Norwood Medical Partners with ENGIE for a Greener Future

Norwood Medical Champions Sustainability with ENGIE

Norwood Medical LLC and ENGIE Resources LLC are partnering in a significant move towards sustainability by signing a five-year renewable energy contract. This collaboration aims to harness wind energy and drive Norwood Medical's commitment to reducing its carbon footprint at its headquarters.

Details of the Renewable Energy Agreement

This innovative agreement will see Norwood Medical matching 50% of its electricity consumption across four locations initially. As the partnership develops, this commitment will extend to 100% coverage for eleven buildings, which will involve the acquisition of about 120,000 Renewable Energy Certificates (RECs) from ENGIE's Priddy Wind Project in Texas.

Environmental Impact of Green-e® Certified RECs

In choosing to procure Green-e® Certified RECs, Norwood Medical is addressing climate change head-on. These certificates will ensure that the environmental benefits equate to avoiding the release of greenhouse gases equivalent to burning 52 million pounds of coal, or about 47,223 metric tons of CO2. This initiative is backed by the Center for Resource Solutions, which verifies the exclusive use of renewable sources within the electricity market.

Navigating Carbon Emission Goals

Norwood Medical has set ambitious goals for carbon emissions reduction, aiming for a 50% decrease in scope 1 and 2 emissions by 2030, with a vision of achieving net-zero emissions by 2050. Vice President of Engineering, Jeremiah Allen, emphasizes the importance of minimizing environmental impact, stating that leveraging renewable electricity is essential for achieving the company's long-term emissions reduction objectives.

The Role of Statistical Energy

Helping facilitate this landmark agreement is Statistical Energy, based in Dublin, OH. Michael Jackson, CEO of Statistical Energy, highlights the successful collaboration as an example of how renewable energy can be tailored to meet market needs while addressing volatility. Their expertise was instrumental in designing an energy structure that allows Norwood Medical to manage risks while aiming for sustainability.

Informed Decisions for Future Energy Usage

To navigate the complexities of energy usage, Statistical Energy provided Norwood Medical with a comprehensive analysis of their energy consumption patterns alongside their growth plans and historic pricing data. Ron Cantlie, President at Statistical Energy, notes that Norwood Medical chose a flexible approach that allows for locking in future prices as market conditions evolve, which is crucial given the dynamic nature of the energy market.

By approaching energy procurement in this strategic manner, Norwood Medical is showcasing a commitment to smart, sustainable practices in the face of increasing energy demands.

About Norwood Medical

Norwood Medical has established itself as a leading provider of advanced medical manufacturing solutions, with its roots tracing back to the 1920s. The company has honed its expertise in complex machining and is now solely focused on serving the Medtech industry. With a commitment to sustainability, Norwood Medical is leading efforts to achieve a carbon-neutral future through innovative energy practices and reduced consumption.

About ENGIE North America

ENGIE North America Inc. is a vital regional hub of ENGIE, which is internationally recognized for its leadership in low-carbon energy solutions. With a workforce of 97,000 globally, ENGIE is dedicated to aiding clients in achieving energy efficiency and sustainability while fostering economic growth and environmental stewardship.

About Statistical Energy

Statistical Energy LLC plays a crucial role in advising companies on optimizing their energy costs and consumption. By utilizing advanced strategies for energy procurement, they're assisting numerous industrial and commercial clients in managing substantial amounts of energy efficiently.

Frequently Asked Questions

What is the goal of the Norwood Medical and ENGIE partnership?

The goal is to enhance sustainability by utilizing renewable wind energy and reducing carbon emissions at Norwood Medical's headquarters.

How much of Norwood Medical's electricity consumption will be matched initially?

Initially, Norwood Medical will match 50% of its electricity consumption.

What are Renewable Energy Certificates (RECs)?

RECs represent proof that energy was produced from renewable sources, which can be used to offset traditional energy consumption.

How does Norwood Medical plan to achieve its emission reduction goals?

Norwood Medical aims for a 50% reduction in scope 1 and 2 emissions by 2030, using renewable energy sources as a key part of this strategy.

What role does Statistical Energy play in this agreement?

Statistical Energy advises Norwood Medical on optimizing energy costs and ensuring a well-structured approach to renewable energy procurement.

About The Author

My name is Dylan Bailey, and I am 28 years old. I am an author and an expert on the stock market who specializes in publicly traded companies. Early fascination with the stock market inspired me to seek a finance degree and then delve deeply into the world of stocks. I have developed over the years my abilities to spot investment prospects, assess business performance, and analyze market trends.

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