Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher on Friday.
Yesterday, Rivian signed a long-term power purchase agreement (PPA) with RWE (OTC:RWEOY), the third-largest renewable energy company in the U.S. This agreement will supply electricity from an upgraded RWE wind project in West Texas.
The 15-year PPA will provide electricity from RWE's Champion Wind farm, a 127 megawatt facility in Nolan and Mitchell Counties.
"We are excited to add the Champion project and 127 megawatts of clean energy to Rivian's growing portfolio, connecting Rivian owners to projects that drive meaningful benefits for our climate, conservation and communities," said Paul Frey, Vice President of Propulsion, Charging & Adventure Products, Rivian.
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According to Benzinga Pro, RIVN stock has lost 36% in the past year. Investors can gain exposure to the stock via Renaissance IPO ETF (NYSE:IPO).
The PPA highlights RWE's capacity to meet the clean energy needs of manufacturing and technology sectors.
This energy will supply Rivian's fast-charging network, the Rivian Adventure Network, with 100% renewable power.
It reflects the growing demand for sustainable power in energy-intensive industries.
The project aligns with Rivian's vision for a carbon-free future and its goal to enable 7 billion miles of renewable driving.
The Champion Wind farm is being upgraded with new turbine nacelles and blades to enhance its lifespan. This repowering effort is expected to be completed by mid-2025.
Price Action: RIVN shares are trading higher by 2.95% to $10.40 at the last check on Friday.
Image via Shutterstock
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