Environment & Energy Report

Pinnacle West Launches Venture Fund to Meet Zero-Carbon Goal

Jan. 29, 2020, 11:29 PM

Investor-owned utility company Pinnacle West Capital Corp. wants to grow Arizona’s tech sector as its subsidiary in the state transitions to zero-carbon electricity.

The company will anchor a new, Arizona-based venture fund and is committing $25 million to it, president and CEO Jeff Guldner said Wednesday at a tech summit at the Waste Management Phoenix Open golf tournament. The invisionAZ fund, a partnership including the tech organization invisionAZ, will be scaled to about $100 million, he said.

The announcement comes as Pinnacle West subsidiary Arizona Public Service Co.—the state’s largest utility—targets carbon-free electricity generation by 2050. The company is also...

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