Hanover, N.H-based Hypertherm has announced a new nonprofit foundation called HOPE: The Hypertherm Owners’ Philanthropic Endeavors.

It will partner with nonprofit organizations in an effort to create sustainable, positive change in the community and environment.

“The creation of a foundation is a natural evolution of Hypertherm’s philanthropic efforts. It has been a vision of ours for some time and it is gratifying to see this come to fruition,” said Barbara Couch, Hypertherm’s vice president of corporate social responsibility.

Hypertherm will fund the HOPE Foundation with a yearly donation. In addition, as a nonprofit entity, the foundation can accept donations and invest funds to grow the amount of money available for giving. A team of Hypertherm associates will continue to make funding decisions, while a board of both internal and external individuals will provide governance to the foundation.