Energy Capital Ventures, based in Chicago, has closed its $61 million debut fund aimed exclusively at reducing greenhouse gas emissions from the natural gas sector.

Why it matters: The firm says it's the only one focused solely on decarbonizing natural gas. Each of its seven LPs is a U.S. gas utility.

Details: Energy Capital Ventures plans to invest in early-stage companies, namely seed-plus and Series A.

What they're doing: The fund has already invested $3.4 million in Cemvita Factory and co-led the startup's $10 million Series A round.

Meanwhile: States such as Massachusetts and New Jersey are considering whether to prohibit natural gas in new construction.

Of note: Natural gas accounted for about one-third of the energy consumed in the U.S. in 2021, and about one-third of the country's energy-related carbon dioxide emissions, per the Energy Information Administration.

Yes, but: Soaring energy prices and strains on the grid show that natural gas isn't going anywhere anytime soon.

What they're saying: "They knew that they’re dealing with constraints in their business. They're dealing with environmental factors," Pascucci says, referring to the gas companies. "Part of that solution was going to come from that startup ecosystem."

What's next: Energy Capital Ventures is trying to make "green molecules" happen — it's trademarked the phrase to describe decarbonization in natural gas. We'll see.