Commitment to enough renewable energy to power
approximately
10,000 U.S. homes per
year
CORNING, N.Y., December 14, 2015
- 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.
Corning Media Relations
Contact:
Joe Dunning
(607) 974-5006
dunningjm@corning.com
Duke Energy Renewables Media
Contact:
Tammie McGee
(980) 373-8812
(800) 559-3853
tammie.mcgee@duke-energy.com
Corning Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
View Image: Duke Energy
Renewables' solar-generating facility in Conetoe, North
Carolina
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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