Corning Incorporated (NYSE: GLW) announced today that it has entered into a 25-year power purchase agreement for solar-generated electricity produced by Duke Energy Renewables.
Corning will purchase 62.5% of the expected output of the facility, estimated to be 120,300 megawatt hours per year, beginning in the first quarter of 2016. That amount of electricity is equivalent to the annual power used by approximately 10,000 U.S. homes.
The new solar farm being constructed by Duke Energy Renewables is located in Conetoe, North Carolina, and will be the largest solar-generating facility completed to date east of the Mississippi River. Corning’s presence in North Carolina includes more than 3,000 employees across five locations.
“Corning is committed to reducing its carbon footprint, and this is a major step in that direction,” said Dr. Jeffrey Evenson, senior vice president, chief strategy officer. “Going green makes good business sense because it encourages efficiencies and clean power usage that eventually lower costs. We believe this decision fits our corporate mission to be a good steward of the environment.”
The solar power purchase agreement will produce more clean energy for the electric grid, while substantially reducing Corning’s greenhouse gas footprint.
“Serving Corning’s commitment to clean energy is a great example of the customer-centric solutions we can offer to organizations,” said Greg Wolf, president of Duke Energy’s Commercial Portfolio. “In delivering this quality project, we’re proud to bring more solar power to North Carolina as we partner with Corning to advance their environmental stewardship.”
Rocky Mountain Institute, an independent nonprofit focused on market-based clean energy solutions, commended Corning for the company’s commitment to renewable energy.
“Corning now belongs among a select group of companies that have taken action on renewable procurement through long-term contracts. These contracts directly enable project developers to build new solar and wind capacity,” said Hervé Touati, a managing director at Rocky Mountain Institute and head of the Business Renewables Center. “Beyond pioneers from the ICT sector, we are seeing this year large corporations such as Corning - coming from a variety of industrial and services sectors - entering the market for the first time as fast followers. It is a strong indication that long-term renewable energy contracts are becoming increasingly relevant to all Fortune 500 companies and will soon become the standard way of running business.”
This purchase is part of Corning’s consistent commitment to clean the air.
- Corning produced the first emission control substrate that enabled the auto industry to meet standards set in the Clean Air Act in 1972.
- Corning Environmental Technologies is focused on manufacturing substrates and filters designed to trap soot, or particulate matter, from diesel or gasoline exhaust emissions in a variety of light-duty and heavy-duty applications.
- In 2006, Corning established its Global Energy Management (GEM) program, which drives efficient energy use and saved Corning more than $410 million in cumulative energy costs.
- Corning received the EPA’s ENERGY STAR® Partner of the Year in 2014 and 2015.
“Corning has a history of being an environmentally conscious company and clearly sees how the increased use of renewable energy sources helps enable a brighter future for everyone,” said Patrick Jackson, director of Corning’s Global Energy Management program. “Today’s announcement is testimony to our corporate citizenship and is the first of what we hope to be a series of projects focusing on utilizing greener energy sources.”
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning’s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
Digital Media Disclosure
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it intends to use its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.
About Duke Energy Renewables
Duke Energy Renewables, part of Duke Energy’s Commercial Portfolio, is a leader in developing innovative wind and solar energy generation projects for customers throughout the United States. The company’s growing portfolio of commercial renewable assets includes 17 wind farms and 34 solar farms in operation in 12 states, totaling more than 2 gigawatts in electric-generating capacity. Learn more at www.duke-energy.com/renewables. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at www.duke-energy.com.
About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading innovators in materials science. For more than 160 years, Corning has applied its unparalleled expertise in specialty glass, ceramics, and optical physics to develop products that have created new industries and transformed people’s lives. Corning succeeds through sustained investment in R&D, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges. Corning’s businesses and markets are constantly evolving. Today, Corning’s products enable diverse industries such as consumer electronics, telecommunications, transportation, and life sciences. They include damage-resistant cover glass for smartphones and tablets; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for high-speed communications networks; trusted products that accelerate drug discovery and manufacturing; and emissions-control products for cars, trucks, and off-road vehicles.