AUTO - Rivian Stock Falls After Signing Wind Energy Contract With Apex to Fuel Illinois Facility Operations
Rivian Automotive ( NASDAQ:RIVN )
Rivian Automotive ( NASDAQ:RIVN ), an American manufacturer of electric vehicles, made the announcement today that they have signed a power purchase agreement (PPA) with Apex Clean Energy for the purchase of 50 megawatts (MW) of electricity from the renewable energy company’s proposed Goose Creek Wind farm in Piatt County, Illinois. The wind farm is located in Illinois.
In addition to reducing Rivian’s carbon footprint, consumers, communities, and the electrical grid all stand to gain from this first major purchase, which aligns with the company’s long-term goal of facilitating high-impact renewable energy initiatives.
“Transportation accounts for about one-third of the world’s greenhouse gas emissions, while power production is responsible for roughly another third. At Rivian, we have a tremendous opportunity to support the decarbonization of the manufacturing process and the charging of electric vehicles by contributing to reducing emissions beyond the tailpipe, “Andrew Peterman, Director of Renewable Energy at Rivian, made this statement. “Success for Rivian, in the long run, entails helping to speed the transition to carbon-free energy throughout the whole economy, not just inside Rivian’s own footprint,” says the company.
This purchase, in conjunction with other sources of renewable energy and Rivian’s own on-site production, will make it possible for Rivian stock to power up to 75% of its plant activities in Nor...
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