Enlight to Supply Renewable Energy to Applied Materials Israel
- The agreement allows Applied Materials Israel to meet its ESG targets and use energy from exclusively renewable sources by 2030.
- The partnership positions Enlight as a leading provider of clean electricity in Israel.
- None.
TEL AVIV, Israel, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, NASDAQ: ENLT, TASE: ENLT.TA), is pleased to announce that Applied Materials Israel, a division of the leading global microchip producer Applied Materials, has entered into a 15-year corporate power purchase agreement (“PPA”) for the supply of renewable energy to its Israeli operations. The electricity will be sourced from Enlight’s solar and storage facilities currently under construction in Israel. The agreement comes with an option to increase consumption volumes based on Applied Material Israel’s needs.
Sourcing power from Enlight will enable Applied Materials Israel to gain traction on its ESG targets and meet a global commitment to use energy from exclusively renewable sources by 2030. The agreement between the two companies comes in advance of the planned deregulation of the Israeli electricity sector in January 2024, which will allow independent producers such as Enlight to sell power directly to end users.
Rafi Ben Ami, CEO of Applied Materials Israel: "Our vision for the future combines continued growth of the company with meaningful reduction of environmental impacts. We are pleased with the new strategic partnership with Enlight for renewable electricity, advancing us towards a sustainable world."
Gilad Yaavetz, CEO of Enlight Renewable Energy: "We are proud to provide clean electricity to Applied Materials, helping them make practical moves to net zero emissions status. I anticipate that demand for renewable energy in Israel will continue to grow as other firms join this trend."
About Applied Materials Israel
Applied Materials Israel is engaged in the development and production of advanced systems for the control of the microchip manufacturing process. The company was one of the first international technology companies to designate Israel as a strategic place of activity and is one of the largest foreign high-tech investors in Israel.
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its US IPO (NASDAQ: ENLT) in 2023. Learn more at enlightenergy.co.il.
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