II-VI Incorporated Signs Major Renewable Energy Contract in China

Rhea-AI Summary

II-VI Incorporated (Nasdaq: IIVI) has secured a significant renewable energy contract in Wuxi, China, which will power its largest site with 100% renewable electricity over the next four years. This agreement involves approximately 167 million kWh of renewable energy, preventing nearly 92,000 metric tons of CO₂ emissions. II-VI aims to enhance sustainability, already powering its European facilities entirely with renewable sources. Currently, over 25% of its global electricity comes from renewables, with further expansions planned for major manufacturing sites in Asia.

Positive

• Secured a renewable energy contract in China for 167 million kWh over four years.
• The Wuxi facility will operate on 100% renewable electricity, enhancing sustainability efforts.
• Preventing nearly 92,000 metric tons of CO2 emissions cumulatively over four years.
• Over 25% of global electricity needs are supplied by renewable sources.
• Previously powered all European facilities with 100% renewable electricity.

Negative

• None.

PITTSBURGH, Jan. 13, 2022 (GLOBE NEWSWIRE) -- II‐VI Incorporated (Nasdaq: IIVI), a global leader in engineered materials and optoelectronic components, today announced that it has signed a major renewable energy contract in China.

The II-VI site in Wuxi represents approximately 50% of the company’s footprint in China and about 20% of its global footprint by area. Over the next four years, this facility will become the largest II-VI site to be powered with 100% renewable electricity.

“This purchase agreement includes approximately 167 million kWh of renewable electricity over the next four years, thereby avoiding nearly 92,000 metric tons of CO₂ emissions cumulatively over this period,” said Gary Lin, Senior Vice President, Operations, Photonic Solutions Segment. “This demonstrates our commitment to increase the sustainability in our energy supply across our global footprint.”

II-VI has set as a top priority to reduce its carbon footprint across its global operations. II-VI announced in October 2021 that it is powering all of its facilities in Europe with 100% renewable electricity sources. Globally, II-VI has entered into renewable electricity contracts for 25 sites, including 14 of them now covering 100% of their annual electricity usage with renewable sources.

Over 25% of II-VI’s global electricity needs are now supplied by renewable sources across the U.S., Europe, and China. The amount of renewable electricity powering II-VI’s operations is expected to grow annually and, in the future, include the company’s other major manufacturing sites in Asia.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, industrial, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. Headquartered in Saxonburg, Pennsylvania, the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to support our customers. For more information, please visit us at www.ii-vi.com.

CONTACT:        
Mark Lourie
Vice President, Corporate Communications
corporate.communications@ii-vi.com
www.ii-vi.com/contact-us

FAQ

What is the significance of II-VI’s renewable energy contract in China?

The contract will power II-VI's Wuxi facility with 100% renewable electricity, significantly reducing CO2 emissions.

How much renewable electricity is II-VI planning to use in the next four years?

II-VI has signed an agreement for approximately 167 million kWh of renewable electricity.

What emissions will II-VI avoid through this contract?

II-VI expects to avoid nearly 92,000 metric tons of CO2 emissions over the contract period.

What percentage of II-VI's electricity needs are currently met by renewable sources?

Over 25% of II-VI's global electricity needs are now supplied by renewable sources.

Which facilities has II-VI already powered with renewable electricity?

II-VI has fully powered all its facilities in Europe with 100% renewable electricity.