Rivian Automotive Inc. (Nasdaq: RIVN) said it’s partnering with renewable energy supplier Apex Clean Energy to power as much as 75% of its Illinois manufacturing plant.
The deal supplies the Irvine EV maker 50 megawatts of electricity on an hourly basis from Apex’s Goose Creek wind farm in Piatt County, Illinois. It will also provide power to Rivian’s charging networks, which aim to run on 100% renewable energy.
“About a third of global greenhouse gas emissions come from transportation, with nearly another third from electricity generation,” Rivian Director of Renewable Energy Andrew Peterman said in a statement. “We have a tremendous opportunity at Rivian to help tackle emissions beyond the tailpipe to support decarbonization of manufacturing and charging of electric vehicles.”
The partnership advances Rivian’s goal of increasing Illinois’ proportion of renewable energy from 11%—compared to the national average of 20%—and its commitment of net-zero carbon emissions by 2040.
Following the announcement, shares for Rivian fell 4.2% to $30.03 apiece and a $27 million market cap. Shares for the company are still off 76% from last December, shortly after its IPO.
