ASX-Dividend-Report-Banner

SKF secures 100% renewable electricity in the U.S. and Canada

January 31, 2024 02:32 AM AEDT | By Cision
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp
 SKF secures 100% renewable electricity in the U.S. and Canada
Image source: Kalkine Media

GOTHENBURG, Sweden, Jan. 30, 2024 /PRNewswire/ -- SKF has reached a significant sustainability milestone by entering two Renewable Energy Certificate (REC) purchase agreements in North America. This will enable SKF factories and facilities in the U.S. and Canada to achieve 100% renewable electricity.

The first agreement focuses on investing in Green-e certified wind energy. This partnership will span through 2025, reinforcing SKF's commitment to supporting renewable energy sources. The second is a 12-year agreement, starting in 2026, signed with Clearway Energy Group (Clearway) for a portion of the RECs generated from a 452 MW solar farm currently under construction in Kent County, Texas, USA.

The agreement with Clearway is SKF's first long-term REC procurement at scale in the U.S. This will enable SKF to effectively address 100% of its annual electricity consumption in its U.S. and Canada facilities with renewable electricity. It will also help SKF make significant strides towards its aim to decarbonize the Group's operations by 2030 and become net zero throughout the value chain by 2050.

John Schmidt, President, Industrial Region Americas, says: "At SKF, we firmly believe in the importance of actively contributing to a cleaner and greener future and we are thrilled to make this significant stride toward sustainability. We have set ambitious targets and these renewable energy agreements not only align with our commitment to reducing carbon emissions but also empower us to support the development of renewable energy projects."

Valerie Wooley, Senior Vice President of Origination at Clearway, says: "Clearway commends SKF on taking action towards achieving their sustainability targets by committing to a long-term agreement to purchase RECs from our solar project in Kent County."

The agreements are part of SKF's broader sustainability agenda, which includes initiatives to reduce energy consumption, increase use of renewable energy, and minimize environmental impact.

Schneider Electric supported SKF in the selection of and negotiations for both projects. RECs generated from Clearway's solar farm will be listed with the Center for Resource Solutions (CRS). This means that it will meet all requirements for certification pursuant to the Green-e Renewable Energy Standard for the U.S. and Canada.

Aktiebolaget SKF
      (publ)

CONTACT:

For further information, please contact:
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: [email protected] 

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
tel: 46 31-337 2104; mobile: 46 705-472 104; [email protected] 

The following files are available for download:


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.

AU_advertise

Advertise your brand on Kalkine Media

Recent Articles

Investing Tips

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.