Yahoo Finance Rivian Partners with Pivot Energy to Build Community Solar in Illinois
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
