Ingevity Poised to Cut Emissions Following Solar Power Deal With NextEra -- Energy Comment

By Jennifer Tershak

Ingevity's agreement to buy solar power from a subsidiary of NextEra Energy Resources will allow the company to receive and retire renewable energy credits and offset a significant portion of its Scope 2 emissions produced at their U.S. manufacturing locations.

On carbon neutrality:

The manufacturer of specialty chemicals and carbon materials is looking to reduce greenhouse gas emissions and wants to be carbon neutral for absolute GHG emissions from manufacturing operations by 2050. "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," Ingevity's Chief Executive Officer John Fortson said.

On the solar facility:

Ingevity will receive 85 megawatts of capacity at a new NextEra Energy Resources solar site to be constructed in North Texas. Ingevity will also 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. The solar facility is expected to be fully operational by the end of 2025.

Write to Jennifer Tershak at [e-mail]

(END) Dow Jones Newswires

August 15, 2023 11:58 ET (15:58 GMT)

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