The all-electric automaker entered an
agreement to enable 60 Megawatts of solar energy, including a
community solar subscription for its Illinois manufacturing facility
DENVER, May 22, 2024
/PRNewswire/ -- Leading national renewable energy
provider Pivot Energy is proud to announce a partnership with
American EV maker Rivian on a total of 60 Megawatts (MWdc) of
solar energy. Rivian has committed to purchasing Renewable Energy
Certificates (RECs) generated from 50 MWdc of solar and will
subscribe to 10 MWdc of community solar from Pivot Energy for its
Illinois manufacturing
facility.
Impact REC agreements such as this one are designed to channel
clean energy resources into regions poised for new solar
development and contribute to local community initiatives. Rivian's
partnership enables additional solar projects to be strategically
developed in locations with few solar resources. According to the
EPA, the region of the electric grid where the solar projects will
be located is 67% dirtier than the U.S. grid as a whole, meaning
that the region emits two-thirds more greenhouse gases from fossil
fuels than other areas. By supporting these new-build distributed
solar projects through this REC purchase agreement and community
solar subscription, Rivian will have an outsized impact on
emissions reductions in this region. The new community solar
projects are expected to generate an average of 79,000
megawatt-hours (MWh) of clean electricity per year, equivalent to
powering 10,892 households annually.
The two companies will invest $5,000 per MW built in local community
organizations. The donations tied to each MW constructed will go to
support local community-based organizations working to reduce
energy burden for low-income families, developing workforce
development pathways into the solar industry for local residents
and groups working at the intersection of agriculture and energy
production.
This partnership serves as a template for how to scale renewable
resources to match growing demand from electric vehicle growth.
Rivian's decarbonization strategy includes plans to enable 2
gigawatts of renewable energy in support of EV charging – enough to
power at least 7 billion miles of renewable driving with R1
vehicles every year. Rivian's manufacturing facility in
Normal, Illinois, aims to operate
with greater than 90% carbon free energy on an hourly basis and
will run on 100% renewable energy annually by 2030. As demonstrated
in Rivian's Power with Purpose paper written in partnership
with The Nature Conservancy, Rivian's '3C' strategy values more
than just the megawatt-hours from projects and instead seeks to
maximize benefits for communities, conservation and climate.
Partnering with Pivot Energy represents a significant step in this
process.
"For Rivian, one focused pursuit drives both our business
success and positive impact: accelerating the global transition to
100% carbon free transportation and energy," said Andrew Peterman, Director of Advanced Energy
Solutions at Rivian. "Our partnership with Pivot shows how we go
one step further by investing in projects that not only deliver
additional clean energy to the grid, but also drive positive
benefits for communities, conservation and the climate."
Pivot Energy is committed to accelerating the transition to
clean energy and positively impacting local communities. By
supporting clean energy projects and community impact, Rivian is
demonstrating its commitment to renewable energy and sustainable
operations in the automotive industry. The proliferation of
electric vehicles has significant environmental benefits, and
integration with renewable energy sources further enhances their
impact.
"We are committed to accelerating the energy transition by
partnering with cutting edge companies like Rivian," said Mat
Elmore, SVP Strategic Accounts at Pivot Energy. "This marks a
significant step in scaling up renewables nationwide by providing a
blueprint for how the auto industry can expand their energy impact
in areas that need it most."
About Pivot Energy
Pivot Energy is a renewable energy
provider and independent power producer that develops, finances,
builds, owns, and manages solar and energy storage projects. Pivot
leverages its renewable expertise to provide a range of unique
offerings that accelerate the clean energy transition by helping
companies and communities attain impactful decarbonization. Pivot
is a US-based Certified B-Corporation that proudly follows a
corporate strategy aimed at providing a positive impact on society
as measured by Environmental stewardship, Social leadership, and
responsible Governance factors. Pivot Energy is an ECP portfolio
company. Learn more at pivotenergy.net.
About Rivian
Rivian (NASDAQ: RIVN) is an
American automotive manufacturer that develops and builds
category-defining electric vehicles and accessories. The company
creates innovative and technologically advanced products that are
designed to excel at work and play with the goal of accelerating
the global transition to zero-emission transportation and energy.
Rivian vehicles are built in the United
States and are sold directly to consumer and commercial
customers. The company provides a full suite of services that
address the entire lifecycle of the vehicle and stay true to its
mission to keep the world adventurous forever. Whether taking
families on new adventures or electrifying fleets at scale, Rivian
vehicles all share a common goal – preserving the natural world for
generations to come.
Learn more about the company, products and careers
at www.rivian.com.
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SOURCE Pivot Energy