EQT CEO Toby Rice co-founds Energy Corps nonprofit to bring fossil fuel and nuclear energy to impoverished nations
Feb 18, 2026
Key Points
- EQT CEO Toby Rice co-founded Energy Corps, a nonprofit backing fossil fuels and nuclear alongside renewables to electrify developing nations like Ghana, Zambia, and Burundi.
- Energy Corps is raising $10 million this year with Rice and his wife contributing $3 million personally and the Rockefeller Foundation endorsing the effort.
- Rice's initiative challenges the renewable-only development model by arguing that fossil fuels can accelerate industrialization in poor countries, extending his long-held case for US natural gas exports.
Summary
Toby Rice, CEO of EQT, co-founded Energy Corps, a nonprofit helping developing nations build energy infrastructure. The organization targets Ghana, Zambia, and Burundi with a portfolio approach that includes fossil fuels, solar, and nuclear power rather than renewables alone. The Rockefeller Foundation has endorsed the initiative.
Energy Corps is raising $10 million this year from energy companies, family offices, and private individuals. Rice and his wife contributed $3 million personally, and the Rockefeller Foundation gave $200,000.
The nonprofit reflects Rice's long-standing position that increasing US natural gas exports globally reduces emissions and strengthens allied nations' security. Energy Corps applies that logic to energy access in the developing world, placing it directly in a debate over whether impoverished nations should pursue fossil fuels to accelerate industrialization and grid access, or skip ahead to renewables despite their intermittency challenges.