NORTHAMPTON, MA / ACCESSWIRE / January 3, 2024 / Pepco
Pepco | The Source
Earlier this year, community leaders, local officials, and stakeholders joined Pepco and our parent company Exelon as we announced $2.7 million in investments for four local minority-owned businesses that will help each business grow and ultimately strengthen under-resourced communities in our region.
The funding is provided through the Exelon Community Impact Capital Fund (formerly known as the Racial Equity Capital Fund), which helps expand access to capital for businesses in historically disenfranchised or socio-economically disadvantaged communities in Exelon's service areas so they can create more jobs, grow their companies and reinvest in their neighborhoods. The fund is managed in partnership with RockCreek, one of the world's largest diverse-owned global investment firms, and further delivers on our commitment to drive economic equity and opportunity for our customers and communities.
The four funded companies represent the clean energy, IT, workforce development and real estate development industries. They include:
Gemini Energy Solutions: $1 Million Equity Investment
Gemini Energy Solutions is a Black-owned and led energy audit and cleantech company that strives to equitably scale energy efficiency to often overlooked small businesses and communities. Gemini uses 'clean energy hubs' that serve as revenue generating microgrids that includes rooftop and carport solar panels, electric vehicle chargers and HVAC and lighting solutions. The organization is currently working to connect businesses and churches in under-resourced communities with green energy solutions.
PS2G (Public Sector Solutions Group): $600,000 debt investment
PS2G is a technology driven Black-owned company providing IT consulting services and innovative solutions to state and local government partners. The PS2G team helps clients achieve their performance goals while ensuring audit compliance and reporting for federally funded agencies. PS2G is also trains residents in the District and Maryland in cybersecurity and information technology through the Walter Reed IT Infrastructure Academy and in partnership with Exelon and Pepco.
CJR Development Partners: 600,000 debt investment
CJR is a minority, woman-owned small business firm dedicated to building strong communities and businesses. The CJR development team advises on public private partnerships and specializes in creating mixed use developments and affordable housing communities. They also help build strong businesses by providing solutions for clients' branding, contract management and human resource needs, as well as training services to build strong employee teams.
$500,000 equity investment Escalate
Escalate is a workforce development platform that brings together educational and artificial intelligence resources to improve retention of frontline workers. Based in Silver Spring, Md. Escalate is a majority Black and woman-owned company. The company's unique platform provides support for frontline workers to drive retention and positive work environments.
New applications are accepted on a rolling basis. Businesses interested in funding should contact the fund manager, RockCreek: cicf@therockcreekgroup.com.
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SOURCE: Pepco
View the original press release on accesswire.com
