Steelcase Announces New Wind Power Investment with Apex Clean Energy
25 Megawatt Power Purchase Agreement Further Diversifies the Furniture Company’s Renewable Energy Portfolio
GRAND RAPIDS, Mich., Feb. 02, 2016 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS), the global leader in the office furniture industry, announced a 12-year power purchase agreement (PPA) with Apex Clean Energy for 25 megawatts of wind power. Since 2014, Steelcase has invested in renewable energy credits equivalent to 100% of its global electricity consumption. This latest investment will make up nearly half of Steelcase’s renewable energy purchases, directly support the construction of a new clean energy facility set to begin operations in 2016, and further diversify the company’s renewable energy portfolio.
“Our decision to partner with Apex and execute a long-term renewable energy agreement reflects our longstanding commitment to drive a clean energy landscape,” said Jim Keane, Steelcase president and CEO. “At a time when businesses and governments are working to align on climate strategies, we maintain a sense of urgency and optimism. We are focused on finding new ways to reduce our overall energy use and investing in innovative, economically beneficial projects like this one to take one step closer to a sustainable energy future.”
Under Steelcase’s long-term PPA with Apex’s Grant Plains Wind project, a 150-megawatt facility in Grant County, Oklahoma, Steelcase is committed to support production of approximately 100 million kilowatt-hours of clean, renewable wind energy each year. This amount is equal to approximately 70% of Steelcase’s U.S. electricity usage, or roughly the electricity needed to power 9,100 homes per year.
“Apex is proud to partner with Steelcase to help the company achieve its renewable energy goals,” said Mark Goodwin, president of Apex. “Our mission is to accelerate the shift to clean energy, and we do so by providing opportunities for visionary companies like Steelcase to participate in the energy market in the manner that makes the most sense for them. Steelcase has proven itself to be a leader in renewables investment, and we’re pleased that Grant Plains Wind fits with its corporate strategy.”
“After a record-setting 2015 for corporate renewable energy purchasing, we commend Steelcase for starting off 2016 with such a powerful long-term commitment for clean wind energy,” said Lily Donge, a principal at nonprofit Rocky Mountain Institute and its Business Renewables Center, of which Steelcase and Apex are a member and sponsor, respectively.
Steelcase has a long history of supporting renewable energy development that dates back to 2001. The company is one of the top 50 green power users in the United States, according to the Environmental Protection Agency (EPA), and received a Green Power Leadership Award from the EPA in 2014.
For over 100 years, Steelcase Inc. has helped create great experiences for the world's leading organizations, across industries. We demonstrate this through our family of brands, including Steelcase®, Coalesse®, Designtex®, PolyVision® and Turnstone®. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. We are globally accessible through a network of channels, including over 800 dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2015 revenue of $3.1 billion.
Apex Clean Energy builds, owns, and operates utility-scale wind and solar power facilities. Last year, Apex completed 1,042 megawatts of new wind capacity, enough to power over half a million homes. With the nation’s largest wind energy project pipeline and billions of dollars worth of operating assets under management, Apex is a leader in the transition to a clean energy future. For more information, visit www.apexcleanenergy.com.
Steelcase Media Contact:
Laura Van Slyke, Corporate Communications
Apex Clean Energy Media Contact:
Dahvi Wilson, Director of Public Affairs
(February 2, 2016 - 8:59 AM EST)
Hedging programs that E&Ps have in place in 2016 vary considerably. The chart below shows the range of oil and gas production for several E&Ps covered by hedging contracts. Pioneer Natural Resources (ticker: PXD) and Cimarex Energy (ticker: XEC) have hedged the largest portions of their remaining production at 85/75 and 80/90 percent, respectively, for oil and gas. This chart[Read More…]
Oil & Gas 360® c/o EnerCom, Inc.
800 18th Street
Denver, CO 80202
Advertise on OAG360
OAG360 has multiple advertising opportunities. Reach your investors/buyers by advertising on the website, eMail campaigns, webcasts and videos.