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Microsoft-Backed Fund Raises $200 Million for Climate Startups

Energy Impact Partners is investing in battery storage, nuclear fusion and industrials

Energy Infrastructure As U.K. Warns of Challenging Few Days
Photographer: Chris Ratcliffe/Bloomberg

Energy Impact Partners LP, a venture capital firm that counts Microsoft Corp. and Duke Energy Corp. as backers, has raised $200 million for a new fund to turn ambitious climate technologies into commercial operations. 

The new investment vehicle — called the Deep Decarbonization Frontier Fund — has already financed a few startups developing novel approaches to clean energy and manufacturing. That list includes Form Energy Inc., a battery company from a former Tesla Inc. executive; Zap Energy Inc., an upstart tackling nuclear fusion; and others aiming to produce fertilizer and cement without emitting carbon.