Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Rivian signs wind energy deal with Apex to power Illinois plant operations

Stock Markets Dec 05, 2022 11:44
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
RIVN
+8.30%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Michael Elkins 

American electric vehicle maker, Rivian Automotive (NASDAQ:RIVN) today announced that they have signed a power purchase agreement (PPA) with Apex Clean Energy for 50 megawatts (MW) of electricity from the renewable energy company's proposed Goose Creek Wind farm in Piatt County, Illinois.

As Rivian's first large-scale procurement, the agreement supports the company's long-term vision of enabling high-impact renewable energy projects that reduce its carbon footprint while also benefiting customers, communities, and the electrical grid.

"About a third of global greenhouse gas emissions come from transportation, with nearly another third from electricity generation. We have a tremendous opportunity at Rivian to help tackle emissions beyond the tailpipe to support decarbonization of manufacturing and charging of electric vehicles," said Andrew Peterman, Rivian Director of Renewable Energy. "Long-term success for us means helping to accelerate the transition to carbon-free energy across the entire economy, not just within Rivian’s own footprint."

This purchase, along with other renewable sourcing and on-site generation, will allow Rivian to power as much as 75% of its Normal, Illinois, plant operations with carbon-free energy on an hourly basis.

"With Goose Creek Wind, Rivian is modeling an innovative approach to clean energy procurement—one that emphasizes maximum benefit to the local community, economy, and environment," said Mark Goodwin, President and CEO of Apex. "Apex continues to expand opportunities for corporations committed to strengthening local project areas, reducing carbon impact, and restoring natural habitat—all priorities for Rivian as it continues to build out its vision for the future."

Apex is currently in the process of securing local permits and approvals for the 300 MW Goose Creek Project to be built and as a stipulation of the PPA. The project is slated to begin operations in 2024.

Shares of RIVN are down 3.14% in mid-day trading on Monday.

Rivian signs wind energy deal with Apex to power Illinois plant operations
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email