Ingevity Corporation (NYSE:NGVT) today announced it has entered
into a renewable product purchase agreement (RPPA) with a
subsidiary of NextEra Energy Resources, LLC, to produce offsetting
renewable energy to lower Scope 2 emissions related to Ingevity’s
United States (U.S.) manufacturing locations.
Ingevity aims to reduce the company’s greenhouse gas (GHG)
emissions and be carbon neutral for absolute GHG emissions from
manufacturing operations by 2050. Ingevity’s sustainability
commitment includes decarbonization through increasing the use of
renewable energy in its operations and by collaborating with
renewable energy producers like NextEra Energy Resources to
increase the amount of renewable energy available in the U.S.
“Ingevity was founded on using renewably-sourced chemistries and
materials to purify, protect and enhance,” said Ingevity president
and CEO, John Fortson. “Collaborating with NextEra Energy Resources
for the development of a solar facility in a location in the U.S.
with high electricity demands to create renewably-sourced energy is
a natural extension of our sustainability profile and an important
element in our effort to achieve carbon neutrality for the benefit
of our operations and the industries that rely on our products to
advance their own sustainability goals.”
As part of the agreement, Ingevity will receive 85 megawatts of
capacity at a new NextEra Energy Resources solar site to be
constructed in North Texas. With Ingevity’s commitment to the
project and NextEra Energy Resources’ deep expertise in developing
and generating renewable energy, the project will contribute a
significant source of sustainable energy to Texas.
“We have a history of collaborating with Ingevity to develop
customized solutions to help meet their goals,” said Rebecca
Kujawa, NextEra Energy Resources president and CEO. “In terms of
reducing carbon emissions, a solar project of this scale is
equivalent to the electricity needed to power an average of 14,000
homes per year, with the added benefits of generating new jobs and
creating economic impacts for Texas and beyond.”
In exchange for Ingevity’s commitment to the project, Ingevity
will receive and retire renewable energy credits to offset a
significant portion of its Scope 2 emissions from U.S.
manufacturing locations and advance the company toward its 2050
target.
NextEra Energy Resources and Ingevity expect the solar facility
to be fully operational by the end of 2025.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated
entities, "NextEra Energy Resources") is a clean energy leader and
is one of the largest wholesale generators of electric power in the
U.S., with approximately 27,400 megawatts of total net generating
capacity, primarily in 40 states and Canada as of year-end 2022.
NextEra Energy Resources is the world's largest generator of
renewable energy from the wind and sun, a world leader in battery
storage and is driving the development of the green hydrogen
economy. The business operates clean, emissions-free nuclear power
generation facilities in New Hampshire and Wisconsin as part of the
NextEra Energy nuclear fleet. NextEra Energy Resources offers a
wide range of clean energy solutions to help businesses and
customers across the country meet their emissions reduction goals.
NextEra Energy Resources, LLC is a subsidiary of Juno Beach,
Florida-based NextEra Energy, Inc. (NYSE: NEE). For more
information, visit www.NextEraEnergyResources.com.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect
and enhance the world around us. Through a team of talented and
experienced people, we develop, manufacture and bring to market
solutions that help customers solve complex problems and make the
world more sustainable. We operate in three reporting segments:
Performance Chemicals, which includes specialty chemicals and
pavement technologies; Advanced Polymer Technologies, which
includes biodegradable plastics and polyurethane materials; and
Performance Materials, which includes activated carbon. Our
products are used in a variety of demanding applications, including
adhesives, agrochemicals, asphalt paving, bioplastics, coatings,
elastomers, lubricants, pavement markings, publication inks, oil
exploration and production and automotive components. Headquartered
in North Charleston, South Carolina, Ingevity operates from 31
countries around the world and employs approximately 2,050 people.
The company’s common stock is traded on the New York Stock Exchange
(NYSE:NGVT). For more information visit www.ingevity.com. Follow
Ingevity on LinkedIn.
About Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Such
statements generally include the words “will,” “plans,” “intends,”
“targets,” “expects,” “outlook,” "guidance," “believes,”
“anticipates” or similar expressions. Forward-looking statements
may include, without limitation, the potential benefits of any
acquisition or investment transaction, expected financial
positions, expected financial positions, guidance, results of
operations and cash flows; financing plans; business strategies and
expectations; operating plans; impact of COVID-19; capital and
other expenditures; competitive positions; growth opportunities for
existing products; benefits from new technology and cost-reduction
initiatives, plans and objectives; litigation related strategies
and outcomes; markets for securities and expected future
repurchases of shares, including statements about the manner,
amount and timing of repurchases. Actual results could differ
materially from the views expressed. Factors that could cause
actual results to materially differ from those contained in the
forward-looking statements, or that could cause other
forward-looking statements to prove incorrect, include, without
limitation, adverse effects from general global economic,
geopolitical and financial conditions beyond our control, including
inflation and war in Ukraine; risks related to our international
sales and operations; adverse conditions in the automotive market;
competition from substitute products, new technologies and new or
emerging competitors; worldwide air quality standards; a decrease
in government infrastructure spending; adverse conditions in
cyclical end markets; the limited supply of or lack of access to
sufficient crude tall oil and other raw materials; issues with or
integration of future acquisitions and other investments; the
provision of services by third parties at several facilities,
including the impact of WestRock’s shutdown of its North Charleston
paper mill; adverse effects from the COVID-19 pandemic; supply
chain disruptions; natural disasters and extreme weather events; or
other unanticipated problems such as labor difficulties (including
work stoppages), equipment failure or unscheduled maintenance and
repair; attracting and retaining key personnel; dependence on
certain large customers; legal actions associated with our
intellectual property rights; protection of our intellectual
property and other proprietary information; information technology
security breaches and other disruptions; complications with
designing or implementing our new enterprise resource planning
system; government policies and regulations, including, but not
limited to, those affecting the environment, climate change, tax
policies, tariffs and the chemicals industry; and losses due to
lawsuits arising out of environmental damage or personal injuries
associated with chemical or other manufacturing processes, and the
other factors detailed from time to time in the reports we file
with the SEC, including those described in Part I, Item 1A. Risk
Factors in our Annual Report on Form 10-K as well as in our other
filings with the SEC. These forward-looking statements speak only
to management’s beliefs as of the date of this press release.
Ingevity assumes no obligation to provide any revisions to, or
update, any projections and forward-looking statements contained in
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230815702037/en/
Caroline Monahan 843-740-2068 caroline.monahan@ingevity.com
Investors: John E. Nypaver, Jr. 843-740-2002
investors@ingevity.com
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