Southern Company executive to co-chair new Elevate Future Fund advisory board
Chris Womack, current president and CEO-elect of Southern Company, was named a co-chair of an advisory board for the new Elevate Future Fund I LP.
The Elevate Future Fund I LP, created by Energy Impact Partners (EIP), is focused on driving diversity in the energy ecosystem by providing capital to underrepresented founders of clean technology companies. It is also focused on supporting diversity and minority-owned businesses in the associated supply chain. Further, it invests in other parties in the larger energy ecosystem to achieve the mutual goal of accelerating a clean energy transition while increasing diversity, equity, and inclusion in the broader venture capital network.
It is one of the largest funds of its kind, with $111.9 million of limited partner commitments. Southern Company was a founding investor in EIP.
“Together with EIP, we celebrate the completion of fundraising for the Elevate Future Fund,” Chris Cummiskey, executive vice president and chief commercial solutions officer for Southern Company, said. “Today, less than 3 percent of venture funding goes to minority entrepreneurs. That must change. We remain exceedingly enthusiastic about the important work of this fund to support diverse entrepreneurs who are creating critical energy solutions for a more sustainable energy future. We are steadfast in our commitment to the ongoing success of Elevate, and we are pleased to serve in an advisory capacity.”
Showing its commitment to advancing clean energy solutions and workplace diversity, Southern Company is engaged in collaborations with various companies funded by Elevate, including ChargerHelp! and Rheaply.
ChargerHelp! is an electric vehicle charging station and maintenance company. Rheaply is a cloud-based resource exchange platform that allows organizations to trade materials and resources more efficiently, avoid carbon emissions, and reduce spending. Southern Company subsidiaries are collaborating with Rheaply to leverage this resource management solution.
“Having Southern Company’s support at the helm of what we’re building at Elevate is invaluable,” Anthony Oni, managing partner at EIP, said. “Their commitment to helping our companies test, learn, and scale provides us with important data, insights, and partnerships to better support underrepresented founders. They exemplify the EIP model of collaboration, and we look forward to many more partnerships that support diversity, equity, and inclusion within the energy ecosystem.”
