US-based electricity and natural gas utility company Xcel Energy has committed an undisclosed amount to venturе firm Energy Impact Partners’ latest fund, dubbed Elevate Future Fund.
In addition to being a limited partner, Xcel will co-chair the vehicle, which aims to support clean energy companies owned by diverse and underrepresented groups in the sector.
The Elevate fund has already made three investments in US-based companies with diverse founders.
One of the commitments was in ChargerHelp, an on-demand repair services app for electric vehicle charging stations, owned by black women.
The fund also invested in Project Canary, an international environmental standards developer, and injected capital into HopSkipDrive, a provider of safe and dependable youth transportation for schools, districts, government agencies and families.
Ben Fowke, CEO and chairman of Xcel Energy, said: “The goals of this fund align with our own and we are excited to support both the development of clean energy technologies and the diverse founders of the companies doing this critical work.”
