Iron Mountain Data Centers Among the First to Track Renewable Energy by the Hour

Rhea-AI Summary

Iron Mountain (NYSE: IRM) has partnered with RPD Energy and Direct Energy to enhance renewable energy purchasing solutions. This collaboration aims to track the hourly renewable energy load of Iron Mountain's data centers across Pennsylvania and New Jersey, sourcing 100% renewable energy. The initiative represents a shift from traditional models that match renewable power on a monthly or annual basis, positioning Iron Mountain at the forefront of innovative energy solutions.

Positive

• Partnership with RPD Energy and Direct Energy enhances renewable energy purchasing.
• Initiative sources 100% renewable energy, improving sustainability practices.
• Positions Iron Mountain as a leader in the shift towards hourly renewable energy tracking.

Negative

• None.

Iron Mountain Incorporated (NYSE:IRM), the storage and information management services company, today announced that it has taken a significant step forward in the development of enhanced solutions for purchasing renewable energy, through readily available retail channels, by entering into an agreement with RPD Energy and Direct Energy to track the hourly renewable energy load of Iron Mountain data centers.

The innovative structure will source 100% renewable energy aimed at matching the hourly usage of all Iron Mountain facilities in Pennsylvania and New Jersey (over 60 buildings), including two data centers. Conventional renewable power solutions seek to only match a buyer’s load on an annual or monthly basis without ensuring renewable power is available when clients are using electricity. Tracking hourly usage from the generator and comparing it to Iron Mountain’s hourly usage demonstrates a future view of how firms can transition to truly carbon free energy supply.

“Iron Mountain is seeking to move beyond the conventional approach of matching renewable power on an annual basis, to matching renewable power generation with its hourly energy use. This is ultimately the path needed to decarbonize energy use,” stated Chris Pennington, Global Energy Manager at Iron Mountain Data Centers. “We are proud to push the marketplace and be at the forefront of embracing and adopting this unique approach and believe that RPD and Direct Energy have assembled a highly repeatable product that will become a readily available retail product.”

“It is so gratifying to witness the power of collaboration and we hope transactions like these can demonstrate that the market is capable of greater flexibility to meet increasingly aggressive demands for truly 24/7 renewable power,” said Eric Alam, CEO of RPD Energy. “RPD Energy’s role was to identify the right committed generator and retail supplier to ensure that Iron Mountain could achieve a truly unique outcome. Working with Axpo U.S. to design a wholesale transaction that worked for EDP Renewables North America, and with the team at Direct to create the retail product that fit Iron Mountain’s requirements required the kind of patience, resolve, and cooperation across all parties that results in these breakthrough transactions.”

RPD Energy in conjunction with Direct Energy, will provide Iron Mountain a monthly report to document the match of average hourly generation and Iron Mountain’s actual hourly offtake from the grid. To maintain the integrity of the renewable impact of the transaction, traceability and environmental claims are ensured by renewable energy credits provided via EDP Renewables North America and sourced from the same renewable developer.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of nearly 93 million square feet across approximately 1,450 facilities in 56 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working. Visit www.ironmountain.com for more information.

About RPD Energy

RPD Energy architects green energy solutions for corporate America. RPD offers directly sourced, variable term (2-8 years), right-sized contracts for green energy and RECs from utility-scale wind and solar facilities without the complexity of traditional PPA/VPPAs. Fortune 500 energy buyers have chosen RPD Energy work with their suppliers to provide green energy contracts for their data centers, production facilities and corporate headquarters in several regions across the US. RPD is headquartered in Houston, Texas. www.rpdenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210414005427/en/

FAQ

What is Iron Mountain's recent agreement about renewable energy?

Iron Mountain has partnered with RPD Energy and Direct Energy to track and source 100% renewable energy for its data centers, focusing on hourly usage.

When was Iron Mountain's renewable energy agreement announced?

The agreement was announced on April 14, 2021.

How does Iron Mountain's renewable energy strategy differ from traditional models?

Unlike traditional models that match renewable energy on an annual or monthly basis, Iron Mountain's strategy aims to match renewable power generation with its hourly energy use.

Which states are involved in Iron Mountain's renewable energy initiative?

The initiative involves Iron Mountain's data centers in Pennsylvania and New Jersey.

What is the purpose of the agreement between Iron Mountain and RPD Energy?

The purpose is to demonstrate a more flexible approach to meeting energy demands for 24/7 renewable power.