Community Commitment
February 12, 2024
Xcel Energy is first energy company to join Economic Opportunity Coalition
Company pledges to allocate 15% of U.S.-based contract spending to underserved businesses by 2025
The Rockefeller Foundation announced today that Xcel Energy has joined the Economic Opportunity Coalition (EOC). A public-private partnership with the U.S. government, the EOC is designed to align and catalyze investments in underserved communities and create wealth, with a priority placed on supporting small businesses and expanding access to capital. As a new member of the EOC, we have committed to allocating 15% of our U.S.-based contract spending in the areas of energy supply, distribution and transmission, and clean energy to small and underserved businesses by 2025.
“As we transition toward a cleaner energy economy, it’s critical to not leave communities behind. Xcel Energy is proud to lead the way among energy companies in enhancing our supplier diversity commitment,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “We are joining the EOC to bolster a national effort to support small and diverse-owned businesses.”
In October, the EOC issued a call to large corporations to strengthen domestic supply chains and build wealth for underserved communities. The Coalition specifically asked semiconductor, clean energy, battery/EV, heavy industry and biomanufacturing companies that are part of “Investing in America” sectors to do three things:
“As we transition toward a cleaner energy economy, it’s critical to not leave communities behind. Xcel Energy is proud to lead the way among energy companies in enhancing our supplier diversity commitment,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “We are joining the EOC to bolster a national effort to support small and diverse-owned businesses.”
In October, the EOC issued a call to large corporations to strengthen domestic supply chains and build wealth for underserved communities. The Coalition specifically asked semiconductor, clean energy, battery/EV, heavy industry and biomanufacturing companies that are part of “Investing in America” sectors to do three things:
- Commit 15% of procurement spend to small and disadvantaged businesses in these sectors;
- Provide these businesses technical assistance to support their success; and
- Submit disaggregated data reporting of their activities toward achieving those outcomes.
Xcel Energy, alongside Air Products and Micron Technology, was among the first to sign up. As a leading provider of clean energy in the Midwestern and Western United States, we have also established a broader supplier diversity goal of 25% of spending on materials and services by 2025, up from 11% in 2022. In addition, we spent over $1.2 billion in 2022 with businesses owned by women, minorities, veterans, LGBTQ+ individuals and people with disabilities, as well as small businesses, resulting in a $2.2 billion economic impact to the U.S. economy and supporting over 11,500 jobs.
“One of the priorities of the EOC is to increase opportunities for small businesses across the country,” said Christopher Weaver, executive director of the Economic Opportunity Coalition Secretariat at The Rockefeller Foundation. “Xcel Energy shares our belief that small businesses are vehicles for wealth creation in underserved communities and our commitment to helping these businesses access both capital and customers.”
As the first energy company in the EOC, Xcel Energy joins nearly three dozen corporations and foundations: Ariel Investments, Bank of America, BMO Financial Group, BNY Mellon, Capital One, Citi, Discover, Fidelity, Ford Foundation, Goldman Sachs, Google, H&R Block, Intercontinental Exchange, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron Technology, Momentus Capital, Moody’s, Netflix, Next Street, PayPal, PNC, TIAA, The Rockefeller Foundation, Upstart and Wells Fargo.
For more information about the Economic Opportunity Coalition, visit: https://www.rockefellerfoundation.org/initiative/economic-opportunity-coalition.
“One of the priorities of the EOC is to increase opportunities for small businesses across the country,” said Christopher Weaver, executive director of the Economic Opportunity Coalition Secretariat at The Rockefeller Foundation. “Xcel Energy shares our belief that small businesses are vehicles for wealth creation in underserved communities and our commitment to helping these businesses access both capital and customers.”
As the first energy company in the EOC, Xcel Energy joins nearly three dozen corporations and foundations: Ariel Investments, Bank of America, BMO Financial Group, BNY Mellon, Capital One, Citi, Discover, Fidelity, Ford Foundation, Goldman Sachs, Google, H&R Block, Intercontinental Exchange, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron Technology, Momentus Capital, Moody’s, Netflix, Next Street, PayPal, PNC, TIAA, The Rockefeller Foundation, Upstart and Wells Fargo.
For more information about the Economic Opportunity Coalition, visit: https://www.rockefellerfoundation.org/initiative/economic-opportunity-coalition.