A new VC fund in Chicago led by a former Lightbank investor has raised $45 million to invest in clean energy startups.
Energy Capital Ventures announced the fundraise Friday, which is the first tranche of what will ultimately be a larger fund that backs energy companies—focusing on the natural gas sector.
Led by managing general partner Vic Pascucci III, Energy Capital Ventures says it invests between $2 million and $5 million in Series A startups. It's eyeing early stage investment in companies working on solutions around decarbonization, renewable natural gas, hydrogen and other clean energy challenges. The firm says it's the first VC fund that's focused on the digital transformation of the natural gas industry.
Pascucci previously worked as a managing partner at Lightbank, a well-known Chicago VC firm founded by Groupon founders Eric Lefkofsky and Brad Keywell. Pascucci spent three years at Lightbank before leaving the firm last year.
Energy Capital Ventures' first fund so far includes five limited partners, each a publicly traded natural gas utility company: Avista Utilities, Black Hills Corporation, NiSource, Southwest Gas and Spire.
Joining Pascucci at the fund are general partners Jeff Yingling, Ray O’Connor and Rick Viton.
