Claflin University is one of 11 historically black colleges and universities to receive support through a $35 million initiative of Dominion Energy (NYSE: D)
aimed at promoting higher education equity. The six-year "HBCU Promise" program will provide $25 million in funding to select institutions. Additionally, a $10 million scholarship fund will support African American and underrepresented minority students across the company's service territory.
"We have all been witness to our country's evolving conversation on race and social justice. The country is changing, and we have been looking for ways that we can make a difference," said Thomas F. Farrell, II, the company's chairman, president and chief executive officer. "Investing in these important institutions - which serve as a springboard for social and economic mobility for so many - is one way we can help. We have actually partnered with HBCUs for nearly 40 years, offering volunteer and financial support. As I have said before, we are humbled and honored to continue supporting them with this current initiative."
In selecting the institutions, Dominion Energy looked at a range of factors, including locations with a significant customer presence, past partnerships and opportunities to make immediate impact. In structuring the partnerships, Dominion Energy will focus on four general areas: operating needs, urgent capital needs, endowment and scholarships. Some details remain to be worked out, but Dominion Energy plans to tailor packages to the needs of each institution.
More than seven million customers in 20 states
energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. Dominion Energy is committed to sustainable, reliable, affordable and safe energy
and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. Dominion Energy is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050.