Dominion Energy Announces 11 Schools to Benefit from $35 Million Higher Education Equity Initiative

Rhea-AI Summary

On July 23, 2020, Dominion Energy (NYSE: D) announced a significant $35 million initiative aimed at promoting higher education equity for 11 historically black colleges and universities across Virginia, Ohio, North Carolina, and South Carolina. The program includes $25 million in funding for selected institutions and a $10 million scholarship fund for African American and underrepresented minority students in the company's service area. The initiative focuses on operational needs, urgent capital support, endowments, and scholarships to enhance educational opportunities.

Positive

• Commitment of $35 million towards higher education equity.
• Direct support for 11 historically black colleges and universities.
• $25 million funding allocation to selected institutions.
• $10 million scholarship fund for African American and underrepresented students.
• Focus on operational needs and urgent capital support for educational institutions.

Negative

• None.

RICHMOND, Va., July 23, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that 11 historically black colleges and universities in Virginia, Ohio, North Carolina and South Carolina will receive support through a $35 million initiative 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.

Said Thomas F. Farrell, II, the company's chairman, president and chief executive officer:

"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. 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, the company 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, the company 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. The schools are:

Virginia
Hampton University, Hampton
Norfolk State University, Norfolk
Virginia Union University, Richmond
Virginia State University, Petersburg

South Carolina
Allen University, Columbia
Benedict College, Columbia
Claflin University, Orangeburg
South Carolina State University, Orangeburg

Ohio
Central State University, Wilberforce, OH
Wilberforce University, Wilberforce, OH

North Carolina
North Carolina A&T State University, Greensboro

Details about the Dominion Energy Educational Equity scholarship fund will be provided later. 

About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company 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. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

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SOURCE Dominion Energy

FAQ

What is Dominion Energy's recent initiative for education equity?

Dominion Energy's initiative is a $35 million program supporting 11 historically black colleges and universities aimed at promoting higher education equity.

How much funding will be provided to selected institutions by Dominion Energy?

Dominion Energy will provide $25 million in funding to selected institutions as part of its education equity initiative.

What is the purpose of the $10 million scholarship fund announced by Dominion Energy?

The $10 million scholarship fund will support African American and underrepresented minority students across Dominion Energy's service area.

Which states are involved in Dominion Energy's education equity initiative?

The initiative involves historically black colleges and universities in Virginia, Ohio, North Carolina, and South Carolina.

What areas will Dominion Energy focus on with the funding for educational institutions?

Dominion Energy will focus on operational needs, urgent capital needs, endowments, and scholarships for the educational institutions.