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MVB Financial Corp. Announces Achievement of Carbon Neutral Status
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Rhea-AI Summary
MVB Financial Corp. (MVBF) has successfully attained Carbon Neutral status, reflecting its commitment to sustainability. Initiated in 2021, the project included an Environmental Emissions Study in partnership with GreenFeet, focusing on emissions from various activities. Additionally, MVB has implemented solar energy solutions in collaboration with Parthian Battery Solutions across its banking centers. By utilizing retired batteries for renewable energy, MVB aims to minimize waste and enhance accessibility to renewable technologies, ensuring all centers operate on renewable energy.
Partnership with GreenFeet to monitor and reduce emissions over time.
Collaboration with Parthian Battery Solutions to install solar panels at all banking centers.
Utilizing retired batteries for renewable energy applications to minimize waste.
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FAIRMONT, W. Va.--(BUSINESS WIRE)--
MVB Financial Corp. (“MVBF,” “MVB Financial” or “MVB”) (Nasdaq: MVBF) has announced the successful completion of its plan to achieve Carbon Neutral status.
“As trusted partners on the financial frontier and stewards for our environment, MVB initiated several projects in 2021 related to data collection, energy efficiency and ultimately reducing our carbon footprint. One of MVB’s core values is Respect, Love and Caring, which we call RLC, and this work directly ties into living that value,” said Don Robinson, President and Chief Financial Officer for MVB Financial.
To better understand its overall environmental impact, MVB launched its first Environmental Emissions Study in 3Q 2021 for all MVB business and banking center locations in partnership with Boston-based sustainability company, GreenFeet. The mission of GreenFeet is to help reduce the world’s carbon footprint by providing an easy to use and accessible solution for companies of all sizes to quickly and painlessly manage and ultimately reduce their emissions in line with international agreements and targets.
Utilizing the GreenFeet platform and support from their knowledgeable staff, MVB gathered emissions data from a variety of categories such as Team Member commuting, air travel, real estate and shipping. GreenFeet used information from 2020 and 2021 to populate MVB’s Emissions Report. MVB is actively managing routine data updates to measure emissions over time to meet future sustainability goals.
Supporting local business and the environment, MVB also entered into an agreement with Parthian Battery Solutions, a West Virginia-based business, to install solar panels with Parthian’s batteries at four MVB banking center locations in North Central West Virginia.
“Renewable energy and electric vehicle technologies are relatively new and growing rapidly. In regard to electric vehicles, we determine whether their retired batteries are capable of being reused and repurpose them in second-use applications with renewable energy sources. This ensures the most amount of value is extracted from the batteries, while simultaneously minimizing their environmental impact,” said August Chico, Founder and CEO of Parthian Battery Solutions.
“When the battery is taken from the car, it can still maintain upwards of 85% of its original capacity, which makes it perfect for reuse applications. Our method prevents hundreds of pounds of battery material from being prematurely wasted in a landfill. We provide a more environmental and economically sustainable option for auto makers to terminate their battery packs. Additionally, the low costs of our battery hardware enable renewable energy to be more accessible.”
The first MVB solar panel installation took place in March 2021 in Morgantown at MVB’s Sabraton location, and the project has expanded to three of MVB’s other banking center locations – two in Fairmont and one in Bridgeport – with the result that 100% of banking centers owned by MVB will be utilizing a form of renewable energy. In addition, MVB has reduced the number of its physical office locations to support the reduction of its carbon footprint.
MVB Financial Corp., the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, the Company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. For more information about MVB, please visit http://ir.mvbbanking.com.
Forward-Looking Statements
MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,”, “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues,” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity, and credit risk; changes in market interest rates; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in financial technology companies; competition; length and severity of the COVID-19 pandemic and its impact on the Company’s business and financial condition; changes in economic, business, and political conditions; changes in demand for loan products and deposit flow; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as well as its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise, or correct any forward-looking statements.
What sustainability initiatives has MVB Financial Corp. (MVBF) implemented?
MVB Financial has initiated projects since 2021 focused on achieving Carbon Neutral status through data collection, energy efficiency, and emissions reduction.
When did MVB Financial Corp. (MVBF) start its Environmental Emissions Study?
The Environmental Emissions Study was launched in the third quarter of 2021.
What is the significance of MVB Financial Corp.'s partnership with GreenFeet?
The partnership with GreenFeet aids MVB in managing and reducing its carbon emissions, aligning with international sustainability targets.
How has MVB Financial Corp. (MVBF) utilized retired batteries?
MVB repurposes retired batteries for renewable energy applications, helping to minimize waste and enhance economic sustainability.
What renewable energy projects has MVB Financial Corp. (MVBF) undertaken?
MVB has installed solar panels at multiple banking centers and plans to transition all its locations to renewable energy.
