 
and cybersecurity.
 
Tenere A manufacturer 
that creates custom 
enclosure solutions for 
renewable energy and 
energy storage OEMs as 
well as upgraded 
distribution system 
boxes. Renewables and 
autonomous transport 
are two of Tenere’s 
highest priority markets.13
 
TESCO U.S. leader 
in electric metering 
testing equipment, 
including AMI meter 
tests, ultrasonic cleaning 
systems, statistical 
sampling processes, 
technical support 
for reports to utility 
regulatory commissions, 
and other services. All of 
these functions enable 
regulated distribution 
systems to perform 
their critical function 
as the “last mile” in a 
highly distributed and 
electrified system. 
ADVANCING CLIMATE 
SOLUTIONS
FOUNDATIONAL 
COMPANY IMPACTS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
34
IMPACT THESIS: ELECTRIFICATION ENABLING 
These companies support technologies and services 
that expand access to electrification of industry, the 
grid, and consumers. 
Energy use accounts for 83% of CO2 emissions 
across energy and land-use systems14 
highlighting the importance of technologies that 
enable decarbonization by electrification. This 
includes technologies and services that facilitate 
infrastructure necessary for the energy transition. 
This infrastructure is broad and ranges from 
battery optimization and recycling to electric 
transmission and more. Without technologies that 
ensure reliability, resource recovery, or logistics 
management, it is unlikely that decarbonized 
electricity will be as extensive and accessible as 
required to achieve a sustainable future.
To achieve net zero by 2050 
electricity generation will need to 
reach net zero emissions globally in 
2040 according to the International 
Energy Agency.15
 
ChargerHelp! Reliable 
and cost-effective EV 
charger maintenance 
software and services. 
Public EV chargers are 
typically out of service 
32% of the time – far 
worse than gasoline 
fueling stations.16 
Increasing charger 
uptime plays an obvious 
role supporting rapid, 
near-universal adoption 
of EVs by both individual 
and commercial drivers.
 
Li-Cycle The leader 
in advanced battery 
recycling. The 
extraordinary growth 
in worldwide demand 
for EV battery materials 
is leading to enormous 
environmental and 
geopolitical challenges 
that threaten to slow 
decarbonization. Battery 
recycling will play an 
increasingly important 
role in the sustainable 
growth of battery storage 
and electric transport.
 
Particle A provider of IoT 
connectivity solutions 
with many applications 
in smart, clean, and 
connected electricity 
networks. Current 
customers using their 
solutions are enabling 
IoT-connected smart 
fleets and charging 
options, smart grid and 
smart home services 
that reduce energy and 
emissions, and improved 
heating and cooling 
equipment.17
 
Remix A platform for 
managing a city’s 
transport options in the 
multimodal era. Smarter, 
greener, and more 
equitable cities must 
have widely-accessible 
mass transit systems. 
Remix helps improve 
transit system utilization, 
efficiency, and equity, 
reducing planning time 
by as much as 90%.18 
 
Sibros A connected 
vehicle platform that 
delivers OTA software 
updates with deep 
data collection and 
diagnostics. These 
improvements will 
facilitate overall vehicle 
efficiency, vehicle-
to-grid interactions, 
and smart city traffic 
management systems.19
 
Zitara An analytics 
platform for battery 
manufacturers and 
operators to understand 
battery status and 
optimize lifetime value. 
In EVs, the battery is by 
far the most important 
single determinant 
of vehicle cost and 
performance. Improved 
battery analytics leading 
to expanded lifetimes 
will clearly improve EV 
adoption over time.
ADVANCING CLIMATE 
SOLUTIONS
FOUNDATIONAL 
COMPANY IMPACTS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
35
IMPACT THESIS: EFFICIENT OPERATIONS
Enabling efficient operations is fundamental to utility 
and grid decarbonization. Helping utilities to operate 
more efficiently and provide better overall service 
promotes the clean energy transition in a variety 
of ways. This reduces the cost of service, which 
generally translates into lower long-term prices in both 
restructured and regulated markets. In turn, these lower 
prices reduce customers’ and policymakers’ resistance 
to accelerating the clean energy transformation and 
expanding the use of clean electric power.
Lower operating costs and greater capital efficiencies 
also create greater opportunities to expand investment 
by utilities, which is the keystone of the clean energy 
transition. Lower costs create what is often referred to 
as “headroom,” or the ability to increase investments 
without raising prices. Since the utility industry’s energy 
transition primarily involves replacement or upgrading of 
most of its capital base, the ability to sustain increased 
capital outlays is a critical pacing factor for change. 
Finally, these efficiencies also help modernize utility 
processes, enabling better customer service and making 
them better able to attract and retain a better workforce.
To decarbonize the grid, the 
International Energy Agency 
estimates that annual investments 
in energy sector infrastructure and 
technologies will need to increase 
by $1-4 trillion by 2030 to achieve 
net-zero emissions by 2050.20
 
BHI On-site technical 
services for all segments 
of the energy industry. 
Of particular importance, 
BHI is one of the 
largest refueling and 
maintenance contractors 
for the U.S. nuclear fleet, 
which displaces very 
large amounts of carbon-
based generation.21
Celerity Consulting 
Group A utility-focused 
consulting firm. 
Celerity’s services to 
utilities include internal 
data management, 
standards development, 
technical support for 
battery and photovoltaic 
technologies, planning 
support for high level 
integration of distributed 
generation, regulation/
litigation support and 
incident investigation 
and failure analysis. 
These are all functions 
that clearly support 
efficient, successful 
network operations.
eSmart Systems An AI-
enabled aerial imagery 
analytics solution 
for predictive grid 
maintenance, planning, 
and service restoration. 
eSmart is analyzing 
images of 23,000 kM 
of EIP partner Xcel’s 
transmission system to 
test the greater efficiency 
and accuracy of eSmart’s 
solution. Several other 
utility asset efficiency 
use cases are under 
development.22
Sitetracker A project 
and asset management 
platform purpose-
built for distributed 
critical infrastructure. 
The platform has 
approximately 25,000 
users managing 
$25 billion in utility 
and telecom assets 
reducing paperwork 
reporting time by 83% 
and improving project 
completion times by 
42%.23
 
Trifacta Data preparation 
software solving the 
biggest bottlenecks in 
the data analysis lifecycle. 
Utilities are data-rich 
enterprises; Trifacta’s 
use cases relevant to 
power networks include 
improved demand 
forecasting, better QA/
QC, and streamlined 
machine monitoring.24
 
Williams Industrial 
Services Construction, 
maintenance, and 
specialty services 
provider for power plants, 
oil & gas, and industrial 
facilities.
ADVANCING CLIMATE 
SOLUTIONS
FOUNDATIONAL 
COMPANY IMPACTS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
36
IMPACT THESIS: CYBERSECURITY
The energy transition is much more than renewables 
and electric vehicles; it also calls for improved 
demand response, better load modeling, a responsive 
and resilient grid, and other digital infrastructure, all 
underpinned by reliable and cybersecure systems. 
The past two decades of ‘smart grid’ upgrades have 
brought significant operational benefits, but they 
have also greatly increased the electricity sector’s 
exposure to cyber threats. Cyber solutions are 
critical to the reliability and safety of both electric 
power systems and national security, as well as 
driving momentum towards rapid electrification and 
decarbonization. 
The energy sector is the most vital of the critical 
infrastructure sectors regularly attacked by hackers 
and foreign threat actors. By necessity, every 
segment of the clean power industry must become 
a sophisticated and large consumer of cybersecurity 
products. 
The companies in this foundational category each 
play a highly specialized role in providing cyber-
protection to the grid.
Global IT and cybersecurity 
spending across the energy and 
utility sectors is predicted to grow 
to $263B by 2025 at a 10.5% CAGR, 
according to Gartner25 
 
42Crunch API security 
platform for developers 
and operators, achieving 
protection through 
“positive security.”
 
Attivo Deception 
technology to trap 
would-be cyber attackers 
without disrupting 
operations.
 
Corelight Network 
monitoring platform, 
sensors and actionable 
threat intelligence 
insights to strengthen IT 
security.
 
Dragos Cybersecurity 
software platform and 
threat intelligence 
service for industrial 
control systems.
Finite State IoT firmware 
analysis and vulnerability 
management platform 
to mitigate supply chain 
cyber risk.
 
Noetic Cyber Asset 
Management and 
Continuous Control 
Monitoring platform to 
assess and manage risks 
across all assets.
 
Picnic Social engineering 
cybersecurity and risk 
management platform.
 
RangeForce eLearning 
platform for immersive 
cybersecurity skill 
development.
 
Scythe Threat emulation 
platform, analytics 
and services to help 
organizations assess 
security controls.
Swimlane Cybersecurity 
orchestration, 
automation and 
response platform with 
650+ integrations.
ADVANCING CLIMATE 
SOLUTIONS
FOUNDATIONAL 
COMPANY IMPACTS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
37
 
GridX Big data billing and 
rate analytics solution to 
address the challenges 
of dynamic pricing and 
intermittent generation. 
Grid X makes it easier 
for both customers and 
utilities to implement, 
analyze, and refine 
tariffs for solar systems, 
dynamic pricing, and 
specialty rates for EV 
charging and other 
electrification options.
Innowatts Meter-level 
predictive analytics 
for load forecasting, 
risk management, and 
customer engagement. 
Improved predictive 
analytics increases 
the efficiency and 
lowers the cost of 
power delivery and 
improves the ability of 
the system to cope with 
disruptive events such 
as the covid pandemic. 
These capabilities are 
enormously important 
as electrification of the 
economy expands.
IMPACT THESIS: CUSTOMER ENGAGEMENT
Customer engagement companies improve utilities’ communication and interaction 
with customers, also facilitating greater clean electrification of the economy. 
The relationship between utilities and other energy retailers and their customers 
will be crucial to ensuring that the energy transition is successful with minimal 
conflict. Significant capital investments will need to be made while an increasingly 
decentralized grid infrastructure impacts communities and customers. Customers 
will also have a greatly expanded set of interactions with the electricity system, 
including self-generation and self-storage, electrified transport and heating systems, 
and smart building controls. Each of these new interactions will involve new products, 
pricing offers, and service conditions that will require marketing approaches and 
skills far beyond those historically used by utilities to engage with their customers.
Customer actions have the potential to reduce GHG 
emissions by nearly twice as much as supply-side 
reductions alone by 2040 according to a study  
authored by the Brattle Group.26
ADVANCING CLIMATE 
SOLUTIONS
FOUNDATIONAL 
COMPANY IMPACTS
Marketing Evolution 
Person-centric 
marketing measurement 
and optimization 
software. According to 
independent studies, 
poor data quality affects 
50% of all marketing 
data and up to 25% of an 
average firm’s revenue.27 
Marketing Evolution 
provides data services to 
utilities and other firms 
to improve the uptake of 
electricity products and 
services.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
38
IMPACT THESIS: DECARBONIZATION TOOLS
Decarbonization tool companies support utilities and other companies on their 
decarbonization journeys, ensuring they can measure, analyze, and improve their 
GHG emissions or other ESG KPIs.
Utilities and other companies are increasingly committing to corporate 
decarbonization with 60% of Fortune 500 companies having set climate and energy 
goals in response to climate change.28 Companies need support to achieve net zero 
and carbon neutral commitments, mitigate ESG risks, and operationalize their targets. 
Platforms are needed to capture data, employee engagement and education, and to 
facilitate reporting on goal status and progress. Without the ability to analyze data, 
track KPIs, and project climate business impacts, companies are unlikely to achieve 
their goals and global warming is likely to exceed 1.5°C.
Lack of availability of raw data and lack of internal expertise in analyzing and 
interpreting available information means that companies need support from tools to 
decrease reliance on expensive repeat consultation engagements. 
McKinsey estimates that nearly 90 percent of emissions 
are now targeted for reduction under net-zero 
commitments, and financial institutions responsible 
for more than $130 trillion of capital have declared that 
they will manage these assets in ways intended to hold 
warming below 1.5°C.29
 
Measurabl The leading 
ESG data management 
and analytics solution 
for commercial real 
estate. Improved 
ESG and climate data 
collection and climate 
risk assessment in the 
building sector, which 
accounts for 28% of 
global greenhouse 
gas emissions for 
operations only, is clearly 
foundational for full 
decarbonization.30
ADVANCING CLIMATE 
SOLUTIONS
FOUNDATIONAL 
COMPANY IMPACTS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
39
ADVANCING CLIMATE 
SOLUTIONS
CUSTOMER IMPACT KPIs
Customer Impact KPIs
W
hile the full effects of our foundational companies on energy systems are  
complex and often impossible to quantify directly, several metrics are  
available that correlate with impact and can be measured over time to assess the  
direction and rate of progress. Additionally, the financial performance of a firm  
with a foundational mission is one of the best correlates of success, and it is  
always our goal to strengthen our firms’ value and growth. However, financial  
metrics alone do not tell the whole impact story.
To complete the picture, we have collected data on 
several key metrics that correlate with impact success 
across various parts of our portfolio. These metrics, called 
our customer impact KPIs, are useful because they are 
available for all our companies and can be benchmarked 
against each firm’s own past trajectory, as well as against 
other firms inside and outside our portfolio. In addition, 
most firms also have more specific, differentiated KPIs, 
which we expect to introduce on a company-by-company 
basis.
The results, presented in this section, are anonymized by 
portfolio company, and are reported as of year-end 2021.
CUSTOMER IMPACT KPIs
Customer Expansion Within EIP’s Coalition of  
Strategic Investors: This metric fits with EIP’s role of 
advancing the transition by sharing market intelligence and 
innovation experience with our partner coalition.
Customer Expansion Within the Energy Industry: 
We seek to introduce innovations that can scale rapidly 
throughout the energy industry, accelerating the pace 
of positive change. The penetration of our foundational 
technologies across energy industry customers is one way 
to measure our industry-wide impacts. 
Total Customer Expansion: For our portfolio companies 
who sell directly to retail customers, total customer growth 
is also a measure of their impact.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
40
ADVANCING CLIMATE 
SOLUTIONS
CUSTOMER EXPANSION WITHIN EIP’S COALITION
The figures in this section display data on the customer 
impact KPIs from a sample of portfolio companies that sell 
directly to utilities and other customers who are within 
EIP’s strategic investor coalition. 
Tracking customer expansion within the EIP coalition across 
all reporting portfolio companies shows a 24% increase in 
customers from 2020 to 2021, and a total 40% increase 
since 2019. 
The figure at right displays data from a sample of our 
Foundational portfolio companies that sell directly to our 
strategic partners.31 Of the 16 companies reporting, all but 
two reported increased sales into EIP’s coalition from 2020 
to 2021, with a high of 39 coalition partners for Company 
TT. 
As an example of EIP’s collaboration process at work, 
Company NN had a 100% increase in sales to EIP’s 
coalition from 2020 to 2021 (from 3 to 6 LPs). Shortly after 
investing in Company NN, EIP highlighted the company 
in several interactions with strategic partners, including 
a presentation at our Council Day and in individual 
discussions. These efforts resulted in Company NN landing 
a strategic partner who served as an anchor customer 
in the utility industry for this company, leading to pilot 
discussions with several other EIP utility partners. 
EIP COALITION CUSTOMERS FOR FOUNDATIONAL COMPANIES 2019-2021
CUSTOMER IMPACT KPIs
Company TT
Company QQ
Company N
Company NN
Company V
Company WW
Company J
Company S
Company Y
Company FF
Company SS
Company II
Company X
Company Q
Company H
Company KK
 Calendar Year 2019
 Calendar Year 2020
 Calendar Year 2021
40
20
0

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
41
ADVANCING CLIMATE 
SOLUTIONS
CUSTOMER IMPACT KPIs
The next figure displays data from a sample of our Directly 
Measurable portfolio companies that sell directly to our 
strategic partners. Similar to the Foundational companies, 
of the 10 companies reporting, all but two reported 
increased sales into EIP’s coalition from 2020 to 2021, with 
a high of 10 coalition partners for Company LL. 
Company O and Company PP had a 200% and 100% 
increase, respectively, in sales to EIP’s coalition from 2020 
to 2021. Company O already had two pilots with EIP 
strategic partners upon our investment, and the EIP team 
highlighted the success of these pilots to other partners 
on several EIP Council Calls, Working Groups, and LP 
presentations. Company PP meaningfully expanded its 
partnership with one of EIP’s coalition members in 2021, 
adding new capabilities to support the LP’s additional 
customers. Subsequently, Company PP has seen 
substantial interest from other strategic partners launching 
similar programs.
Over half of the companies in our reporting sample 
reported selling to one or two of EIP’s coalition partners. 
Nearly all of these companies are early stage and are more 
recent additions to EIP’s portfolio. We expect coalition 
additions to increase in 2022 as we create connections 
between our new investee companies and our partners. 
Additional information regarding the contracts and 
bookings between our portfolio companies and partners, 
and our collaboration process, is presented in the “Helping 
Our Partners Succeed” section of this report.
 Calendar Year 2019
 Calendar Year 2020
 Calendar Year 2021
Company LL
Company O
Company GG
Company PP
Company UU
Company B
Company D
Company M
Company R
Company K
40
20
0
EIP COALITION CUSTOMERS FOR DIRECTLY MEASURABLE COMPANIES 2019-2021

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
42
CUSTOMER EXPANSION WITHIN ENERGY INDUSTRY 
Increased use of our technologies by energy industry 
customers outside our investor coalition is another 
important indicator of impact. Most of the companies in our 
portfolio are business-to-business (“B2B”) enterprises, and 
although customers within EIP’s coalition are key partners 
in market acceptance, the ultimate markets for many of 
our companies include a variety of customers beyond our 
group of investors. 
Tracking customer expansion within the energy industry 
for all reporting portfolio companies shows a 19% increase 
in customers from 2020 to 2021, and a total 32% increase 
since 2019. 
The figure at right displays data from a sample of 
Foundational portfolio companies that sell to the energy 
industry. Due to the wide range of customer counts 
among our companies, we express this metric in annual 
percentage growth from year-end 2020 to year-end 2021. 
Of the 12 companies reporting, none reported a decrease 
in sales from 2020 to 2021, and all but two reported an 
increase in sales. 
Company H had a 750% increase in sales to the energy 
industry from 2020 to 2021, jumping from 2 to 17 
customers. The company signed an MSA and scoped 
a pilot project with one of our strategic partners just 3 
months after their initial pitch at a Council Call. Through 
subsequent highlights at other EIP Council Calls and 
Working Groups, Company H was able to build a 
substantial pipeline of similar opportunities with other EIP 
partners.
ADVANCING CLIMATE 
SOLUTIONS
2020-2021 INCREASE IN ENERGY INDUSTRY CUSTOMERS FOR 
FOUNDATIONAL COMPANIES
CUSTOMER IMPACT KPIs
Company H
Company NN
Company RR
Company FF
Company QQ
Company N
Company S
Company J
Company SS
Company TT
Company G
Company Y
750%
158%
150%
100%
69%
63%
43%
40%
17%
1%
0%
0%

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
43
ADVANCING CLIMATE 
SOLUTIONS
The figure at right displays data from a sample of Directly 
Measurable portfolio companies that sell to the energy 
industry. Of the 12 companies reporting, none reported a 
decrease in sales from 2020 to 2021, and half reported an 
increase in sales. 
Company HH had a 586% increase in sales to the energy 
industry from 2020 to 2021, with these customers 
climbing from 7 to 48. Only a few months after EIP’s 
investment, Company HH signed a deal with an EIP 
strategic partner, which was an important validation of 
how the company’s solution can help utilities decarbonize. 
The collaboration between Company HH and this partner 
featured prominently in one of EIP’s Working Groups this 
year, helping the company further expand their pipeline.
2020-2021 INCREASE IN ENERGY INDUSTRY CUSTOMERS FOR  
DIRECTLY MEASURABLE COMPANIES
CUSTOMER IMPACT KPIs
Company HH
Company C
Company LL
Company PP
Company M
Company O
Company R
Company GG
586%
188%
61%
40%
0%
0%
0%
0%

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
44
TOTAL CUSTOMER GROWTH
The final customer impact KPI tallies the total number of 
customers of all industries and types. Due to the wide 
range of customer counts among our companies, we 
express this metric in annual percentage growth from year-
end 2020 to year-end 2021.
Tracking total customer expansion for all reporting 
portfolio companies shows a 45% aggregate increase in 
total customers from 2020 to 2021 and a aggregate 65% 
increase since 2019.
The figure at right displays data from a sample of 
Foundational portfolio companies that reported total 
customer counts from 2020-2021. Of the 19 companies 
reporting, only two reported a decrease in total customers 
from 2020 to 2021. These companies (Y and QQ) are 
more mature portfolio companies whose total revenues 
still increased from 2020 to 2021, despite the loss in the 
number of customers. 
Company FF and Company KK had a 250% and 200% 
increase, respectively, in total customers from 2020 to 
2021. Company FF unveiled a new platform in 2021 and 
won contracts with two EIP strategic partners, with two 
more in their pipeline. Company KK received positive 
feedback from its first utility customer, another EIP 
strategic partner, and was featured at one of EIP’s Working 
Groups in 2021, presenting to over 25 key decision makers 
in its industry.
ADVANCING CLIMATE 
SOLUTIONS
2020-2021 INCREASE IN TOTAL CUSTOMERS FOR FOUNDATIONAL COMPANIES
CUSTOMER IMPACT KPIs
Company H
Company FF
Company KK
Company Q
Company JJ
Company MM
Company N
Company OO
Company J
Company NN
Company S
Company RR
Company SS
Company WW
Company TT
Company I
Company G
750%
250%
200%
200%
126%
54%
2%
100%
49%
1%
69%
43%
0%
-23%
69%
26%
28%
0%
-27%
Company Y
Company QQ

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
45
The figure at right displays data from a sample of Directly 
Measurable portfolio companies that reported total 
customer counts from 2020-2021. Of the 14 companies 
reporting, only two reported a decrease in total customers 
from 2020 to 2021. 
Company ZZ had a 187% and increase in total customers 
from 2020 to 2021. In expanding its reach and impact in 
2021, they partnered with a large auto OEM to provide a 
holistic decarbonized home solution.
ADVANCING CLIMATE 
SOLUTIONS
2020-2021 INCREASE IN TOTAL CUSTOMERS FOR DIRECTLY MEASURABLE 
COMPANIES
CUSTOMER IMPACT KPIs
Company HH
Company ZZ
Company O
Company Z
Company U
Company GG
Company M
Company LL
Company P
Company PP
Company C
Company R
586%
187%
108%
101%
55%
16%
40%
11%
38%
10%
-4%
22%
0%
-9%
Company UU
Company W

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
46
Helping Our  
Partners Succeed
O
ur most important impact pathway is our effect on 
the transitions of our strategic investment partners 
and, through them, on the industries they lead.
Our partners, who operate large and influential energy, industrial, and real estate 
networks, have largely adopted climate and sustainability goals as part of their 
business plans. At EIP, we strive to facilitate the achievement of these goals by 
introducing and de-risking transition solutions, offering strategic insights, and 
creating a platform for shared intelligence and learning.
EIP does extensive desk research on a wide range of new technologies, 
decarbonization strategies, business models, and energy policy changes. Unlike 
traditional private equity and venture capital funds, we collaborate on such 
research and share the results of our work through intensive engagement with our 
investors, aiding in the transformation of their businesses towards clean, sustainable 
operations. Our partners assist EIP by jointly defining attractive investment 
segments, leveraging proprietary deal flows, conducting rigorous due diligence 
grounded in the reality of their industries, and creating commercial opportunities for 
our portfolio companies.
Utility partners hold long-established relationships with nearly every household in 
their service territories and have a thorough understanding of the regulatory system. 
Industrial partners touch many aspects of our society from technology to real estate, 
liquid fuels and more, which gives them insight into sectors key to the transition. 
Financial institution partners are strategically positioned to invest in the transition, 
both with EIP and beyond. These important attributes help our partners deploy 
technology from EIP’s portfolio companies.
ADVANCING CLIMATE 
SOLUTIONS
HELPING OUR 
PARTNERS SUCCEED
UTILITY INVESTORS · NORTH AMERICA
UTILITY INVESTORS · EUROPE
INDUSTRIAL INVESTORS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
47
STRATEGIC INSIGHTS
We aim to help our partners achieve strategic goals, 
including meeting their carbon reduction commitments, 
increasing workforce diversity, and encouraging and 
leveraging innovation efforts. We recognize that corporate 
climate and ESG commitments extend beyond technology 
adoption and we strive to offer complete assistance to 
our portfolio companies. Our primary avenue of support is 
through our collaboration on developing and adopting new 
technologies and business processes. 
In 2021, we provided 85 separate strategic briefings 
to our partners’ boards, c-suites and operating teams. 
This is almost a 200% increase in briefings since 2019. 
These briefings covered topics from long duration energy 
storage, decarbonization, and renewables to innovation 
best practices, data infrastructure, and cybersecurity. We 
also lead intensive, targeted working groups with our 
coalition members. In 2021, we hosted 14 working groups 
with our partners and external participants around deep 
decarbonization, power and grid flexibility, smart cities 
and transport, corporate sustainability, human resources 
technology, hydrogen, cybersecurity, natural gas, and 
electric charging. Over 600 individuals participated in 
these working groups. We expect to continue expanding 
our research coverage and strategic insights in 2022.
TARGETED SUPPORT
In addition to briefings and working groups, we also offer 
tailored partner support. For utility and industrial partners 
EIP provides hands-on commercialization engagement 
by driving collaboration with our utility and industrial 
partners and our portfolio companies, as well as with other 
customers across the energy ecosystem. 
EIP has also offered tailored support to financial 
institution partners on ESG and climate frameworks, 
carbon measurement, climate strategy development, and 
climate risk. We aim to provide our partners with expert 
knowledge and capabilities from within the EIP network 
and our broader ecosystem of experts across regulatory, 
reporting, risk, and implementation areas of practice.
TECHNOLOGY UPTAKE
We have long recognized the challenges of bringing 
innovators and utilities together and have worked to create 
a dedicated team of industry veterans, innovators, and 
business development resources designed to make finding 
the right connections easier for all parties. 
Since EIP’s inception, we have supported over $1 billion 
in cumulative bookings for our portfolio companies 
since 2015. This is primarily through collaborations with 
our partners and select deals with others in the energy 
ecosystem where EIP has played a hands-on role.
ADVANCING CLIMATE 
SOLUTIONS
HELPING OUR 
PARTNERS SUCCEED

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
48
ADVANCING CLIMATE 
SOLUTIONS
HELPING OUR 
PARTNERS SUCCEED
*Past Partners
2017
2018
2019
2020
2021
$1,064
$572
$236
$81
$19
2017
2018
2019
2020
2021
299
177
116
53
17
Southern Company
Fortis
OGE Energy Corp
Xcel Energy
Ameren
Alliant Energy
National Grid*
Duke
Entergy
Avista
Emera
Evergy
MGE Energy
Pinnacle West
AGL Energy
Burns & McDonnell
FirstEnergy
PPL Corporation
Shell
Portland General Electric
Cox Enterprises
HECO
PSEG
TC Energy
Enmax
EWE
Hydro One
Microsoft
EDF
Enterprise Holdings
PTT Public Company*
*Past Partners
25
10
0
CUMULATIVE NUMBER OF PARTNER/PORTFOLIO COLLABORATIONS
CUMULATIVE BOOKINGS GENERATED FROM 
PORTFOLIO COLLABORATIONS 
($M)
CUMULATIVE NUMBER OF CONTRACTS FROM 
PORTFOLIO COLLABORATIONS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
49
OUR PARTNERS’ CARBON COMMITMENTS
Our investment partners have made many ambitious 
climate commitments; nearly all have set targets around a 
significant emissions reduction by 2050 – in some cases, 
much earlier. As shown in the figure at right and Appendix 
One, 95% of our utility and industrial partners and 75% 
of our financial institution partners have adopted climate, 
energy, or sustainability related goals. 61% of our utilities 
and industrial partners have made net zero or carbon 
neutral commitments by 2050, and 42% of our financial 
institution partners have made strong commitments to 
net zero investment portfolios, integrating climate into all 
phases of the investment process, or designating climate or 
sustainability as a primary investment focus. 
While these commitments cannot be guaranteed in 
advance, many of our partners have established planning 
and reporting processes that document their progress. As 
a whole our coalition has cumulatively reduced its self-
reported measured CO2 emissions by 45% from partner 
baselines.32 This exceeds the 40% decline in the entire 
U.S. electricity generation sector and the 9% decline in U.S. 
industry sector GHG emissions from the peak year of 2007 
through 2020.33
PARTNERS 
WITH CLIMATE 
OR ENERGY 
COMMITMENTS
PARTNERS WITH 
2030 INTERIM 
GOALS
PARTNERS 
WITH NET ZERO, 
CARBON NEUTRAL, 
OR INVESTMENT 
THEME 
COMMITMENTS
61%
Utilities &  
Industrials
42%
Financial 
Institutions
68%
Utilities &  
Industrials
95%
Utilities &  
Industrials
75%
Financial 
Institutions
ADVANCING CLIMATE 
SOLUTIONS
HELPING OUR 
PARTNERS SUCCEED

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
50
ADVANCING CLIMATE 
SOLUTIONS
HELPING OUR 
PARTNERS SUCCEED
1 Data is from the most recent report available, either 2021 data or 2020 data where 2021 reports have not yet been released.
2 Data for Alliant Energy reflects CO2 emissions, which is the metric applied for this reduction goal.
3 Data for MGE reflects CO2 as opposed to CO2e. CO2e information was not available.
4 Xcel Energy data includes purchased emissions.
EIP PARTNER COALITION GREENHOUSE GAS REDUCTION GOALS1
AGL 
Energy
Baseline 
Emissions  
(MT CO2e)
Current 
Emissions  
(MT CO2e)
2030 
Emissions 
Targets  
(MT CO2e)
2050 
Emissions 
Targets  
(MT CO2e)
Galp 
Alliant 
Energy2 
Hydro One
Ameren 
MGE 
Energy3
Avista 
 
Microsoft 
Duke 
OGE  
Energy  
Corp
EDF 
Portland 
General 
Electric 
Emera 
PPL 
Corporation 
Enmax
PSEG 
Entergy 
Southern 
Company
Evergy 
TC Energy
First 
Energy
The Williams 
Companies, 
Inc
Xcel 
Energy4
Fortis

SECTION THREE
Case Studies

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
52
52
CASE STUDIES
FORM ENERGY
Form Energy: Transforming 
the Grid with Novel  
Multi-Day Energy Storage
There is widespread agreement that full decarbonization of 
the electricity system will require terawatt-scale electricity 
storage at prices far below the costs of lithium-ion batteries.
To fully decarbonize the 
electric grid, we must have 
breakthrough technology 
that can cost-effectively 
store electricity and 
discharge it over multiple 
days during renewable 
energy lulls, power plant or 
transmission outages, fuel 
shortages, and extreme 
weather events.
Form Energy was founded 
in 2017 to address this 
need. Since then, Form 
has made rapid progress, 
growing to over 250 
employees across the 
U.S. and raising $367M 
in venture capital from 
leading investors including 
EIP, Breakthrough Energy 
Ventures, MIT’s The Engine, 
and many others.
The company’s multi-day 
storage (MDS) technology 
is uniquely suited to help 
fill the baseload generation 
gap that many power 
systems are facing as coal 
and gas power plants 
are retired. The Form 
battery uses a unique 
iron-air process that they 
describe as “reversible rust” 
– “breathing in” oxygen 
from the air to discharge, 
converting iron metal to 
rust, then “breathing out” 
oxygen in order to charge, 
converting the rust back  
to iron.
The active components of 
Form’s battery system are 
the safest, cheapest, and 
most abundant materials 
on the planet — iron, water, 
and air. These inputs 
are available at terawatt 
scale globally without 
many of the economic 
and geopolitical supply 
chain risks other clean 
energy technologies are 
now starting to face. From 
the start, Form focused 
on building a supply 
chain that can scale with 
global storage demand. In 
2021 they signed a joint 
development agreement 
with ArcelorMittal, the 
world’s second largest 
steelmaker, to explore 
iron inputs tailored to 
its proprietary iron-air 
chemistry.
“The problem that we were going after 
is a very large problem, and it’s a very 
large market. So any option we were 
considering had to be able to scale 
to meet the size of the challenge — 
thousands of terawatt hours capability. 
And it also had to be safe. It had to be 
fundamentally cheap, fundamentally 
scalable, and fundamentally safe.“
 MATEO JARAMILLO,  
Co-Founder and CEO, Form Energy
Form Energy co-founder Mateo Jaramillo (left)  and EIP Partner 
Shayle Kann in front of a Form energy battery module

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
A GAME-CHANGER FOR GRID DECARBONIZATION
The availability of economical, reliable MDS will be a 
game-changer for grid decarbonization. The figure below 
visualizes the displacement of thermal generation in the 
midcontinental U.S. power market (known as MISO) with 
and without MDS installed on the system. The figure 
shows the hour-by-hour operation of all types of power 
plants expected to be on the MISO system in 2030 during 
one week of that year, from March 25-31. It also shows the 
hourly energy provided by the discharge of Form’s storage 
systems in the second panel. The figures at right were 
produced with Form’s own proprietary grid simulation 
software (Formware™) and illustrate electricity provided 
by fossil generation as hourly beige lines, renewable 
generation of all types that is not stored as slate blue, 
imported electricity as forest green and electricity provided 
by lithium ion batteries as pale gray blue. Form’s stored 
renewable energy discharge is shown in lime green.
Comparing the two panels in the figure, it is easy to see 
that the simulation that includes Form’s MDS batteries 
greatly reduces the need for fossil generation during this 
week. Because everything else in these two simulations 
are identical – the same power plants are in place, the 
same daily weather is assumed, and so on – the difference 
in fossil generation is clearly attributable to Form’s ability 
to store and later provide renewable energy that would 
otherwise go unused. The reduction of carbon-based 
generation in this single balancing authority in just one 
simulated week is over 330 thousand metric tons.34
As this simulation shows, Form’s breakthrough technology 
will enable the economic retirement of fossil assets by 
providing a zero-carbon firm capacity replacement. Using 
its simulation software, Form projects that its deployments 
will reduce projected CO2 emissions by approximately 28 
million metric tons between 2023 and 2032.
SIMULATIONS OF THE MISO POWER SYSTEM WITH &  
WITHOUT FORM STORAGE
One Typical Spring Week, 2030
MISO 2030 System 
(With MDS)  
With multi-day storage, 
MISO is able to reduce 
reliance on fossil 
generation and improve 
utilization of excess wind 
energy
MISO 2030 System  
(No MDS)  
Without multi-day 
storage, MISO relies 
more heavily on fossil 
generation to provide 
flexible capacity during 
renewable energy (wind 
and solar) lulls
 Demand
 Thermals
 Renewables
 Imports
 Li-Ion Discharge
 MDS Discharge
Generation  
(MWh)
80,000
40,000
0
25  
March 
27  
March 
29  
March 
31  
March 
25  
March 
27  
March 
29  
March 
31  
March 
Generation  
(MWh)
80,000
40,000
0
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
53
53
CASE STUDIES
FORM ENERGY

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
54
54
COMMERCIAL PROGRESS & AMERICAN JOBS
Form has received significant commercial interest from a wide range of customers 
with aggressive decarbonization targets. This includes regulated utilities, developers in 
merchant markets, and commercial and industrial (C&I) buyers across a wide range of 
electrical grid balancing authorities. Earlier this year, Form announced a collaboration 
with Georgia Power, the largest electric subsidiary of Southern Company, an EIP partner, 
on a project application of up to 15 MW/1,500 MWh of energy storage systems to be 
located in the utility’s service area. This project builds on Form’s previously announced 
pilot with Great River Energy, to deploy 1.5 MW/150 MWh in Cambridge, MN in 2023.
Form plans to perform the production and assembly work for most key components 
in-house, creating thousands of American jobs and millions of square feet of U.S. 
manufacturing footprint. In 2023, Form will bring a production facility online at their 
western PA facility to support the Great River Energy project deployment as well as other 
early commercial projects. By the end of the decade, Form seeks to have gigawatts of 
production capacity online to meet the anticipated demand.
“At Georgia Power, we know that 
we must make smart investments 
and embrace new technologies 
now to continue to prepare for our 
state’s future energy landscape. 
We’re excited to have Form Energy 
as a partner to help us build on 
Georgia’s solid energy foundation.”
CHRIS WOMACK,  
Chairman, President and CEO, Georgia Power
CASE STUDIES
FORM ENERGY

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
55
55
Enchanted Rock &  
Singularity Energy: 
Collaborating to Measure 
Carbon Savings
As part of its acceleration mission, EIP looks for direct 
synergies between its portfolio companies and our Limited 
Partners (“LPs”). This year EIP portfolio companies Singularity 
Energy (“Singularity”) and Enchanted Rock collaborated to 
understand the carbon impact of grid electricity sales from 
Enchanted Rock generators across ERCOT and MISO.
In Texas, Enchanted 
Rock’s generation has 
similar carbon intensity 
compared to the ERCOT 
grid’s marginal mix, with its 
large share of natural gas. 
In the Midwest, Singularity 
found that Enchanted 
Rock’s generation emits 
on average 16 to 19% less 
CO2 than the marginal grid 
during Enchanted Rock’s 
operational hours, leading 
to avoided emissions 
between .13 and .16 tons 
CO2/MWh. 
Separately, EIP calculated 
additional avoided carbon 
emissions of 730 tons 
from Enchanted Rock’s 
displacement of diesel 
generators during power 
outages. In addition to 
these displaced emissions 
there are large social and 
economic benefits from 
Enchanted Rock’s reliable 
backup power.
CASE STUDIES
ENCHANTED ROCK & 
SINGULARITY ENERGY
OPERATIONAL AVOIDED EMISSION RATE FOR 
ENCHANTED ROCK’S MISO OPERATIONS 
(TONS CO2/MWh)
0.130
MISO
MISO
MISO
0.164
0.156
Cambium
AVERT
Nonbaseload

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
56
56
MEASURING AVOIDED EMISSIONS
Avoided emissions are an estimate of the impact of a 
project on electrical grid carbon emissions. Measuring this 
impact requires estimating hypothetical carbon emissions 
from grid operations without the project of interest, making 
it an inherently uncertain endeavor. Singularity’s approach 
uses multiple methodologies to produce robust and 
defensible avoided emissions estimates. 
Singularity’s methodologies include Cambium, a power 
system model produced by the National Renewable Energy 
Laboratory, AVERT, a regression model produced by the 
EPA, and an hourly non-baseload estimate based on EPA’s 
eGRID. Each methodology is thoroughly documented, 
uses published data, and is backed up by research. The 
application of each methodology is based on the GHG 
Protocol, considered the global standard for emissions 
reporting. 
Singularity used each of these three methodologies to 
calculate an hourly marginal emission rate, which is the 
emission rate of the electricity replaced by Enchanted 
Rock’s operations in the hours when it sells electricity 
back to the grid. The avoided emission rate in MISO for 
those hours, ie, the difference between the grid marginal 
emission rate and Enchanted Rock’s emission rate, is 
shown at right. Using hourly rates is important for projects 
such as Enchanted Rock’s, whose production is highly 
variable. 
Working with Enchanted Rock, Singularity was able to 
provide insights into regional and temporal variations in 
their avoided emissions from grid sales.
AVOIDED EMISSIONS RATES ACROSS METHODS FOR  
ENCHANTED ROCK’S MISO OPERATIONS
CASE STUDIES
ENCHANTED ROCK & 
SINGULARITY ENERGY
JAN ’21
MAR ’21
MAY ’21
JUL ’21
SEP ’21
NOV ’21
20hrs
10hrs
20hrs
10hrs
20hrs
10hrs
Non-baseload
AVERT
Cambium
−0.4
−0.2
0
0.2
0.4
Avoided CO2
(tons/MWh)
JAN ’21
MAR ’21
MAY ’21
JUL ’21
SEP ’21
NOV ’21
20hrs
10hrs
20hrs
10hrs
20hrs
10hrs
Non-baseload
AVERT
Cambium
−0.4
−0.2
0
0.2
0.4
Avoided CO2
(tons/MWh)

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
57
57
Project Canary: Measuring  
& Certifying Responsibly 
Produced Natural Gas
Emissions from methane – a greenhouse gas (GHG) 25 times 
as powerful as CO2 – accounts for about 11% of U.S. GHG 
emissions.35 The largest U.S. source of these emissions is the 
natural gas and oil sector, which produces almost one-third 
of all methane emissions.36 Since methane is both potent 
and short-lived compared to CO2, achieving significant 
reductions would have a rapid and significant effect on 
atmospheric warming potential. 
This is where Project 
Canary comes in. Project 
Canary uses a patented, 
state-of-the-art sensing 
system to spot and 
measure methane leaks 
from gas and oil well 
pads, transport pipelines, 
and distribution systems. 
By connecting the 
“canary” sensors direct to 
independent data feeds, 
Project Canary can monitor 
and certify that natural gas 
was produced according 
to higher standards of leak 
prevention. Project Canary 
offers gas producers the 
ability to certify their gas 
as Responsibly Produced 
using its TrustWell™ 
certification program. 
Co-founded by Dr. Anna 
Scott, Chris Romer, and 
Will Foiles, Project Canary 
is a certified B-Corp, 
and has a 40%-female 
board. As one of our 
first investments in the 
Elevate Future Fund, the 
company’s fund dedicated 
to underrepresented 
founders, EIP helped lead 
the company’s Series A 
investment.
Today, Project Canary 
has approximately 1,500 
monitors deployed and 
over 7,000 wells certified 
through its TrustWell™ 
program. Project Canary 
is active in every major 
production basin in the 
US and has certified wells 
in 10 of the 14 oil and 
gas-producing states in 
the US. It is also active in 
Canada and the UK. To 
date, Project Canary has 
certified or is continuously 
monitoring close to 11 
billion cubic feet of natural 
gas per day.
Project Canary co-founder Anna Scott and 
Elevate managing partner Anthony Oni at a 
Project Canary wellsite.
CASE STUDIES
PROJECT CANARY

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
58
58
This certified natural gas 
is arriving at just the right 
time. Large natural gas 
purchasers are beginning 
to demand natural gas 
that is certified low 
emission and responsibly 
sourced. For example, Xcel 
Energy – a leading EIP 
partner – has partnered 
with Crestone Peak 
Resources in Colorado 
to buy low-emissions 
intensity natural gas on a 
pilot basis. Xcel Energy also 
recently committed that by 
2030 it will procure only 
certified, low-emissions 
gas for its customers. This 
partnership demonstrates 
the value that Project 
Canary’s upstream and 
midstream continuous 
methane leak monitoring, 
quantification, and 
certification bring to 
utilities and its other 
customers, while allowing 
downstream consumers to 
leverage their purchasing 
power to drive positive 
upstream change. Other 
large utilities are following 
Xcel Energy’s lead and 
beginning to actively 
participate in this nascent 
market, including Southern 
Company, Washington Gas, 
New Jersey Natural Gas 
and SoCal Gas. 
As part of its commitment 
to community assistance 
and emissions reduction, 
Project Canary has 
partnered with Civitas 
to help voluntarily plug 
42 abandoned oil and 
gas wells around the 
state of Colorado. Project 
Canary will be providing 
Trustwell™ engineering 
services to these 42 wells 
and installing continuous 
monitoring devices to 
establish the emissions 
profiles of the wells. Once 
the wells are properly 
sealed, Project Canary 
devices will remain on-site 
to ensure that no further 
leaks occur.
Orphaned wells that 
are plugged improperly 
(or not at all) often emit 
methane and volatile 
organic compounds for 
many years. These wells 
have a significant negative 
impact on the climate 
without contributing 
anything to our energy 
supply. According to 
the Colorado Oil & Gas 
Conservation Commission 
(COGCC), Colorado has 
approximately 410 total 
orphaned wells. Plugging 
abandoned wells is one 
of many important ways 
to accelerate Colorado’s 
commitment to reducing 
statewide greenhouse gas 
pollution by 26% by 2025, 
50% by 2030, and 90% by 
2050 vs. 2005 levels.
CASE STUDIES
PROJECT CANARY

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
59
59
Measurabl’s customers cover 
>67,000 
commercial buildings
representing  
>11.7B 
square feet
across  
90 
countries
Measurabl: The Leading 
ESG Data Management  
& Analytics Solution for 
Commercial Real Estate
Though ESG has been 
building momentum for 
years across the corporate 
landscape, most real estate 
owners and investors are 
just starting to integrate 
sustainability into their 
businesses. In a 2021 
survey of commercial 
real estate professionals, 
81% stated that ESG 
is crucial for driving 
important business 
decisions, however only 
63% are “moderately-to-
significantly confident” 
they are able to gather the 
appropriate amount and 
quality of data required to 
incorporate ESG.37
Matt Ellis, previously 
Director of Sustainability 
Solutions at CBRE, founded 
Measurabl in 2013, making 
it a first mover in ESG 
software for real estate. 
Measurabl’s solution 
automatically aggregates 
investment grade ESG data 
(such as utility data and 
physical climate risk data), 
performs building and 
portfolio-level performance 
benchmarking, and enables 
advanced reporting. 
Customers can also use 
the platform to streamline 
green building certifications 
and company level ESG 
reporting as well as Scope 
1 & 2 GHG calculations.
The company now serves 
a large portion of public 
REITs and real estate asset 
managers, representing 
a combined $2 trillion in 
gross asset value among 
its subscribers, as well 
as corporations with 
significant real estate 
footprints. The company 
is headquartered in San 
Diego, CA with 90+ 
employees.
C&I facilities make up 
~60% of US electric load 
and utilities, including 
EIP’s partner coalition, can 
work with these customers 
and Measurabl to help 
further efficiency and 
decarbonization goals. EIP 
led Measurabl’s $50 million 
Series C round in August 
2021 with a $25 million 
investment, joining existing 
investors. 
CASE STUDIES
MEASURABL

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
60
60
MEASURABL’S ESG SOFTWARE FEATURES
 
Automated Utility Data  
Collection & Verification 
Gather meter-level electricity, 
water, fuel, district, and 
waste data automatically 
from thousands of utilities. 
Ensure that data meets 
stakeholder requirements 
with data checks, anomaly 
detection, and clear paths to 
error resolution.
 
Physical Climate Risk 
Measurabl has integrated 
global physical climate risk 
data to its ESG platform 
to help users assess their 
exposure to heat stress, 
flooding, and other factors 
at the asset level.
 
Cohort Insights 
Compare your building- 
and portfolio-level ESG 
performance to tens of 
thousands of buildings in 
Measurabl’s database to 
see how your assets stack 
up against your peers.
 
Seamless ESG Disclosure 
Gain expert help disclosing 
to ESG benchmarks like 
GRESB and CDP with 
built-in reporting modules.
 
Sustainable Building 
Management 
View and renew green 
building certifications like 
LEED, BREEAM, ENERGY 
STAR, and manage asset-
level projects, audits, and 
ratings.
 
Document Repository 
Track your ESG policies 
and procedures alongside 
environmental data in the 
Measurabl platform.
 
Carbon Emissions 
Calculation 
Automatically calculate 
Scope 1 and 2 greenhouse 
gas emissions to determine 
which buildings are highly 
efficient and which emit 
excessive levels of carbon.
 
Target Setting 
Set and track progress 
toward environmental 
goals so you can be 
confident you’ll reach 
voluntary and mandated 
targets.
 
Building Trend Analysis 
Visualize and track trends 
in energy and water 
consumption, waste 
outputs, and carbon 
emissions, then compare 
performance against 
weather and building 
occupancy factors.
“It is clear to us that ESG 
measurement is rapidly 
becoming table stakes for the built 
environment — not just because 
the energy transition is important, 
but because ESG actions drive 
material asset value appreciation. 
Measurabl has built the preeminent 
ESG data management solution for 
the real estate industry and we are 
excited to help fuel their expansion 
into new markets and geographies.”
 
LINDSAY LUGER,  
Partner at Energy Impact Partners
CASE STUDIES
MEASURABL

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
61
61
ChargerHelp!: Reliable  
& Cost-Effective EV 
Charger Maintenance 
Software & Services
A
ccelerating mass adoption of electric vehicles 
requires not only the installation of millions of 
charging stations – it also requires those stations 
to work. Uptime is vital to consumer confidence in 
electric vehicles, but today, approximately 25% of 
chargers are non-operational at any given time.38 And 
if drivers don’t report non-working stations, network 
providers may not even know there is a problem.
Uptime and reliability is critical for EV charging stations that have been 
deployed by EIP’s partner utilities. Without a reliable and affordable service 
and maintenance solution for charging stations, issues can result in long 
outages and threaten the adoption of electric vehicles.
ChargerHelp! (“CH!”) was founded in 2020 by Kameale Terry (CEO) and 
Evette Ellis (Chief Workforce Officer) to address exactly this issue. The 
company provides dispatch software to accelerate charger repair and 
maintenance and has an on-demand technician platform. ChargerHelp! 
deploys its platform within one day, connecting service requests to the 
company’s specialized technicians, and brings repair times down to 1-2 days 
from 15-30 day industry norms. 
CASE STUDIES
CHARGERHELP!
EIP Principal Vida Asiegbu and 
the ChargerHelp! team

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
This information has yet 
to be designed.
EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
62
62
Additionally, ChargerHelp! is dedicated to leveraging 
technology to remove employment barriers and 
improve economic mobility within all communities. 
The company is creating high-paying jobs in the 
growing green economy and enhancing in-demand 
skills and knowledge in communities across the 
country. ChargerHelp! is collaborating with local 
workforce centers and creating partnerships with 
organizations to hire and train high-performing 
professionals from underrepresented backgrounds. 
Moreover, EIP’s partners can and have sought 
opportunities to collaborate with ChargerHelp! on 
workforce development within their territories. 
EIP invested $1mm in ChargerHelp!’s $2.75mm 
Seed round in March 2021. ChargerHelp! is 
headquartered in Los Angeles, CA and has 
approximately 30 employees.
 
Data-driven Reliability 
Insights CH! software 
captures all data related to 
charging station reliability, 
providing a single source 
for charging station health 
and insights that enable 
the uptime levels drivers 
expect
 
Optimized Service 
Workflows CH! software 
aggregates charging 
station, network, and 
vehicle data to quickly 
identify trends and 
optimize remediation 
pathways. Bringing all 
stakeholders together on 
a single platform improves 
communication efficiency 
and reduces time to issue 
resolution
 
Service Quality 
Assurance CH! software 
tracks technician 
credentials and detailed 
information throughout the 
service process, ensuring 
every charging station 
interaction is completed by 
a qualified service provider
 
Certified EVSE 
Technicians CH! 
technicians go through 
a proprietary training 
program, and all have 
OSHA and NFPA70E 
safety certifications
 
Dispatched When You 
Need Them CH! services 
are available with multiple 
service-level agreements, 
allowing offerings to be 
tailored to the needs of 
each customer’s business
 
Logistics and Warranty 
Support CH! provides 
logistics and warranty 
coordination with 
equipment manufacturers 
and can manage spare 
parts inventory for rapid 
shipment on-site
CASE STUDIES
CHARGERHELP!

SECTION FOUR
EIP’s Carbon 
Impact

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
64
EIP’S CARBON IMPACT
OUR INTERNAL 
FOOTPRINT
Our Internal Footprint
F
or the past three years, EIP has measured its own Scope 1 and 2 carbon  
emissions as well as its emissions from business travel – one category of  
Scope 3 that is highly material for us. This collection of emissions – previously  
labeled “Scope 1, 2, and partial 3” – we now call our internal footprint. 
Despite very large growth since 2019, our internal footprint 
of 230 tons is 29% lower than the pre-pandemic year of 
2019. This reduction occurred despite a 98% increase 
in AUM since 2019, a corresponding 51% increase in 
headcount since 2019, and the expansion of our office 
spaces in New York and San Francisco. Our 2021 figures 
also include, for the first time, emissions from rail travel and 
European co-working spaces for our Cologne and London 
teams. In addition, we took a conservative approach to 
Scope 1 and 2 footprint by counting both the estimated 
work-from-home (“WFH”) energy and the energy used by 
our largely-empty offices for the entire year.39
These footprint reductions are also strongly reflected 
in the intensity measures appropriate to our industry. 
Internal footprint per employee is down 50%, from 7.8 
tons in 2019 to 3.9 tons in 2021. Consistent with the very 
strong growth of our platform, emissions per dollar under 
management have fallen a full 64% since 2019. 
We are pleased to see these trends, but our operations 
continue to be influenced by the lingering effects of the 
pandemic. In 2019, business travel accounted for roughly 
four-fifths of our internal footprint; all other components of 
our emissions were far smaller. The composition reversed 
in 2021, when travel remained very limited and the 
combination of WFH and office energy account for almost 
two-thirds of our footprint. Like many other firms, we 
are continuing to adjust to the “new normal” and it is too 
early to get an accurate emissions baseline for our greatly-
expanded operations.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
65
EIP’S CARBON IMPACT
OUR INTERNAL 
FOOTPRINT
INTERNAL EIP 
EMISSIONS  
PER $ AUM 
(MTCO2E/$000 AUM) 
INTERNAL 
FOOTPRINT  
PER EMPLOYEE 
(MTCO2E)
EIP INTERNAL FOOTPRINT BY CATEGORY 
(MTCO2E/EMPLOYEE) 
employee 
commute
building 
energy
hotel 
stays
business 
travel
’19
’19
’20
’20
’21
’21
261.2
41.9
139.7
7.4
19.3
17.7 15.8
2.7
7.0
43.6
54.3
152.3
5.7
1.4
6.6
64.7
 Calendar Year 2018
 Calendar Year 2019
 Calendar Year 2020
 Calendar Year 2021
7.8
2.6
3.9
0.031
0.019
0.024

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
66
EIP’S CARBON IMPACT
Scope 3 Emissions
This year EIP has completed a full Scope 3 footprint 
measurement, including the Scope 1 and 2 emissions of 
all of our 2021 portfolio companies, officially referred to as 
financed emissions. With the help of Greenly, one of our 
portfolio companies, we also estimated the GHG emissions 
from the remainder of the Scope 3 categories not already 
measured.
In 2021, we estimate that the total financed emissions 
from our portfolio companies was approximately 74,000 
MTCO2e. As with our impact, we also adjust these for 
our share of ownership; when adjusted, our share of this 
footprint is 10,500 MTCO2e.40 As shown in the figure at 
right, these emissions correlate strongly with company 
size and scale, with the largest emissions from several 
well-established firms in our credit fund. A handful of 
our portfolio companies have already taken the step of 
offsetting part or all of their Scope 1 and 2 emissions 
through the purchase of verified carbon credits or 
Renewable Energy Credits (“RECs”). With these offsets 
our ownership-weighted financed emissions footprint 
declines to 10,200 MTCO2e. 
Understanding the impact of our portfolio—positive and 
negative—is something we feel is important for furthering 
our impact measurement and accountability efforts at EIP. 
While EIP is not able to directly control the emissions of our 
portfolio companies, as active investors who believe in the 
importance of building strong working relationships with 
our investees, we strive both to learn from the bright minds 
with whom we partner and engage around important 
issues like emissions reduction and management. 
SCOPE 3 EMISSIONS
OWNERSHIP-WEIGHTED FINANCED EMISSIONS 2021— 
FULL EIP PORTFOLIO
Net total 10,200 metric tons
 Ecobee
 Medium Footprint  
(23 companies with  
50-250 MTCO2e)2
 Small Footprint  
(33 Companies with  
<50 MTCO2e)1
 TESCO
 Spire Power 
Solutions
 Celerity 
Consulting 
Group
 Mimeo
 Williams Industrial Services
 Tenere
 Construction Resources
1 33 companies were estimated to have a small OW footprint (<50 mtCO2e): Attivo, SmartRent, Studytube, 
ChargerHelp!, Form Energy, Scythe, HopSkipDrive, Power Factors, Palmetto, Flo, Picnic, Electric 
Hydrogen, Powin Energy, eSmart Systems, Mosaic, Zitara, Boston Metal, 42Crunch, RangeForce, Zolar, 
Sibros, Sense, Sitetracker, Swimlane, Moxion Power, RapidSOS, Project Canary, Smallhold, Hippo 
Harvest, Measurabl, Zap Energy, Nitricity, and Noetic.
2 23 companies were estimated to have a medium OW footprint (between 50 and 250 mtCO2e): Derive 
Systems, GridX, Marketing Evolution, Dragos, Cimcon Lighting, BHI, Enchanted Rock, Innowatts, 
Manus Bio, Finite State, Urbint, NS1, Particle, Arcadia, Aeroseal, Trifacta, Corelight, EVmo, ev.energy, 
Volta, Opus One, ViriCiti, and Sparkfund.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
67
Apart from business travel and financed emissions, 
the remaining elements of our Scope 3 footprint were 
measured using Greenly’s advanced carbon measurement 
platform. As shown in the figure at right, our remaining 
Scope 3 footprint, including was 451 MTCO2e. These 
emissions came primarily from the categories expected for 
an office-based financial enterprise: legal services, office 
equipment and computers, software, and meals. We are 
continuing to look for ways to reduce purchased emissions 
by identifying low-carbon and carbon-neutral suppliers of 
these goods and services.
EIP’S CARBON IMPACT
CARBON FOOTPRINT OF ENERGY IMPACT 
PARTNERS’ MAIN PROVIDERS SERVICES (MT CO2E)
SCOPE 3 EMISSIONS
 Other
 Services Purchased
 Products  
Purchased
 Assets
 Food and 
Drinks
 Digital
56%
16%
11%
9%
4%
4%

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
68
Offsets & Impacts
S
ince 2019, EIP has offset all of its measured 
internal carbon emissions with purchased 
commercial carbon credits. This year we 
continue this practice and have placed a greater 
emphasis on pursuing carbon removals with 
stronger guarantees of additionality.
Our evaluation of offset options led us to purchase removals that 
emphasize quality and permanence from the Danish offset provider 
Klimate. The Beyond Forestry offsets that we purchased this year 
blend forestry and carbon soil sequestration, de-emphasizing less 
permanent forestry-only offsets.
Aside from our offsets, it is clear that the actual savings enabled 
by our portfolio companies vastly exceed the combined footprint 
of EIP and our portfolio companies. Using ownership-weighted 
figures, our enabled annual savings from actual installations in 2021 
was about 520,000 MT, while our total footprint with all scopes, 
including financed emissions, was about 10,200 MT. Our annual 
enabled savings exceed our total footprint by a factor of 51x. 
The relationship between our enabled impacts and total footprint 
is illustrated to scale in the figure at right. Were we to add in the 
additional OW lifetime enabled savings from our portfolio, the outer 
ring of the circle drawn to scale would be about 13 inches wide. If we 
further added the 5.1 million MT of projected savings from our five 
pre-commercial companies the circle would be approximately 1.5 feet 
in diameter.
EIP’S CARBON IMPACT
OFFSETS & IMPACTS
EIP’S ENABLED CARBON SAVINGS FAR 
EXCEED ITS FOOTPRINT
Comparing Full Portfolio Carbon 
Footprint to Enabled Carbon Savings
520,000 MT CO2e
Avoided Emissions 
EIP’s Ownership-Weighted  
Annual Savings Enabled by  
Installed Technologies
10,200 MT CO2e
Financed Emissions 
EIP’s Ownership-Weighted Share  
of 2021 Portfolio Emissions
681 MT CO2e 
EIP’s Own Footprint 
EIP’s Scope 1, 2, and 3 Footprint, 
without Financed Emissions

SECTION FIVE
ESG

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
70
Overview
E
IP is pleased to present our second annual compilation of 
ESG results for calendar year 2021. While we are primarily 
focused on positively impacting the clean energy transition, 
we also believe that following sound ESG practices allows 
us to capture greater opportunities and mitigate risks that 
together drive long-term value in our portfolio. 
52 portfolio companies, 
representing over 90% 
of our active portfolio 
companies in 2021, 
participated in our annual 
ESG data collection 
exercise, reporting on 
approximately 30 key 
metrics.
ESG
OVERVIEW
2021 REPORTING PORTFOLIO ESG HIGHLIGHTS
15K+
jobs were supported  
in 2021 compared to  
3,500+ in 2020
3K+
direct jobs were created  
in 2021 compared to  
1,100+ in 2020
55%
of our companies  
have waste  
reduction or  
recycling initiatives  
compared to  
46% in 2020
82%
of our companies  
have a health  
& safety policy  
compared to  
54% in 2020
95%
of our companies  
have a DE&I policy  
or are in the process  
of adopting one  
compared to  
83% in 2020

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
71
Environmental Metrics
B
eyond our focus on carbon impacts, we collect data on other environmental  
aspects of our portfolio companies. We acknowledge that early-stage  
companies often find it difficult to focus on internal environmental improvements  
such as office recycling programs. We encourage our companies to embed  
sustainable principles in their company’s practices as early as possible.
The following descriptions and data present the reporting 
portfolio’s aggregated responses on several key 
environmental metrics.
Environmental policies and management systems:  
We encourage all of our companies, regardless of sector, 
to consider adopting an environmental policy which 
may include environmental improvements to their office 
locations such as waste reduction or recycling programs, 
purchasing renewable energy, or measuring and offsetting 
their carbon footprint. 
For companies with extensive onsite operations (such as 
OEMs), environmental management policies and processes 
are important to mitigate environmental risks from the 
production of goods and the supply chain for raw materials. 
We encourage our companies with onsite operations to 
develop an environmental policy and/or management 
system as appropriate, or to work with third party 
contractors to develop these practices. However, many of 
EIP’s portfolio companies are software-based and/or are in 
a pre-commercial phase, and as such only a minority report 
having environmental policies or management systems. 
Renewable energy purchases: A majority of EIP’s 
reporting portfolio companies are not currently utilizing 
renewable power for their office or other physical locations. 
We recognize that it may not be possible for certain 
companies, especially those utilizing coworking spaces 
or leased office space, to control their energy supply. 
However, we encourage all of our companies to work with 
their building management to determine if it is possible 
to do so, and to measure and offset their emissions from 
purchased electricity and heat.
ESG
ENVIRONMENTAL 
METRICS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
72
ESG
ENVIRONMENTAL 
METRICS
Waste reduction and recycling programs: Over half of 
EIP’s reporting portfolio companies have waste reduction 
and/or recycling programs in place. We encourage all 
of them to implement these programs as part of their 
company’s overall environmental or ESG policy. We aim 
to provide our companies best practices regarding these 
programs and are currently developing a library of such 
resources for their use.
Climate risk assessments: Currently, a majority of EIP’s 
reporting portfolio companies are not performing climate 
risk assessments. However, as climate risk continues 
to become a more prominent aspect of overall risk 
management, including its focus in the SEC’s recent 
proposed rulemaking for climate disclosures, we expect our 
mature and pre-IPO portfolio companies to begin to make 
these assessments.
EIP 2021 PORTFOLIO ENVIRONMENTAL METRICS
Climate Risk Assessment
Waste Reduction/Recycling Programs
Environmental Management Systems
Renewable Energy  Purchases
Environmental Policy
yes · 2%
yes · 55%
yes · 18%
yes · 6%
yes · 18%
no · 86%
no · 45%
no · 76%
no · 71%
n/a 4%
no · 53%
adopting in 2022 · 12%
adopting in 2022 · 6%
adopting in 2022 · 19%
adopting in 2022 · 29%

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
73
Diversity, Equity &  
Inclusion
D
E&I is a core focus at EIP. Our firm is taking steps to 
incorporate DE&I into our culture and business strategy 
and reduce the equity gaps in venture capital and energy 
technology industries. By building a more representative 
workforce, promoting transparency, collaboration, and 
inclusivity, we can spur the kind of innovation that is only 
possible when you engage different perspectives.
Research continues 
to show that diverse 
representation is a 
significant economic 
opportunity that generates 
value for communities and 
companies alike. Diverse 
boards and management 
teams are reported to 
drive increased returns 
to investors41 while 
addressing underserved 
consumers unlocks 
significant revenue 
potential.42
Over the last several 
years, the conversation 
around DE&I has directed 
investment across the 
public and private sectors. 
The investment community 
in particular has made 
large commitments to 
diversity, including bold 
announcements by 
institutional investors, rapid 
growth in diversity-focused 
funds and significant new 
thought leadership from 
legacy organizations. 
Despite these inspiring 
commitments and 
announcements, the 
data illustrate that there 
is still much room for 
improvement.
As shown in the figure at 
right, funding to ethnically 
diverse and sole female 
founders increased YoY 
in 2021. Nevertheless, 
these percentages remain 
significantly below 
the relative workforce 
demographic.434445 While 
progress should be 
celebrated, it is imperative 
that the investment 
community remain 
committed to continuing 
these changes, recognizing 
that there is considerable 
ground to cover in closing 
the funding gap. 
ESG
DIVERSITY, EQUITY & 
INCLUSION
2.0%
1.7%
0.6%
2.1%
2.1%
1.4%
women
 
2020 percent 
of funding
 
2021 percent  
of funding
latinx
Black
1 https://www.mckinsey.com/featured-insights/diversity-and-
inclusion/serving-the-black-consumer-is-a-300-billion-dollar-
opportunity
2 https://pitchbook.com/news/reports/2021-all-in-female-
founders-in-the-us-vc-ecosystem
3 https://news.crunchbase.com/news/latinx-startup-founders-vc-
funding-something-ventured/
FUNDING TO DIVERSE FOUNDERS INCREASED 
FROM 2020 TO 2021, BUT REMAINS LOW1 2 3

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
74
ESG
DIVERSITY, EQUITY & 
INCLUSION
THE ELEVATE FUTURE FUND
W
e are proud to have launched our Elevate 
Future Fund in 2021, an investment vehicle 
dedicated to founders from underrepresented 
groups and companies servicing traditionally 
underserved communities. As with all funds on 
our platform, the Elevate Future Fund’s investment 
focus is on technology segments that are well 
positioned to capitalize on the shift toward a 
digitized, decarbonized, and electrified energy 
future. In addition to its direct investments, 
the Elevate team is forming partnerships with 
technology accelerators and universities, including 
historically Black colleges, to nurture talent and 
promote infrastructure and support systems to 
nourish talent from underrepresented groups. The 
fund works closely with its strategic investors to 
leverage their considerable resources and jointly 
advance this important mission.
Elevate is targeting $100 million in commitments and has already closed 
on more than half of this goal through strong support from EIP’s investor 
network. In 2021, Elevate made four investments in companies led 
or founded by diverse leaders and has a strong pipeline of additional 
opportunities.
ANTHONY ONI,  
Managing Partner of the Elevate 
Future Fund
VIDA ASIEGBU,  
Principal, Elevate
AUMRI ESDAILLE,  
Associate Vice President of 
Partnerships & Programs, Elevate

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
75
ESG
DIVERSITY, EQUITY & 
INCLUSION
“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. 
We look forward to working closely with 
our incredible corporate partners to help 
advance a more equitable ecosystem 
and provide better opportunities for 
underrepresented people.”
ANTHONY ONI,  
Managing Partner of the Elevate  
Future Fund
 
ChargerHelp! provides 
on-demand repairs 
and maintenance to EV 
charging stations from 
trained and supported local 
workforces.
 
HopSkipDrive offers 
safe and dependable 
transportation solutions 
for schools and families. 
HopSkipDrive’s solution 
enabled carbon savings 
of 160 MT in 2021, with a 
projected lifetime savings 
of 790 MT. 
 
Manus Bio uses 
biotechnology to amplify 
nature and produce natural 
products that are more 
sustainable and more 
cost-effective. Manus Bio’s 
products enabled carbon 
savings of 2,800 MT in 2021, 
with a projected lifetime 
savings of 23,700 MT.
 
Project Canary is a 
SaaS-based data analytics 
company focused on 
accurate corporate climate 
ESG data for emission-
intensive industrial 
companies. 
Additionally, at the end 
of 2021 the Elevate 
Fund invested in Noemis 
Ventures, a venture 
capital fund investing and 
partnering with early-stage 
companies to empower 
and pursue growth.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
76
ESG
DIVERSITY, EQUITY & 
INCLUSION
At EIP, we are committed to advancing DE&I in 
the startup financing segment of the clean energy 
sector. Through our role, we hope to help attract 
new talent to the industry, invest in that talent, 
nourish the ecosystem that increases DE&I, and 
share our experiences with our partners. Climate 
change will require record-breaking amounts of 
investment and represents a massive opportunity to 
elevate underrepresented groups.
EIP is committed to developing and implementing 
programs and initiatives to promote DE&I in all 
areas of its employment and business strategy. As 
part of this commitment, some of the programs and 
plans the firm has developed include:
 
Hiring 
Ensuring a significant 
portion of all qualified 
candidates for open 
roles at EIP are from 
underrepresented 
backgrounds, which 
include women, people 
of color, LGBTQ+ 
individuals and any other 
underrepresented group
 
Internships 
Summer Internship 
Program focused on 
providing opportunities 
to students from 
underrepresented 
backgrounds
 
Services  
Partnerships with DE&I 
recruitment platforms and 
services
 
Employee Resource 
Groups  
For employees who share 
a common interest or 
affinity (gender, ethnicity, 
religious affiliation, lifestyle, 
or interest) to support 
one another and raise 
awareness
 
Events  
Quarterly employee 
events to enhance our 
collaborative culture 
and encourage inclusive 
employee engagement
 
Training  
Harassment and 
discrimination prevention 
and unconscious bias 
training
 
Management  
Optional additional 
diversity training for all 
managers and employees
 
Pay Equity  
Annual pay equity 
assessments completed 
through a compensation 
benchmarking exercise 
which matches 
skills, competencies, 
and experience to 
compensation

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
77
ESG
DIVERSITY, EQUITY & 
INCLUSION
In the chart at right, EIP reports its own diversity and 
inclusion metrics for year-end 2021 compared to both year-
end 2020 and VC industry averages.46 In three of these 
four categories — total women, total URM, management 
women, and management URM — EIP exceeds VC 
industry averages. However, we fall short of the average 
in total gender balance, and this balance did not change 
during our growth in 2021. As we strive to improve 
these results over time, we recognize the importance 
of transparent reporting of these metrics and we are 
committed to adapting and improving our DE&I initiatives 
as our goals evolve.
37%
22%
25%
20%
45%
24%
16%
20%
37%
26%
21%
26%
total women
total URM
management 
women
management 
URM
 
2020
 
VC Average
 
2021
EIP 2021 WORKFORCE DIVERSITY METRICS  
COMPARED TO 2020 & VC BENCHMARK

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
78
ESG
DIVERSITY, EQUITY & 
INCLUSION
For the second consecutive year, EIP collected metrics 
from portfolio companies across our platform on DE&I 
within their organizations. We collect and report these 
metrics in order to provide encouragement to companies 
that wish to engage further on best practices and improve 
their DE&I. This year the ESG and Elevate teams expect to 
publish a DE&I playbook for our companies that will help 
them continuously foster a diverse, equitable and inclusive 
workplace. 
In addition to the diversity data provided in the figures at 
right, 95% of reporting companies stated that they have or 
plan to adopt policies that specifically promote and foster 
DE&I in their workplaces. Further, 73% of our reporting 
companies have adopted or plan to adopt efforts or set 
goals to improve employee diversity.
MAJOR GENDER & RACIAL METRICS FOR EIP REPORTING PORTFOLIO
30%
Women— 
All Employees
24%
URM— 
All Employees
24%
Women— 
Management 
 Employees
18%
URM— 
Management 
 Employees
15%
Women— 
Board of  
Directors
11%
URM— 
Board of  
Directors

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
79
ESG
ADDITIONAL SOCIAL & 
GOVERNANCE METRICS
Additional Social &   
Governance Metrics
S
imilar to the reported environmental metrics, we also acknowledge that the  
social and governance aspects of earlier-stage companies may not be fully  
developed as they focus on expanding their businesses. Our investment teams  
conduct extensive diligence on the governance practices of each portfolio  
company to ensure we invest in competent and cohesive management teams  
with strong leadership. After investment, our goal is to work with these leaders  
to embed high ESG standards into their operations and culture.
The chart on the following page presents the reporting 
portfolio’s aggregated responses on several key social and 
governance metrics, described in further detail below.
Paid family leave policy: Paid family leave is only 
available to Americans working at qualifying companies 
in certain states that have implemented required paid 
leave, or individuals working at companies who offer 
such leave. We encourage companies in jurisdictions 
without mandated paid leave to implement a policy that 
allows their employees to take paid time off to care for a 
new child or sick family member. 66% of EIP’s reporting 
portfolio companies offer paid family leave above minimum 
requirements or are in the process of adopting a paid leave 
policy.
Employee satisfaction tracking: 69% of EIP’s portfolio 
companies track employee satisfaction or are adopting a 
process to do so. We encourage our companies to adopt a 
system to track employee satisfaction to better understand 
their employees and implement improvements to boost 
employee satisfaction (and therefore engagement) as 
needed. 
Data security and privacy policies: 69% of EIP’s reporting 
portfolio companies have a data security and/or privacy 
policy. Data privacy is a material risk for companies in the 
technology and software space in which many of EIP’s 
portfolio companies work. We encourage our portfolio 
companies to adopt policies to help mitigate cyber risks to 
themselves and their customers.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
80
ESG
ADDITIONAL SOCIAL & 
GOVERNANCE METRICS
Anti-discrimination policy: 96% of EIP’s reporting 
portfolio companies have or will soon have an anti-
discrimination policy in place, as is required by law in many 
jurisdictions. We encourage our portfolio companies to 
adopt such policies in conjunction with efforts to improve 
DE&I in their workplaces, as discussed previously.
Health & safety policy and management systems: 
74% of EIP’s reporting portfolio have a health and 
safety policy, and many also have adopted a health and 
safety management system. For companies with onsite 
operations, worker safety is a material ESG risk which 
can be mitigated and managed through such policies 
and systems. We encourage portfolio companies to also 
monitor workplace injuries and accidents, and many of our 
portfolio companies have a strong management focus on 
safety.
EIP 2021 PORTFOLIO ADDITIONAL SOCIAL &  
GOVERNANCE METRICS
Parental Leave Policy
Anti-Discrimination Policy
Employee Satisfaction Tracking
H&S Management System
Data Security & Privacy Policy
H&S Policy
yes · 60%
yes · 41%
yes · 74%
yes · 55%
yes · 69%
yes · 84%
no · 24%
no · 47%
no · 14%
no · 31%
no · 14%
no · 4%
n/a 10%
n/a 4%
n/a 4%
adopting in 2022 · 14%
adopting in 2022 · 17%
adopting in 2022 · 12%
adopting in 2022 · 6%
adopting in 2022 · 8%
adopting in 2022 · 8%

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
81
ESG
ADDITIONAL SOCIAL & 
GOVERNANCE METRICS
As of year-end 2021, our reporting portfolio companies 
employed over 15,000 full-time workers, with nearly 
3,000 direct jobs created in 2021. EIP generally invests 
across venture-stage companies, which can range in size 
from a handful of employees to several hundred; our credit 
platform also invests in later-stage firms that may be even 
larger while satisfying requirements of the SBIC Act.47 The 
data presented at right shows the number of companies 
in our reporting portfolio in different employment bands, 
inclusive of full-time, part-time, and contract employees.
100-250 
employees
1000+ 
employees
500-1000 
employees
250-500 
employees
50-100 
employees
<50 
employees
EIP 2021 PORTFOLIO EMPLOYMENT BANDS
3  
companies 3  
companies 
4  
companies 
22  
companies 
9  
companies 
11  
companies

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
82
EIP’s portfolio is mainly focused on early and venture-stage 
companies across North America and Europe. The map 
below shows the headquarter locations of our portfolio 
companies and their relative head count. While many of 
our companies are located in venture capital hotspots, 
such as Silicon Valley, several of our companies are located 
in opportunity zones, providing jobs and investment in 
economically distressed communities (indicated by stars on 
the map). We expect our footprint across the U.S. to grow 
to include even more of these communities, especially as 
we further deploy our Elevate Future Fund. We also expect 
our European presence to grow as our expanding European 
team invests in that region’s dynamic energy markets.
ESG
ADDITIONAL SOCIAL & 
GOVERNANCE METRICS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
83
ESG
SUSTAINABLE 
DEVELOPMENT GOALS
Sustainable 
Development 
Goals
T
he United Nations Sustainable 
Development Goals (SDGs) offer 
investors an aspirational view of what 
the world could look like by 2030, 
aligning the interests of the public and 
private sectors to drive progress around 
the globe. It is imperative that private 
stakeholders play a role in advancing 
the SDGs. 
The UN estimates that over $6 trillion of investments will 
be needed every single year until 2030 to fulfill these 
goals, with the majority of that amount coming from 
private investors.48 With fewer than 10 years left, it is more 
important now than it ever has been to push toward the 
goals together.
EIP follows a careful framework to map our investments 
not only to the SDG’s 17 parent goals, but more granularly 
to the 169 subtargets. EIP’s 2021 portfolio companies 
aligned most frequently with the SDGs shown in the figure 
at right: Industry, Innovation & Infrastructure, Sustainable 
Cities & Communities, Climate Action, and Affordable & 
Clean Energy.
42 portfolio 
companies aligned with 
Industry, Innovation, & 
Infrastructure
25 portfolio 
companies aligned with 
Affordable & Clean 
Energy
9 portfolio companies 
aligned with Partnerships 
for the Goals
3 portfolio companies 
aligned with No Poverty
3 portfolio companies 
aligned with Peace, 
Justice, & Strong 
Institutions
30 portfolio 
companies aligned with 
Sustainable Cities & 
Communities
10 portfolio companies 
aligned with Good Health 
& Well-Being
8 portfolio companies 
aligned with Decent Work 
& Economic Growth
3 portfolio companies 
aligned with Quality 
Education
26 portfolio 
companies aligned with 
Climate Action
10 portfolio companies 
aligned with Responsible 
Consumption & 
Production
6 portfolio companies 
aligned with Reduced 
Inequalities
3 portfolio companies 
aligned with Clean Water 
& Sanitation

SECTION SIX
Thought 
Leadership

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
85
THOUGHT LEADERSHIP
Thought Leadership
A
t EIP, we believe contributing 
public thought leadership (“TL”) on 
clean energy technology and impact 
measurement is instrumental to our 
mission – our fourth and final pathway 
to impact.
Across the firm, our 
investors and researchers 
are frequent contributors 
to every common media 
format, from traditional 
journalism to new forms 
of social media. Since our 
last impact report, here are 
some of the highlights of 
EIP’s TL contributions:
Shayle Kann’s the Catalyst 
continues to be one of the 
authoritative and most-
listened-to podcasts on 
clean energy technology 
and policy. During 2021, 
Shayle’s guests included 
Department of Energy 
(“DOE”) Chief Loan Officer 
Jigar Shah, Dan Rutherford 
of the International Council 
on Clean Transportation 
(“ICCT”), Nan Ransohoff 
of Stripe, and Mark Cupta 
of Prelude Ventures, 
along with EIP’s own 
Managing Director Andy 
Lubershane. The podcast 
is ranked #20 in the United 
States on Apple’s Top 50 
Technology Podcasts.
EIP Alum Kimberly Zou 
and co-author Sophie 
Purdom co-lead Climate 
Tech VC, a Substack site 
and newsletter that has 
become a leading source 
on climate and innovation, 
highlighting leading 
companies and voices 
working to bend the climate 
curve. The site is read 
twice weekly by 25,000+ 
climate tech investors & 
operators and has been 
featured by channels such 
as Bloomberg, Reuters, 
the Financial Times, and 
TechCrunch. 
EIP Vice President Rob 
Terrin launched The 
Hypervisor, a cyber and 
digital content hub for 
subject matter experts 
in cybersecurity and 
digital infrastructure, and 
the wider energy and 
industrials communities. In 
addition to deeper content 
available to our partner 
network, the site posts 
public news relevant to EIP 
cyber and digital portfolio 
companies and insights 
that apply to cyber and 
digital professionals across 
the energy and industrial 
sectors. 
Essays and blog posts 
contributed by EIP experts 
include EIP Partner Nazo 
Moosa and Strategy 
Analyst Nina Litman 
posting on circular 
economy company Grover 
and Andy Lubershane and 
Peter Fox-Penner posting 
a year-end wrap up for 
Impact Alpha. Andy also 
contributed a major posting 
on broad trends and 
gaps in decarbonization 
technologies – including 
the figure shown on the 
following page – and 
additional posts on low-
carbon futures for natural 
gas and lessons from the 
Texas grid blackouts in the 
winter of 2020.
Several EIP experts 
appeared on podcasts, 
including EIP CEO Hans 
Kobler on Podbean, Andy 
Lubershane on Private 
Markets, and Peter Fox-
Penner on the Energy 
Gang and Freeing Energy.

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
86
“Innowatts’ paper 
for NRRI, “How 
AI Forecasting 
Can Help Utility 
Regulators 
Weather the 
COVID-19 
Storm” makes 
a highly useful 
contribution to 
the regulatory 
community’s 
understanding 
of AI’s value as a 
forecasting tool.”
 CARL PECHMAN, PH.D.  
Executive Director, National 
Regulatory Research Institute
EIP researchers also 
contributed to three 
major white papers. The 
first contribution was to 
Project Frame’s first white 
paper, initializing our work 
directed at improving 
impact reporting standards. 
The second contribution 
was to the World Economic 
Forum (“WEF”) industrial 
decarbonization white 
paper as part of our 
membership in WEF’s 
Energy Chief Strategy 
Officer forum. The third 
white paper we facilitated 
was “How AI Forecasting 
Can Help Utility 
Regulators Weather 
the COVID-19 Storm”, 
written for the National 
Regulatory Research 
Institute (“NRRI”) by 
Siddhartha Sachdeva, CEO 
of our portfolio company 
Innowatts. This paper, 
explaining how artificial 
intelligence could be used 
to improve utility load 
forecasting in the wake 
of the pandemic, was 
extremely well-received 
by the NRRI community of 
state regulators and other 
stakeholders.
EIP Vice President 
James Sprinz testified 
before the Science and 
Technology Committee 
of the UK House of Lords 
on June 7, 2021. His 
testimony covered the 
role of batteries and fuel 
cells in achieving net 
zero emissions in the UK 
economy.
EIP Chief Impact Officer 
Peter Fox-Penner 
spoke at a number of 
live public events and 
webcasts, including the 
2021 National Electric 
Reliability Council 
Reliability Summit, guest 
lectures at the University 
of Illinois and the Queen 
Mary University of London, 
an interview on the Faculti 
website, and a keynote 
at Great River Energy’s 
2021 Annual Meeting. 
Peter’s book Power After 
Carbon was also released 
in China this year. He and 
EIP Chief Technology 
Officer Michael Webber 
appeared in the Rational 
Middle’s video series on 
clean electrification, which 
premiered at the SXSW 
festival in early 2022.
THOUGHT LEADERSHIP
1 A. Lubershane, Iteration.Innovation.Coopetition
Peter Fox-Penner’s 
clean energy guidebook, 
Power After Carbon, was 
published by China’s 
State Grid in 2021.
•Synfuels
•Ambient 
CCUS
•Other Offsets  
(e.g. Forestry)
•Hydrogen
•Nuclear
•Enhanced Geothermal
•Floating Off-
Shore Wind
•Long-
Duration 
Batteries
•High-Power 
Transmission
•Point-Source 
CCUS
The 80(ish)% 
of energy uses 
that aren’t 
currently 
electric
•Electrification  
(EVs & Heat 
Pumps & 
Electric Steel-
Making)
The last 20(ish)% of 
electricity generation
Energy System Inertia
POTENTIAL  
PIECES IN THE  
DECARBONIZATION 
PUZZLE1

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
87
THOUGHT LEADERSHIP
“The 2010s will be remembered as a decade 
of super successful iteration for clean energy. 
The 2020s are shaping up to be a decade of 
tremendous innovation. Hopefully many of these 
innovations will be successfully commercialized, 
leading to a couple decades of intense coopetition 
in the 2030s and 2040s.”
 
ANDY LUBERSHANE, Managing Director 
Iteration.Innovation.Coopetition
“The need for resilient supply chains is real – 
not only to minimize commercial losses and 
current PS5 shortages, but also to support rapid 
decarbonization throughout the economy and the 
deployment of responsible clean tech.”
 
KIM ZOU, EIP Alum, with SOPHIE PURDOM 
Climatetech.vc
“…[E]xtending the lifespan of smartphones by just 
one year would save as much as removing two 
million cars off the roads. Alternatively, renting 
a reconditioned device enables consumers 
to change phones without the CO2 emissions 
associated with manufacturing, which account for 
80% of the total.”
 
 
NAZO MOOSA, EIP Partner and  
NINA LITMAN, Strategy Analyst 
Gold Mines in Our Dusty Drawers
“Clean electricity is going to play a pivotal role 
in the clean energy transition. No one has a 
scenario that gets us to a decarbonized energy 
system without a great expansion of carbon-free 
electricity.”
 
PETER FOX-PENNER, Chief Impact Officer 
Rational Middle – Electrify America
“In 2021, real-world incidents confirmed the 
importance of cyber-protection for all parts of the 
energy infrastructure. Clean energy networks 
have to be built to be cyber-resilient from the start, 
not as an afterthought.”
 

ROB TERRIN, Vice President for Research and 
Innovation  
Editor, Hypervisor.vc
“There is a massive wave of innovation that is 
arriving on the market right now, ranging from 
new technologies, new services, new business 
models, all oriented around ways to decarbonize 
the various sectors of the economy that needs 
to be decarbonized. Climate tech is both so 
overwhelming and so exciting: It’s an overarching 
challenge that crosses sectors.”
SHAYLE KANN, Partner 
TechCrunch

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
89
Our Partners’ Carbon Goals Appendix
CARBON GOALS 
APPENDIX
PARTNER
GOAL OVERVIEW
AGL Energy
50% reduction in emissions from baseline by 2030; Net zero energy business by 2040 · AGL Climate Commitments
Alliant Energy
50% reduction in fossil fuel generation CO2 emissions from baseline year of 2005 by 2030; Net zero CO2 emissions from 
electricity generation by 2050 · 2021 ESG Performance Report
Ameren
50% reduction in carbon emissions from baseline by 2030; 85% reduction by 2040; net zero carbon emissions by 2050 · 
Ameren 2021 EEI ESG Report
AvalonBay
Scope 1 and 2 emissions reduction by 53%; Scope 3 emissions reduction by 47% by 2030 · 2020 Corporate Responsibility Report
Avista
100% Clean electricity and carbon neutral natural gas operations by 2045 · 2021 Corporate Responsibility Report
Chubu
50% reduction in CO2 emission from electricity generation by 2030; net zero CO2 emissions  by 2050 · 2021 CSR Report
Cox Enterprises
Zero waste landfill by 2024; Carbon and water neutral by 2034 · 2019-2020 Cox Collective Impact Report
Duke
50% reduction in CO2 emissions from electricity generation by 2030; Net-zero CO2 emissions by 2050 · 2021 EEI Filing
EDF
40% reduction in direct CO2 emissions from baseline by 2030; Carbon neutral by 2050 · 2021 Impact Report
Emera
55% reduction by 2025 and 80% by 2040; Net zero emissions by 2050 · Sustainability Report
Enmax
70% reduction or offset of Scopes 1 and Scope 2 emissions from baseline by 2030; Net zero by 2050 · 2021 Environmental Report
Entergy
50% reduction in CO2 emissions rate from baseline by 2030; Net zero carbon emissions for Scopes 1, 2 and 3 by 2050 ·  
2021 Integrated Report
Enterprise Holdings
Not available
Evergy
70% reduction in carbon emissions from baseline by 2030; Net-zero carbon emissions by 2045 · 2021 Sustainability Report
EWE
Climate neutral by 2035 · Sustainability Commitment
FirstEnergy
30% reduction in Scope 1 emissions from baseline by 2030; Carbon neutral Scope 1 by 2050 · 2021 Environmental Report
Fortis
75% reduction in Scope 1 emissions from baseline by 2035 · 2021 Sustainability Update

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
90
PARTNER
GOAL OVERVIEW
Fortum
35% reduction in scope 3 and carbon neutral Scope 1 and 2 by 2035; Carbon neutrality Scopes 1, 2 and 3 by 2050 ·  
2021 Sustainability Report
Galp
40% reduction in Scope 1 and 2 emissions by 2030; Net zero Scope 1, 2 and 3 by 2050 · Carbon Performance (2021)
HECO
70% reduction in emissions by 2030; net zero emissions from power generation by 2045 · 21/22 Sustainability Report
Hydro One
30% reduction in emissions by 2030; net zero by 2050 · 2020 ESG Table
MGE Energy
65% Reduction by 2030; Net Zero Carbon Electricity by 2050 · 2021 CSR Sustainability Report
Microsoft
Carbon negative emissions across Scopes 1, 2 and 3 by 2030; remove all historical emissions by 2050 ·  
2021 Environmental Sustainability Report
OGE Energy Corp
50% reduction in CO2 emissions from 2005 levels by 2030 · 2021 EEI Filing
Park Hotels & Resorts
Reduce energy consumption & carbon emissions · 2021 Environment Policy
Pinnacle West
100% clean, carbon-free energy by 2050 · 2022 Corporate Responsibility Report
Portland General Electric
80% reduction by 2030, net zero by 2050 · 2021 ESG Report
PPL Corporation
70% reduction by 2035; 80% reduction by 2040; net zero Scope 1 and Scope 2 emissions by 2050 · 2021 Climate Assessment
PSEG
Net zero Scope 1 and Scope 2 emissions by 2030 · 2021 Sustainability Report
Public Storage
Not available
Shell
50% reduction by 2030 and net zero by 2050 · 2021 Annual Report
Southern Company
50% reduction in CO2 emissions from baseline by 2030; net zero emissions by 2050 · 2021 EEI Filing
TC Energy
30% reduction by 2030 and net zero by 2050 · ESG Data Table
The Williams Companies, Inc.
56% absolute reduction in emissions from baseline by 2030; net-zero by 2050 · 2020 Sustainability Report Performance Data Table
TrønderEnergi
Aligned with Norway’s climate targets of minimum 50% reduction from 1990 levels by 2030
Xcel Energy
80% reduction in CO2 emissions from baseline by 2030l 100% carbon free electricity by 2050 · 2021 EEI Filing
CARBON GOALS 
APPENDIX

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
91
Authors & Acknowledgements
This report was written 
by Peter Fox-Penner, 
Morgan Sheil, Gabriella 
Rocco, and Saurabh 
Kumar of Energy Impact 
Partners, and Cliff Brown 
of ESG Capital Group. 
Questions or comments 
are welcome at press@
energyimpactpartners.
com.
The authors would like to 
extend their gratitude to 
EIP’s investment partners, 
portfolio companies, and 
their employees, many 
of whom have devoted 
significant time and 
resources to make this 
report possible. In our 
portfolio companies, we 
would like to thank Maria 
McWalter, 42Crunch; 
Travis Allan, Francis 
Baillargeon, Maude Blouin, 
Simon Cousineau, Gabriel 
Denis, Flo; Daniel Crowe, 
Peter Eberly, and Jeremy 
Newport, Aeroseal; Bob 
Cohoat, Joel Gamoran, 
Maggie Mullooly, and 
Nancy Hersh, Arcadia; Jill 
Harght and Charles Harvey, 
BHI; Dawn Kelly, Adam 
Rauwerdink, Boston Metal; 
Evette Ellis, Kameale C. 
Terry, ChargerHelp!; Rozina 
Kassam, Construction 
Resources; Brian Dye, 
Corelight; Amy Bagwell, 
John Oechsle, Jill Krizan, 
Mike Kronenberg, Derive 
Systems; Kevin Trinh, 
ecobee; Alex Panchula 
and Derek Warnick, 
Electric Hydrogen; Taylor 
DeLaFosse, Shannon 
Sauerhage, Allan Schurr, 
Enchanted Rock; Tina 
Skagen, Henrik Bache, and 
Kathrin Sunde, eSmart 
Systems; Sandy Neill, 
Nick Woolley, ev.energy; 
Stephen Sanchez and 
Greg Miller, EVmo; Matt 
Wyckhouse and Connie 
Yuen, Finite State; 
Charlotte Beard, Scott 
Burger, Sid Radhakrishna, 
Robbie Shaw, and Rachel 
Wilson, Form Energy; 
Jian Zhang and Scott 
Engstrom, GridX; Eitan 
Marder-Eppstein, Hippo 
Harvest; Joanna McFarland 
and Katrina Kardassakis, 
HopSkipDrive; Jason 
Davis, Innowatts; Jeremy 
Hux, Manus Bio; Jessica 
Joelson, Measurabl; Oliver 
Doughtie, Mimeo; Sarah 
Gurbach and John King, 
Mosaic; Peter Barron, Paul 
Huelskamp, and Alexander 
Meek, Moxion Power; 
Nicolas Pinkowski and Jay 
Schwalbe, Nitricity; Paul 
Ayers, Noetic; Alex Vayl 
and Patrick Chung, NS1; 
Josh Wong, Opus One; 
Sean Hayes, Chris Kemper, 
and Andrew O’Brien, 
Palmetto; Isabella Andrade 
and Raniz Bordoloi, 
Particle; Marco Gomez, 
Picnic;Kevin Considine and 
Brian Henderson, Powin 
Energy; Anna Scott and 
Rachael Shayne, Project 
Canary; Taavi Must and 
Jaanus Kink, RangeForce; 
Michelle Cahn and Luc 
Lavatai, RapidSOS; Carol 
McGarry, Mike Phillips 
and Paige Medley, Sense; 
Zach Streight and Chris 
Kettmann, Sibros; Giuseppe 
Incitti and Michael Argosh, 
Sitetracker; Andrew 
Carter, Travis Breihan, and 
Hannah Shufro, Smallhold; 
Ben Hill, Phil Croker and 
Adam Meyer, Sparkfund; 
Justin Smith, Spire Power 
Solutions; Homam 
Karimi and Ewout Meijer, 
Studytube; James Brear, 
Charles Constanti and Kelly 
Dougherty, Swimlane; Mike 
Fuller, Tenere; Tom Lawton, 
TESCO; Mishal Thadani, 
Urbint; Nadya Kohl, Kevin 
Samy, Jette Speights, and 
Eric Kung, Volta Charging; 
Randy Lay & Damien 
Vassall, Williams Industrial 
Services; Ryan Umstattd, 
ZAP Energy; Shyam 
Srinivasan, Zitara; Mats 
Multhaupt, Zolar.
We would also like to 
thank our ESG Advisory 
Board members: Joost 
Slabbekoorn of APG, Siri 
Kalvig of Nysnø, Brandon 
Middaugh of Microsoft, 
and Frank Prager of Xcel 
Energy for their ongoing 
counsel, as well as the 
many members of our 
strategic partners who 
contributed to this report.
AUTHORS & 
ACKNOWLEDGEMENTS

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
92
NOTICE FOR THIS 
DOCUMENT
Notice for This Document 
This report is being made 
available by Energy Impact 
Partners LP (together 
with its affiliates, “EIP”) 
with respect to the 
impact metrics and 
ESG performance of 
certain investments of 
funds managed by EIP. 
This report and other 
information appearing in or 
linked from this report are 
for informational purposes 
only. Nothing in this report 
or other information 
appearing linked from 
this report should be 
construed as investment, 
legal, tax, regulatory, 
accounting, or other advice 
of any kind. Nothing in 
this report constitutes, 
or should be construed 
as, an offer to sell, or the 
solicitation of an offer to 
purchase, any security 
or a recommendation 
of a specific security 
or company; nor is 
any of the information 
contained herein intended 
to constitute, or be 
construed as, an analysis 
of any company or security 
reasonably sufficient to 
form the basis for any 
investment decision. The 
portfolio companies and 
case studies included 
in this report have 
been selected as a 
representative example 
of certain ESG or impact 
related projects, activities 
and/or ventures. Such 
examples may be ongoing 
investments, and are 
not intended to be, and 
should not be construed 
as, investment advice 
or a recommendation 
to purchase or sell any 
particular security. The 
portfolio company and 
case study examples 
discussed in this report 
ultimately may generate 
positive returns and other 
similar investments not 
discussed in this report 
may generate negative 
returns. 
All content included in this 
report, such as graphics, 
logos, articles, and other 
materials, is the property 
of EIP or others noted 
herein and is protected 
by copyright and other 
laws. All trademarks and 
logos displayed in this 
report are the property of 
their respective owners, 
who may or may not be 
affiliated with EIP. Except 
to the extent expressly 
stated herein, graphics, 
logos, trademarks, and/or 
service marks of any third 
party used herein shall 
not be deemed to imply 
that EIP has received an 
endorsement by or has a 
relationship with such third 
party and are included 
herein for illustrative 
purposes only. 
The reproduction or 
distribution of this report 
or other information 
appearing on the linked 
webpages, in whole or in 
part, or any disclosure of 
any of their contents may 
be prohibited or limited 
by the laws of certain 
jurisdictions. By proceeding 
to any of the linked 
webpages you represent, 
warrant, and agree to your 
compliance with all such 
prohibitions or limitations. 
Recipients should be 
aware that sustainability 
impact measurement is a 
developing discipline, and 
the sustainability impact 
of companies in the EIP 
portfolio is ultimately a 
matter of interpretation. 
EIP commissioned ECG 
Capital Group (“ECG”), 
an independent research 
provider, to conduct the 
sustainability impact 
assessments for the 
portfolio companies held 
for more than 6 months 
in the EIP portfolio 
between January 1, 2021 
and December 31, 2021. 
ECG has received or will 
receive a fee from EIP 
in connection with the 
preparation of the ESG 
impact assessments in 
this report. However, 
EIP believes ECG was 
objective in preparation of 
the sustainability impact 
assessments and was 
not influenced, either 
directly or indirectly, in 
assessing the ESG benefits 
generated during the 
2021 calendar year by 
the portfolio companies 
in the EIP portfolio as of 
December 31, 2021. 
The information contained 
in this report is based 
on data obtained from 
sources deemed to 
be reliable, including 
applicable portfolio 
companies; however, it is 
not necessarily reported 
according to established 
standards or protocols, 
is not guaranteed as to 
accuracy, is subject to 
change, does not purport 
to be complete, and should 
not be relied upon. EIP 
makes no representation 
or warranty, express or 
implied, with respect to the 
accuracy, reasonableness 
or completeness of the 
information. 
Certain portfolio 
companies identified in 
this report may have been 
partially or fully exited by 
EIP. The inclusion of such 
companies in this report

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
93
does not represent a full 
list of portfolio companies 
that were partially or 
fully exited by EIP and 
is meant to represent 
those portfolio companies 
engaged in certain 
ESG or impact related, 
projects, activities and/
or ventures applicable to 
this report. It should not be 
assumed that any portfolio 
companies discussed in 
this report were or will be 
profitable. A full list of EIP’s 
investments is available 
upon request and can also 
be viewed at https://www.
energyimpactpartners.
com/_portfolio/
The information appearing 
in or linked from this 
report is historical only 
and speaks only as 
of its respective date. 
Additionally, certain 
statements contained 
in this report, including 
without limitation, 
the words “believes,” 
“anticipates,” “intends,” 
“expects,” “may,” “plans,” 
“projects,” “will,” “would,” 
and words of similar import, 
constitute “Forward-
Looking Statements.” All 
statements other than 
statements of historical 
facts, including those 
regarding our expectations, 
beliefs, projections, future 
plans and strategies, 
anticipated events 
or trends, and similar 
expressions are Forward-
Looking Statements. 
Such Forward-Looking 
Statements involve 
known and unknown risks, 
uncertainties, and other 
factors that may cause the 
actual events or results to 
differ materially from those 
reflected or contemplated 
in such Forward-
Looking Statements. No 
representation or warranty 
is made, or assurance 
given, that such Forward-
Looking Statements 
are correct or that the 
objectives of EIP will be 
achieved. EIP and ECG 
expressly disclaim any 
intention or obligation 
to update or revise any 
information included in this 
report and do not accept 
any liability for loss arising 
from the use of or reliance 
upon this report. EIP, its 
employees, partners, 
consultants, and their 
respective family members 
may directly or indirectly 
hold positions in the 
securities referenced. 
To reach the authors 
of this report with any 
questions or comments, 
please contact press@
energyimpactpartners.
com.
NOTICE FOR THIS 
DOCUMENT

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
94
Endnotes
1  Navigating America’s 
net-zero frontier: A guide for 
business leaders, McKinsey 
Sustainability Practice, May 
2022. https://www.mckinsey.
com/business-functions/
sustainability/our-insights/
navigating-americas-net-
zero-frontier-a-guide-for-
business-leaders
2  Race to Zero, United Nations 
Framework Convention on 
Climate Change.https://
racetozero.unfccc.int/join-
the-race/
3  The World’s Top Carbon 
Emitters Now All Have Net Zero 
Pledges. Most of Them are too 
Vague, Time, November 2021. 
https://time.com/6113845/
net-zero-climate-pledge-
impact/
4  World Energy Transitions 
Outlook 2022: 1.5C Pathway, 
International Renewable 
Energy Agency, 2022, Abu 
Dhabi. https://irena.org/-/
media/Files/IRENA/Agency/
Publication/2022/Mar/IRENA_
World_Energy_Transitions_
Outlook_2022.pdf
5  Net Zero America, Princeton 
University Andlinger Center, 
Interim Report, Dec. 15, 2020, 
p. 344.
6  “Reaching net zero by 
2050 requires further rapid 
deployment of available 
technologies as well as 
widespread use of technologies 
that are not on the market 
yet. Major innovation efforts 
must occur over this decade 
in order to bring these new 
technologies to market in time. 
Most of the global reductions 
in CO2 emissions through 2030 
in our pathway come from 
technologies readily available 
today. But in 2050, almost 
half the reductions come 
from technologies that are 
currently at the demonstration 
or prototype phase. In heavy 
industry and long-distance 
transport, the share of 
emissions reductions from 
technologies that are still under 
development today is even 
higher.” https://www.iea.org/
reports/net-zero-by-2050
7  Navigating America’s 
net-zero frontier: A guide for 
business leaders, McKinsey 
Sustainability Practice, May 
2022. https://www.mckinsey.
com/business-functions/
sustainability/our-insights/
navigating-americas-net-
zero-frontier-a-guide-for-
business-leaders
8  EICF I is licensed as a Small 
Business Investment Company 
(SBIC) and investments must 
satisfy requirements of under 
the Small Business Investment 
Act of 1958 as amended.
9  Energy Impact Partners 
Honored by Private Equity 
International for Innovation in 
ESG, March 2021.https://www.
businesswire.com/news/
home/20210309005374/en/
Energy-Impact-Partners-
Honored-by-Private-Equity-
International-for-Innovation-
in-ESG
10  As in any active fund group, 
companies are entering and 
exiting our funds throughout 
the year. Our convention is that 
all companies active in 2021 
(meaning that we invested 
in them prior to December 
2021 and that we did not exit 
them in the first half of 2021) 
are included in the scope of 
this report. 26 out of 28 DM 
companies provided data in 
this reporting cycle, and 52 out 
of 57 non-exited companies 
provided ESG data.
11  This calculation reflects the 
13 DM companies in our 2020 
portfolio, all continuing in the 
2021 portfolio, both weighted 
by 2021 YE ownership shares 
used for all calculations 
involving the 2021 portfolio.
12  https://pfdrive.com/
13  https://www.ptonline.
com/articles/tenere-shapes-
market-niche-where-metal-
and-plastics-meet
14  The Net-Zero Challenge: 
Accelerating Decarbonization 
Worldwide, McKinsey 
Sustainability, January 2022. 
https://www.mckinsey.
com/business-functions/
sustainability/our-insights/
the-net-zero-challenge-
accelerating-decarbonization-
worldwide
15  Net Zero by 2050 – A 
roadmap for the Global Energy 
Sector, International Energy 
Agency (IEA) May 2021. 
https://www.iea.org/reports/
net-zero-by-2050
16  https://www.hbs.edu/
environment/blog/post/
climate-stories-Terry
17  https://www.particle.io/
18  https://www.remix.com/
solutions/transit https://www.
remix.com/solutions/transit
19  Use Cases for Connected 
Vehicle & OTA software 
updates | Sibros
20  Net Zero by 2050 – A 
roadmap for the Global Energy 
Sector, International Energy 
Agency (IEA) May 2021. 
https://www.iea.org/reports/
net-zero-by-2050
21  https://www.eia.gov/tools/
faqs/faq.php?id=207&t=3; 
https://www.brattle.com/wp-
content/uploads/2022/03/
Environmental-and-
Economic-Impacts-of-the-
Calvert-Cliffs-Nuclear-Plant.
pdf 
22  https://blogs.
esmartsystems.com/
accelerating-electric-grid-
inspections-using-drones acc/
23  https://www.sitetracker.
com/goodbye-spreadsheets-
hello-sitetracker/?utm_
source=google&utm_
medium=cpc&utm_
campaign=1618732488&utm_
term=sitetracker&utm_
adgroup=61572492632 
&gclid=EAIaIQobChMI_
LbLnaH79wIVQTuGCh1DQA 
QNEAAYASAAEgIrBvD_BwE
24  https://www.trifacta.com/
solutions/manufacturing-and-
supply-chain/ 
25  Forecast: Enterprise IT 
Spending for the Energy and 
Utilities Market Worldwide 
2020-2026 1Q22 Update, 
Cohen, E., Cushing, S., Ingam, 
J., Narisawa, R., & Agamirzian, 
I., 2022. https://www.gartner.
com/document/4013828?ref= 
solrAll&refval=325866291
26  The Customer Action 
Pathway to National 
Decarbonization, Brattle 
Group & Oracle, September 
2021. https://www.oracle.
com/a/ocom/docs/industries/
utilities/customer-action-
pathway-report.pdf
27  https://www.
marketingevolution.com/
marketing-essentials/data-
quality 
28  https://www.worldgbc.
org/news-media/WorldGBC-
embodied-carbon-report-
published
29  Playing Offense to Create 
Value in the Net-Zero Transition, 
McKinsey, April 2022. https://
www.mckinsey.com/business-
functions/sustainability/
our-insights/playing-offense-
to-create-value-in-the-net-
zero-transition
30  https://www.worldgbc.
org/news-media/WorldGBC-
embodied-carbon-report-
published
ENDNOTES

EIP · 2022 · ESG & IMPACT PERFORMANCE REPORT
95
31  Less than 10% of EIP’s 
portfolio companies are outside 
of our investment thesis and 
are not categorized as Directly 
Measurable or Foundational. 
For reporting purposes, we 
have included them in the 
Foundational charts throughout 
this section.
32  This calculation includes 
only partners for whom we 
have consistent baseline 
emissions data and current 
emissions data. See Appendix 
One for full list of partner 
commitments.
33  Greenhouse Gas 
Inventory Data Explorer, US 
Environmental Protection 
Agency. https://cfpub.epa.gov/
ghgdata/inventoryexplorer/ 
#electricitygeneration/
entiresector/allgas/category/
all
34  This figure reflects a least-
cost MDS optimization. Further 
analysis would be required to 
extrapolate to an annualized 
carbon-reduction figure.
35  IPCC Sixth Assessment 
Report (AR6) Global Warming 
Potential (GWP). https://
www.epa.gov/ghgemissions/
overview-greenhouse-gases
36  https://www.epa.gov/
ghgemissions/overview-
greenhouse-gases#methane
37  Measurabl Closes $50 Million 
Series C, Expands World’s 
Leading ESG Technology 
Platform for Real Estate http://
www.prweb.com/releases/
measurabl_closes_50_million_
series_c_expands_worlds_
leading_esg_technology_
platform_for_real_estate/
prweb18179452.htm
38  Figure sourced from 
ChargerHelp! Analysis of 
over 4,900 public L2 charging 
stations across 45 states 
between May and August of 
2021.
39  In 2020, EIP estimated 
partial-year emission for the 
use of office spaces for the 
months before the onset 
of the Covid-19 pandemic 
and assumed all employees 
remained working from home 
for the remainder of the year. 
During this latter portion of the 
year we did not count energy 
used in our entirely-empty 
offices.
40  The company-specific 
ownership shares used to 
allocate emissions are identical 
to those used to allocate impact.
41  https://www.
forbes.com/sites/
forbesinsights/2020/01/15/
diversity-confirmed-to-boost-
innovation-and-financial-
results/?sh=3bd2ce40c4a6 
42  https://www.mckinsey.
com/featured-insights/
diversity-and-inclusion/
serving-the-black-consumer-
is-a-300-billion-dollar-
opportunity 
43  https://pitchbook.com/
news/reports/2021-all-in-
female-founders-in-the-us-
vc-ecosystem 
44  https://news.crunchbase.
com/news/latinx-startup-
founders-vc-funding-
something-ventured/ 
45  https://www.
crainsnewyork.com/
entrepreneurship/nyc-
black-founders-raise-more-
startup-funding-large-gap-
remains#:~:text=In%20
the%20U.S.%20as%20
a,with%20%241.1%20
billion%20in%202020. 
46  https://nvca.org/research/
nvca-deloitte-human-capital-
survey/ 
47  See endnote 8.
48  https://www.un.org/press/
en/2017/ga11905.doc.htm 
ENDNOTES