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 Normal, Illinois, using carbon-free energy on an hourly basis.
Mark Goodwin, President and CEO of Apex, said that Rivian is modeling a novel approach to procuring clean energy with their Goose Creek Wind project. This method emphasizes providing the most value to the local population, economy, and environment. As Rivian develops its future vision, these three goals—improvement of local project areas, reduction of carbon impact, and restoration of natural habitat—have become the top priority for Apex, which continues to grow prospects for such businesses.
As a requirement of the PPA, Apex is presently working on getting the necessary permissions and approvals from the relevant local authorities to construct the 300 MW Goose Creek Project. It is anticipated that work will get underway on the project in 2024.
During Monday’s midday session, Rivian stock dropped by 3.14%.
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Author Shariq Khan 
