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.