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Nuveen invests alongside Lime Rock New Energy and management to acquire Power TakeOff
Nuveen, the $1.1 trillion asset manager of TIAA, announced today that the Private Equity Impact team has joined Lime Rock New Energy to invest in Power TakeOff (PTO), a software-enabled energy efficiency services company. The investment represents the seventh in the Nuveen Global Impact Fund I and aligns with Nuveen’s goal of driving an inclusive transition to a low carbon economy.
PTO’s AI/ML-based offerings generate significant energy savings and greenhouse gas emissions mitigation for the traditionally underserved small and medium business (SMB) market. Nuveen will leverage its experience scaling impact-oriented businesses, while bringing expertise from its broader real assets and private markets platform to support PTO in this next stage of growth. As part of the investment, Radhika Shroff, Managing Director on Nuveen’s Private Equity Impact Investing team, will join the company’s board of directors and will work collaboratively with the board to manage impact performance, while driving the growth of the business.
“Energy efficiency is an essential component the transition to a low carbon economy, accounting for more than 40% of the emissions mitigation needed by 20401,” said Shroff. “By leveraging advanced metering infrastructure data and artificial intelligence, PTO is tackling this challenge head on, targeting the SMBs that are often overlooked in the energy efficiency space. We look forward to working with PTO, leveraging our expertise in decarbonization and broad real assets platform to address underserved segments and support the company’s continued growth.”
Through its partnerships with major utilities across the U.S., PTO identifies power savings opportunities for SMBs that are delivered virtually and do not require capital expenditures to implement. PTO’s energy advisors engage directly with SMBs to implement these changes to reduce energy usage.
Nuveen is a pioneer in impact investing, with a long track record of driving strong financial results and a positive influence for society’s most pressing problems. The Private Equity Impact team seeks to drive an inclusive transition to a low carbon economy, targeting disruptive businesses that reduce waste and emissions, use resources in a circular manner, and expand access to and reduce the cost of basic products and services for underserved consumers. Nuveen made its first impact investment in the 1980s and now manages over $1.0 billion in private equity impact capital.
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1 https://www.iea.org/commentaries/how-energy-efficiency-will-power-net-zero-climate-goals
Note that Nuveen Global Impact Fund I is closed to new investment.
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