- Rivian Automotive Inc (NASDAQ:RIVN) has signed a power purchase agreement (PPA) with Apex Clean Energy for 50 megawatts (MW) of electricity. The financial terms were not disclosed.
- The electricity will be sourced from the proposed Goose Creek Wind farm in Piatt County, Illinois.
- The agreement supports Rivian’s long-term vision of enabling high-impact renewable energy projects that reduce its carbon footprint.
- The 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.
- Apex is currently in the process of securing local permits and approvals for the 300 MW Goose Creek Project, which is slated to begin operations in 2024.
- “About a third of global greenhouse gas emissions come from transportation, with nearly another third from electricity generation,” said Andrew Peterman, Rivian Director of Renewable Energy.
- Price Action: RIVN shares are trading lower by 4.95% at $29.81 on the last check Monday.
- Photo Via Wikimedia Commons
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