Coherent Significantly Reduces Its Global Carbon Footprint With the Establishment of Worldwide Renewable Energy Contracts

Rhea-AI Summary

Coherent Corp. (NYSE: COHR) announced significant advancements in sustainability, achieving over 50% of its global electricity needs from renewable sources. The company powers more than 80% of its facilities worldwide with renewable electricity, totaling over 500 million kWh annually and avoiding 85,000 metric tons of CO₂ emissions. Notably, all European facilities run on 100% renewable power, and key sites in China are transitioning to the same. Coherent is committed to enhancing energy efficiency, with projects aimed at saving 15 million kWh this year. Additionally, efforts are underway to eliminate fossil fuel usage entirely, highlighted by a 50% reduction in fuel oil consumption at its Zurich facility, targeting complete elimination by 2025.

Positive

• Achieved over 50% of global electricity needs from renewable sources.
• Over 80% of facilities powered by renewable electricity.
• Avoiding 85,000 metric tons of CO2 emissions annually.
• All European facilities operating on 100% renewable power.
• Major facilities in China moving to 100% renewable electricity.
• Energy efficiency projects saving approximately 15 million kWh this year.

Negative

• None.

PITTSBURGH, April 21, 2023 (GLOBE NEWSWIRE) -- Coherent Corp. (NYSE: COHR), a global leader in materials, networking, and lasers, today announced that the company is now obtaining greater than 50% of its global electricity needs from renewable energy sources. Coherent powers more than 80% of its sites around the world from renewable electricity. In total, this represents over 500 million kWh of renewable electricity per year, thereby avoiding over 85,000 metric tons of CO₂ emissions annually.

Coherent has set as a top priority the reduction of its carbon footprint across its global operations. The company already powers all its facilities in Europe with 100% renewable electricity sources. Its highest-energy-consuming site in China (Fuzhou) is now also using 100% renewable electricity, and its largest-footprint plant in China (Wuxi) is on track to ramp to 100% renewable electricity by 2025. The company now has solar installations online or planned at several facilities in Germany, as well as operational solar-energy systems in the U.S., the U.K., and Vietnam.

“We are fulfilling the commitment we announced last year to increase the sustainability in our energy supply across our global footprint,” said Tim Challingsworth, Chief Sustainability Officer. “We are proud to announce these latest accomplishments in conjunction with the celebration of International Mother Earth Day around the world.”

Coherent’s engineering teams are driving energy efficiency and yield-improvement projects that will save approximately 15 million kWh of energy this year. Coherent is also working to eliminate fossil fuel usage in its facilities. For example, its Zurich facility has reduced fuel oil consumption by approximately 50% and plans to eliminate its use entirely by 2025.  

Coherent is committed to human rights, sustainability, compliance, diversity, responsible business conduct, and adherence to high ethical standards, as highlighted in its 2022 ESG Report, released last October.

About Coherent

Coherent empowers market innovators to define the future through breakthrough technologies, from materials to systems. We deliver innovations that resonate with our customers in diversified applications for the industrial, communications, electronics, and instrumentation markets. Headquartered in Saxonburg, Pennsylvania, Coherent has research and development, manufacturing, sales, service, and distribution facilities worldwide. For more information, please visit us at coherent.com.

Contact

Mark Lourie
Vice President, Corporate Communications
corporate.communications@coherent.com

FAQ

What percentage of Coherent's electricity comes from renewable sources?

Coherent obtains over 50% of its global electricity needs from renewable sources.

How much CO2 emissions does Coherent avoid annually?

Coherent avoids over 85,000 metric tons of CO2 emissions annually.

When will Coherent's Wuxi plant in China reach 100% renewable electricity?

The Wuxi plant in China is on track to reach 100% renewable electricity by 2025.

What is Coherent's goal regarding fossil fuel usage?

Coherent aims to eliminate fossil fuel usage in its facilities, with a target to completely eliminate fuel oil consumption by 2025.

What energy efficiency savings does Coherent project for this year?

Coherent's energy efficiency projects are expected to save approximately 15 million kWh this year.