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Nasdaq

The Nasdaq ESG Solutions and Crux collaboration spotlights the importance of transferable tax credits in enabling companies to manage their tax liabilities and the opportunity to supercharge sustainability goals.

At Nasdaq ESG Solutions, we are always looking for innovative ways to help our clients advance their sustainability goals while unlocking new sources of value. Our collaboration with Crux, a sustainable finance technology company, is intended to help clients take advantage of transferable tax credit transactions offered through the Inflation Reduction Act (IRA).

What is the Inflation Reduction Act of 2022 (IRA) and how does it benefit corporates?

The IRA offers funding, programs, and incentives to accelerate the deployment of clean energy projects (solar, geothermal, wind, energy storage, microgrids, etc.) and climate resilience to move towards a clean energy economy. The law’s transferability provision allows, for the first time, clean energy developers and manufacturers to sell their tax credits to third parties for cash.

By introducing this market mechanism, the IRA expands access to capital for corporates that develop qualifying clean energy infrastructure, innovative technologies, and advanced manufacturing and reduces federal tax bills for corporate buyers of these tax credits.

Why is this important?

Transferability presents an opportunity for companies across different industries and sizes to support the energy transition while generating a positive return on investment.

For example, companies with federal tax liability can use transferable tax credits to reduce their federal tax bill and unlock additional value, which they can choose to use to accelerate sustainability goals or invest in new initiatives. At the same time, companies that produce renewable energy or advanced manufacturing products eligible for transferable tax credits may be able to access more flexible forms of financing, driving greater market participation and accelerating deployment of clean technologies.

How can Nasdaq ESG Solutions and Crux help corporates navigate this new market?

The Nasdaq ESG Solutions business aims to deliver scaled positive impact across corporates, investors, and financial institutions and their employees, customers, and suppliers. Nasdaq ESG Solutions’ work across the corporate and investment communities uniquely positions us to support clients as they strive to achieve their sustainability objectives.

Launched in January 2023, Crux’s goal is to change the way clean energy and decarbonization projects are financed in the United States, starting with transactions for the transferable clean energy tax credits. Through our collaboration, Nasdaq ESG Solutions clients have the opportunity to realize cost savings and advance their sustainability objectives through access to Crux’s platform, which features the largest network of clean energy project developers and manufacturers. Our clients will also benefit from Crux’s insights on the dynamic, rapidly growing transferable tax credit market.

In July, Crux released its 2024 Mid-Year Market Intelligence Report based on data from $6.8 billion in tax credit transfers. The report highlights several trends:

Strong market growth: The transferable tax credit market continues to grow rapidly and is forecasted to reach $20-25B by year end, which is more than double the size of 2023.Clear pricing drivers: Average 2024 pricing is trending higher than 2023, with transaction size and use of insurance as key drivers.Buyer interest in forward-commitments: Transferable tax credit buyers are beginning to look at 2025 opportunities. 25% of 2024 reported deals included a forward component with future year tax credits.

Crux’s report also underscores the breadth of the market that is now accessible to companies with varying federal tax profiles and different stages of tax credit purchase maturities. With more than $12 billion of credits available today, Crux and Nasdaq ESG Solutions are well-positioned to help clients and their legal and tax advisors new to the market explore how transferable tax credits may be available to enhance clients’ sustainability strategies and reduce federal tax liability.

We’re working together with Crux because they operate the industry’s central platform, which means we think that they are poised to play an outsized role in making the market for transferable tax credits more liquid, transparent, and efficient. Their combination of market data, platform power, the extensiveness of their network, and their experienced team—together with the strategic insights of Nasdaq ESG Advisory—can help clients interested in accelerating their sustainability goals and making a positive impact on the environment.

Companies seeking further information on leveraging transferable tax credits to support their sustainability goals can get in touch with Nasdaq ESG Solutions here.

© 2024 Nasdaq, Inc. The Nasdaq logo and the Nasdaq ‘ribbon’ logo are the registered and unregistered trademarks, or service marks, of Nasdaq, Inc. in the U.S. and other countries. All rights reserved. This communication and the content found by following any link herein are being provided to you by Nasdaq ESG Solutions, a business of Nasdaq, Inc. and certain of its subsidiaries (collectively, “Nasdaq”), for informational purposes only. Nothing herein shall constitute a recommendation, solicitation, invitation, inducement, promotion, or offer for the purchase or sale of any investment product, nor shall this material be construed in any way as investment, legal, or tax advice, or as a recommendation, reference, or endorsement by Nasdaq. Nasdaq makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. At the time of publication, the information herein was believed to be accurate, however, such information is subject to change without notice. This information is not directed or intended for distribution to, or use by, any citizen or resident of, or otherwise located in, any jurisdiction where such distribution or use would be contrary to any law or regulation or which would subject Nasdaq to any registration or licensing requirements or any other liability within such jurisdiction. By reviewing this material, you acknowledge that neither Nasdaq nor any of its third-party providers shall under any circumstance be liable for any lost profits or lost opportunity, direct, indirect, special, consequential, incidental, or punitive damages whatsoever, even if Nasdaq or its third-party providers have been advised of the possibility of such damages.

Key Takeaways

Now in its fourth year, Comcast RISE celebrates having provided more than $140 million in total monetary, marketing, and technology grants to strengthen and empower small businesses.In 2024, 500 small Businesses in Atlanta, Houston, Jacksonville, Richmond, VA and southern Colorado were awarded comprehensive grant packages.

NEW YORK, October 2, 2024 /3BL/ – Comcast announced 500 additional small business recipients that will receive comprehensive grant packages that include business consultation services, educational resources, a $5,000 monetary grant, creative production, media schedule, and a technology makeover.

The distribution of these grants in five new cities is part of Comcast’s ongoing commitment to supporting the growth of all small businesses, while advancing the objectives of diversity, equity, and inclusion, and community investment. Comcast RISE was created to help businesses and their communities thrive, with a focus on economic growth.

The regions in this round included Atlanta, Houston, Jacksonville, Richmond, VA and southern Colorado. A total of 100 grants per city, or 500 grants overall, were announced to be awarded in September 2024, bringing the total number of recipients to date to 14,000.

“Supporting small businesses means investing in the heart of our communities,” said Loren Hudson, SVP and Chief Diversity Officer, Connectivity and Platforms, Comcast.

By empowering entrepreneurs and small business owners with the skills and resources they need to grow and succeed, we help ensure our local neighborhoods can flourish and thrive too.

Loren Hudson

SVP and Chief Diversity Officer, Connectivity and Platforms, Comcast

Comcast RISE was created in November 2020 to help small businesses hardest hit by COVID-19, from bakeries and barber shops to childcare centers and cleaning services, by providing the grants needed to survive and recover.

The program has evolved from helping businesses survive the pandemic, to helping businesses and their communities thrive with a focus on economic growth.

Grant packages include:

COACHING SESSIONS – Business assessment and coaching that provide business owners with recommendations on how to help grow their businesses.EDUCATION RESOURCES – 12-month access to online entrepreneurship courses, learning modules and resources for small business owners.MONETARY GRANT – $5,000 monetary grant.CREATIVE PRODUCTION & MEDIA – Professionally produced 30-second TV commercial, plus a media strategy consultation and a 180-day linear media schedule. (Taxes and other fees may apply for production and media services.)TECHNOLOGY MAKEOVER – Computer equipment and Internet, Voice and Cybersecurity services for 12 months. (Taxes and other fees may apply for tech makeover services.)

In addition, any small business owner can visit the Comcast RISE destination on X1 featuring aggregated small business news, tips, insights, and more. X1 customers can say “Comcast RISE” into the voice remote.

Comcast RISE is part of Project UP, the company’s $1 billion commitment to advance digital equity through programs and community partnerships that connect people to the Internet, advance economic mobility and open doors for the next generation of innovators, entrepreneurs, storytellers and creators.

More information is available at www.ComcastRISE.com.

Originally published in the 2023 Regency Centers Corporate Responsibility Report

Regency’s Corporate Responsibility Program is built on four pillars – Our People, Our Communities, Ethics and Governance, and Environmental Stewardship. It is guided by overarching objectives, including long-term value creation for our shareholders and other stakeholders, the importance of maintaining and nurturing our culture, and protecting and enhancing Regency’s brand and reputation. With these pillars and objectives in mind, we develop near- and long-term goals to create alignment with each objective and to ensure that our corporate responsibility initiatives, which are key to our business success, remain at the forefront of our priorities.

Through our Corporate Responsibility Policies and Practices we demonstrate how our commitment to sustainability naturally flows from our core values, and addresses our expectations and requirements with respect to key dimensions of sustainability.

Regency’s Board is responsible for the oversight of our corporate responsibility strategy, initiatives, and business alignment, and has delegated to its Nominating and Governance Committee oversight of Regency’s Corporate Responsibility Program. Our President and CEO, who leads our four-person Management Executive Committee, has ultimate senior management responsibility for the Company’s ESG program, including oversight of our management-led Corporate Responsibility Committee. In her role as leader of the Executive Committee, she is the primary decision-maker on all major ESG initiatives and business alignment.

In 2023, the Nominating and Governance Committee was briefed regularly on our strategic sustainability initiatives, our goal-setting process, progress toward developing goals aligned with SBTi and TCFD, performance against metrics and targets, sustainability reporting, and the landscape of evolving ESG expectations and practices across our investors and other stakeholders.

Read the full 2023 Regency Centers Corporate Responsibility Report

For more about Regency Centers’ commitment to Corporate Responsibility click here

Lily Zheng| Portfolio Manager—China Net Zero Solutions; Senior Research Analyst
Kathleen Dumes, CFA| Responsible Investing Research Analyst—Fixed Income Responsible Investing

What do near-term pressures on China’s battery electric vehicle industry mean for its long-term outlook?

China has quickly risen to dominate the global battery electric-vehicle (BEV) industry, both as a manufacturer and as a market. Its dominance looks set to continue, but the industry—in China and elsewhere—faces headwinds. The challenge for investors is to understand and navigate the short-term risks and to position themselves for long-term opportunities.

The trend in global autos away from internal combustion engines (ICE) to electric vehicles (EVs) is well established and is forecast to grow as countries continue efforts to reduce their carbon dioxide emissions. Among EVs, the strong growth in BEVs—as distinct from hybrid electric vehicles and plug-in hybrid electric vehicles—looks set to continue (See display 1 above).

China dominates the BEV segment in terms of both manufacturing and market demand. But its output in this area, while still well ahead of that of other countries, has recently slowed (See display 2 above).

This reflects a change in the dynamics of the industry’s growth. To understand the investment implications, it helps to know a little about how China came to dominate the BEV industry, and how the growth outlook is, in our view, becoming more nuanced.

Rapid Rise Hits Speed Bumps

China’s rise to BEV dominance began in the early 2000s, when the government realized that the country’s traditional ICE auto manufacturing base, while strong, was unlikely to overtake the US, European and Japanese automakers. As Japan already had an advantage in hybrid vehicles, one area in which China was likely to compete strongly was BEVs.

This new technology required large-scale innovation and investment. The government—motivated by environmental as well as economic benefits—provided generous subsidies. It even imported competition to stimulate growth, by allowing BEV maker Tesla and other Western auto companies to set up factories in China.

The government also boosted manufacturers of BEVs’ most crucial component: batteries. China is now a leader in lithium iron phosphate (LFP) batteries which, before advances made possible by Chinese research, had been considered inferior to the lithium nickel manganese cobalt batteries favored in the West.

In 2023, China produced 6.2 million BEVs, more than half the global total of 11.2 million and many more than Western Europe (2 million), the United States (1.2 million) and Japan (87,000). But there have been speed bumps: the number of Chinese BEV makers peaked at 500 in 2019 and has since fallen to 100 or so. More rationalization is expected, for a number of reasons.

China’s BEV Makers Face Short-Term Challenges

BEV sales growth has recently slowed, mostly due to competition within China from cheaper plug-in hybrids and limited battery-charging infrastructure in China’s lower-tier cities.

This has led to price-cutting and moves to protect margins. At the same time, China’s BEV exports, which have grown strongly since 2020, are meeting resistance in key markets, with higher tariffs imposed by the European Union (EU), Canada and the US.

These are short- to medium-term challenges; we think the longer-term outlook is more encouraging. The impact of Western trade barriers, for example, may be softened by strong growth in Chinese BEV exports to emerging markets. More fundamentally, the Chinese BEV industry has reached the scale, quality and sophistication it needs to compete effectively in the long term.

Structural Advantages May Help in the Long Term

This does not seem to be well understood outside China. The aim of the US tariffs, for example, is to counter “extensive subsidies and non-market practices” that have supported China’s BEV exports. But, as of 2023, China’s EV manufacturers no longer receive national subsidies, and subsidies for the sale of EV batteries ended in 2018.

The country’s leadership in LFP batteries and dominance of the battery supply chain, from raw materials to production, are key structural advantages, in our analysis. LFPs’ cheapness keeps vehicle prices low, and their relative safety is a selling point. Many US BEV makers source their batteries from South Korea and elsewhere, which involves supply-chain risks and small-scale, high-cost suppliers.

We think a major risk for US and European automakers is that tariffs on Chinese BEVs could ease the pressure on them to improve their own EV batteries, and that they may rely instead on their traditional dominance of the large but low-growth ICE markets. Long-term, we see China’s low-cost, high-quality BEVs as challenging ICE makers and forcing them to lower their prices and accept thinner margins.

Next Consolidation Could Yield Opportunities

The Chinese BEV industry is following the growth trajectory of older Chinese industries such as home appliances, textiles and machinery—fast, subsidized growth in the early stages followed by price competition and rationalization. The next phase of consolidation may take time, given the number of players still in the industry (See display 3 above).

In our view, investors should monitor these changes and look for early signs—such as moderating price competition, stable market share and strong cash flows—that the industry is maturing. As we see it, the key will to be to research the market and individual companies intensively and to invest selectively.

This also applies to investing in US and European automakers, which face short-term risks. US automakers must grow their EV businesses to secure their long-term futures, but rating agencies and investors demand strong cash flow and profitability. The EU’s climate goals put its automakers at risk of penalties if sales of EVs—which are currently margin dilutive—don’t increase significantly.

We believe that Western automakers will continue to evolve their business models and differentiate themselves in response to the greening of global transportation. As the global market develops, we regard Chinese BEV makers with integrated battery operations, and battery manufacturers with a broad spread of clients both inside China and globally, as companies worth watching.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.

Learn more about AB’s approach to responsibility here.

Earlier this year, The Washing Machine Project, a grassroots organization that provides off-grid manual washing machines to people in low-income and displaced communities, announced it is collaborating with the Whirlpool Foundation to deliver thousands of manual washing machines to communities and households across the world over the next five years. The work is expected to impact an estimated 150,000 people and address a significant barrier to their advancement and quality of life. Recognized by The Washing Machine Project and the Whirlpool Foundation as the ‘Global Washing Divide,’ this collaboration will focus on the estimated 60% of the world’s population–or 5 billion people–that rely on washing clothes by hand. 

Navjot Sawhney, Founder of The Washing Machine Project, and Deb O’Connor, Managing Director of the Whirlpool Foundation, joined Purpose360 to tell the story of how they came together to address the Global Washing Divide, the strengths each of their organizations bring to the table and the impact they are making together to reclaim time and improve lives.  

Listen to the podcast here

About Whirlpool Corporation

Whirlpool Corporation (NYSE: WHR) is a leading kitchen and laundry appliance company, in constant pursuit of improving life at home and inspiring generations with our brands. The company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2023, the company reported approximately $19 billion in annual sales, 59,000 employees, and 55 manufacturing and technology research centers.  Additional information about the company can be found at WhirlpoolCorp.com.

As a new school year kicks off, freshmen at Johnson C. Smith University (JCSU) are receiving more than just a warm welcome – they’re getting a critical tool for their academic success. On Sept. 9, Duke Energy volunteers handed out laptops to 225 students who arrived on campus without one.

This initiative is part of a partnership with E2D, short for Eliminate the Digital Divide, a Charlotte, N.C., nonprofit that refurbishes donated laptops in student-led technology labs and distributes them to those in need. With help from Duke Energy and other corporate sponsors, E2D has distributed at least 48,000 computers since 2013.

The company’s recent pledge of more than 16,000 laptops over three years will enable E2D to further close the opportunity gap between those who have computers and those who do not. These devices will be distributed to 10 historically Black colleges and universities (HBCUs) across North Carolina.

“With Duke Energy’s commitment to donating laptops and volunteer hours, we’ll be bridging the digital divide for a much larger swath of the state,” said E2D President Pat Millen.

Closing the digital divide

College students without a laptop face significant disadvantages, including limited access to online resources and a lack of flexibility in their study environment. These issues can lead to increased stress and negatively impact their academic performance.

Receiving a laptop can have a profound and immediate impact on students without one, said John Oliver, Ph.D., project manager of JCSU’s Charlotte’s Inclusive Tech-Innovation Project (CITIP).

“The joy on students’ faces when they receive their laptops speaks volumes about the difference this program is making,” Oliver said. “Many express their shock and appreciation that someone they’ve never met is thoughtful enough to provide them with this vital resource.”

Duke Energy’s involvement with E2D began five years ago when Dominique Johnson, vice president of the Duke Energy Foundation, connected with Millen at a Charlotte event. She was immediately struck by the potential of E2D’s mission, which aligns with the Foundation’s long-standing focus on economic mobility and STEM education.

“College is hard even when you do have the resources,” she said. “Some of these students were doing schoolwork on their phones.”

Johnson found an ally in Duke Energy’s Mark Cook, managing director of IT infrastructure, operations and CIOPS. As someone who started his IT career providing help desk (and desk-side) support, he understands the imperative of working technology. Cook and his team navigated internal processes to enable laptop donations to E2D, which paved the way for a commitment of more than 16,000 computers over three years.

Equipping students with the tools to succeed

The need for this initiative was underscored in 2023 when over a third of JCSU’s students arrived on campus without a personal laptop. Within three weeks of learning about the situation, E2D identified the students in need and distributed laptops, ensuring that these students had the tools they required to succeed.

To assess whether JCSU’s situation was unique, E2D hired a staff member to survey other HBCUs in the state. The findings were clear – almost every school faced similar challenges.

This realization spurred Duke Energy to broaden its support, integrating the program into its broader mission of promoting economic mobility, climate resilience, and opportunity and inclusion.

In 2021, the city of Charlotte, under Mayor Vi Lyles’ leadership, launched the Mayor’s Racial Equity Initiative – a $250 million effort to address systemic inequities. One of the key goals is bridging the digital divide, a mission that E2D is advancing with help from corporate sponsors.

Beyond laptops, E2D also provides workforce opportunities by hiring young staff, many from Title I high schools, to refurbish the laptops, equipping them with tech skills and a paying job. 

“These high schoolers are in the lab, learning valuable STEM skills that will be relevant across industries, all while earning more than minimum wage,” Johnson noted.

Millen hopes Duke Energy’s leadership in this space will inspire other corporations to follow suit.

“We’re leveraging Duke Energy’s example to encourage other companies to join this effort,” he said. “Duke is setting a new standard for corporate responsibility in North Carolina.”

Looking ahead, Millen is optimistic. “The goal is that everyone who needs a computer gets one. And that’s not just wishful thinking – it’s something we can achieve in the next five to 10 years. Every computer we provide could be the one that changes someone’s life forever.”

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Cascale members were key speakers at the inaugural Sourcing Journal x Rivet Sustainability Summit in Los Angeles. The event was held at the historic Herald Examiner Building, now home to one of Arizona State University’s two Fashion Institute of Design and Merchandising campuses; in Los Angeles, the university is establishing a sustainable fashion lab.

After a welcome from Sourcing Journal’s Editor-in-Chief, Peter Sedera, who promised the day’s speakers were “at the tip of the spear when it comes to transforming the industry,” he was joined for a conversation with Kathleen Talbot, Chief Sustainability Officer & Vice President, Operations at Reformation, a Cascale member. Circularity was a key subject: The company has “deep roots in vintage and deadstock sourcing” and had already surpassed its goal of manufacturing 10% of products from these materials by 2025. It has also set goals for full circularity and climate positivity, for which it is on track to achieve by next year.

A discussion between Cascale member Kim Kitchings, Senior Vice President, Consumer Marketing, Cotton Incorporated and Anna Copilevitz, Lead Program Manager, Zappos for Good, focused on their collaboration through the Cotton’s Blue Jeans Go Green program. The program incentivizes consumers to return their used denim, which is then recycled into products like insulation. Over 18 years of operation, Cotton Inc. has diverted over 2,600 tons of denim from landfills and manufactured 11 million square feet of insulation; the organization now makes dog beds for animal shelters in the U.S. and beds for unhoused people in the UK.

Later, Jeff Frye, Vice President, Sustainability, Innovation, Product Development & Procurement, and Purchasing at Kontoor Brands, also a Cascale member, joined Angela Velasquez, Executive Editor at Rivet, for a discussion of the company’s sustainability practices, which include water reduction, preferred materials, and a Caltech collab on denim printing. Sustainability is a “dynamic process of continual improvement,” Frye said. Additional speakers included Katina Boutis, Director, Sustainability at Everlane, and Boris Mercier, Senior Vice President, Marketing at Recover, both Cascale members.

Anchoring the conversation to location, Mindy McIntyre, Chief Deputy Director at CalRecycle and Nancy Sutley, Deputy Mayor, Energy & Sustainability at the City of Los Angeles, joined Kate Nishimura, Senior News & Features Editor at Sourcing Journal, for a discussion of “California and the National Implications.” The focus was on SB 707, the Responsible Textile Recovery Act, which reflects principles of extended producer responsibility (EPR); Governor Newsom has until October 1st to sign the bill into law. With the only other enacted EPR law for textiles in place in France, McIntyre said, “What we do in California impacts not only nationally but globally.”

Baker Tilly’s podcast series specifically for professionals in the multifamily housing industry

On this episode of BuzzHouse, hosts Donald Bernards and Garrick Gibson sit down with Nate Helbach, founder and CEO of Neutral, a regenerative development company that crafts financially responsible, sustainable living spaces. Over the course of the episode, Don and Garrick talk with Nate about the thesis he utilizes for Neutral’s strategy, the philosophy and benefits of using sustainable materials like mass timber, Neutral’s use of renewable energy sources and more. Press play and discover this informative and enlightening episode!

Special guest

Nate Helbach, Neutral

Nate Helbach is managing partner and CEO at Neutral, leading financing, product development, and construction of the company’s low-, mid- and high-rise developments. Nate developed a thesis to redefine conventional development strategies and mitigate the harmful effects of the built environment in our ecosystem while studying finance and sustainability in college. Nate founded Neutral based on this thesis in 2020 and continuously seeks to evolve and innovate new sustainable development methods to rejuvenate our built environment. Nate’s experience working for a Midwest developer, who managed 2,000 units and developed an average of 400 units per year, allows him to apply his expertise in financial modeling, capital raising, investor relations, deal structuring, Midwest market analysis, insurance management, development project management and innovative building design to Neutral’s continued success.

Multifamily housing resources

For articles, webinars and additional resources for developers, housing authorities, property managers, state housing credit agencies and lenders, visit Baker Tilly’s multifamily housing page.

KeyBank and the KeyBank Foundation announced an investment of $300,000 in Cincinnati’s Minority Business Accelerator (Accelerator), an affiliate of the Cincinnati USA Regional Chamber, to grow, scale and create jobs and economic vibrancy. The goal is to identify and provide intensive and customized services to a minimum of 25 high-potential minority-owned businesses for the duration of the three-year grant, for a total of 75 high-potential businesses.

Through a combination of the Accelerator’s full-time staff and a pool of consultants and subject matter experts, the Accelerator will serve as a “one stop shop” to provide a comprehensive set of support resources to the emerging minority business enterprises (MBEs).

Support of the MBEs include:

Strategy and growth plan developmentPreparation for and access to capital, including debt, equity, and alternative financing solutions stemming from comprehensive financial assessments and the accompanying detailed projectionsOperations and management technical assistancePreparation for and access to new client opportunitiesMarketing support

“KeyBank is deeply committed to providing support to local organizations and programs that are focused on empowering individuals for long-term success,” stated Jennifer Damiano, KeyBank Cincinnati Market President. “Over the course of two decades, the Accelerator has played a pivotal role in establishing a robust support ecosystem for local minority-owned businesses. This has not only led to the creation of numerous job opportunities, but also to increased investment prospects and a more vibrant local economy. We truly appreciate the invaluable contributions of the Accelerator and eagerly anticipate the ongoing success and impact of this organization.”

“We are super-excited to build on our existing partnership with KeyBank as this additional support will enable us to strengthen our pipeline building activities in identifying emerging and high-potential minority-owned businesses,” said Darrin Redus, CEO of the Accelerator. “We further look forward to partnering across the various business lines of KeyBank as this is truly a collaborative and intentional effort to strengthen economic and business opportunities for underserved segments of our population”.

The Accelerator, founded 20 years ago, is a nationally recognized best-practice initiative for developing larger-scale, job-creating MBEs. Since launching, the organization has maintained a specific and dedicated focus on preparing African American and Hispanic owned businesses to grow the types of scalable and competitive enterprises that deliver jobs, wealth and economic impact for communities of color and the broader region as a whole.

The organization has an impressive track record of success in optimizing the growth of minority-owned firms. MBEs working with the Accelerator have achieved approximately $2 billion in aggregate annual revenues, created over 3,500 sustainable jobs and have averaged double-digit annual growth since the program debuted.

ABOUT KEYCORP 
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $187 billion at June 30, 2024.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

ABOUT CINCINNATI MINORITY BUSINESS ACCELERATOR 
The Minority Business Accelerator is the flagship economic development initiative of the Cincinnati USA Regional Chamber. Our mission is to increase economic inclusion and empowerment in the Cincinnati region by providing customized analysis, resources, and funding to accelerate the growth of scalable minority-owned businesses. Our focus is on serving scalable, underserved African American and Hispanic-owned businesses in partnership with targeted regional and national stakeholders aligned around the shared mission of accelerating high growth minority business development. Our core values are rooted in Trust, Inclusion & Excellence which represent the values that TIE us together.

Griffith Foods APAC is the first region to have achieved ISO 14001 certification across all sites for their Environmental Management System (EMS), marking a significant milestone in our global sustainability efforts. This certification provides a robust framework for managing and reducing greenhouse gas emissions, helping us meet environmental obligations, improve performance, and enhance resource efficiency. By achieving ISO 14001, our five APAC sites demonstrate a strong commitment to environmental responsibility and operational sustainability.

Globally, 10 of our sites are certified, with 2 more on track for certification by the end of FY24. In addition to ISO 14001, all APAC sites have also achieved ISO 45001 certification for Occupational Health and Safety Management Systems, highlighting our dedication to employee safety and wellbeing.

These accomplishments underscore our goal towards net-zero, reinforcing our dedication to minimizing environmental impact and maintaining the highest safety standards across all operations.

Our Sustainability Journey 
At Griffith Foods, we are committed to driving positive impact through a regenerative mindset. Sustainability is connected to everything we do as a business, and by 2030, we are dedicated to significantly improving the future with a singular sustainable business strategy that we call our 2030 Aspirations. To learn more about Griffith Foods and its current sustainability efforts, visit them online and download the 2023 Sustainability Report.

About Griffith Foods 
At Griffith Foods, our purpose defines who we are, what we do, and why we exist, highlighting what makes us distinct and authentic in the marketplace. We help our partners meet the evolving needs and desires of consumers in ways that respect and sustain the planet. Our care and creativity mean we’ll find the right mix of global reach and local impact to serve the earth and nourish all of us who call it home.

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