Thermo Fisher Scientific Establishes 2030 Renewable Electricity Goal and Solar Power Purchase Agreement with ib vogt

Rhea-AI Summary

Thermo Fisher Scientific Inc. (NYSE: TMO) has announced a 15-year virtual power purchasing agreement (VPPA) with international solar developer ib vogt for a 91-megawatt portion of the Serbal solar project. This will deliver approximately 192,000 megawatt hours of renewable electricity annually. Eurofins Scientific, a global leader in bioanalytical testing, is also involved in the deal for a 36-megawatt portion of the project. The project is expected to be operational in January 2025 and will power over half of Thermo Fisher's addressable European sites with 100% renewable electricity. Thermo Fisher has committed to achieving 80% renewable electricity globally by 2030 and reducing Scope 1 and 2 emissions by 50% by 2030 against a 2018 baseline.

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• Thermo Fisher Scientific's commitment to renewable energy and reduction of emissions showcases its dedication to sustainability and environmental responsibility. The VPPA with ib vogt and Eurofins Scientific demonstrates the company's proactive approach to achieving its climate goals and contributing to global climate initiatives.

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• None.

Share of 127-megawatt aggregated deal in collaboration with Eurofins Scientific will power over half of Thermo Fisher’s addressable European footprint with 100% renewable electricity by 2025

WALTHAM, Mass.--(BUSINESS WIRE)-- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced a 15-year virtual power purchasing agreement (VPPA) with international solar developer ib vogt. Thermo Fisher’s 91-megawatt portion of the Serbal solar project will deliver approximately 192,000 megawatt hours of renewable electricity annually. Eurofins Scientific, a global leader in bioanalytical testing, collaborated in the aggregated deal for a 36-megawatt portion of the project.

The project is expected to be operational in January 2025. Thermo Fisher’s share will match over half of the company’s addressable European sites with 100% renewable electricity, and the aggregated share will simultaneously reduce both Thermo Fisher’s and Eurofins’ respective Scope 2 and Scope 3 emissions.

“The participation of Eurofins in the Serbal solar project, which boasts a capacity of 36 megawatts, creating approximately 76,000 megawatt hours of renewable electricity annually, represents an important milestone on our path to Carbon Neutrality by 2025. It helps us to significantly reduce carbon emissions across the Eurofins network, ensuring that more than one-third of our addressable European footprint is powered by 100% renewable electricity,” said Dr. Gilles G. Martin, chief executive officer, Eurofins Scientific. “We have taken a novel, value-chain-based approach in working with Thermo Fisher Scientific, as a supplier and partner, to reduce our Scope 2 emissions caused by electricity consumption. We look forward to this collaboration with Thermo Fisher, as we strive to contribute to global climate goals.”

To further accelerate its climate progress, Thermo Fisher has established a commitment to achieve 80% renewable electricity globally by 2030, in alignment with the Sustainable Markets Initiative (SMI) Health Systems Task Force joint supplier standards. This follows the company’s recently raised commitment to reduce Scope 1 and 2 emissions by 50% by 2030 against a 2018 baseline, as well as its plans to power all of the company’s U.S. sites with 100% renewable electricity by 2026 as it works to reach net-zero emissions by 2050.

“This new global climate goal not only strengthens our record of accelerated progress toward net-zero emissions, but it also underscores our collaborative approach on this journey,” said Marc N. Casper, chairman, president and chief executive officer, Thermo Fisher Scientific. “By working together with customers who share our vision for a healthier planet, we can achieve even greater impact across our collective value chains. We thank Eurofins for partnering with us on this meaningful action and ib vogt for the opportunity to expand our virtual power purchasing efforts beyond the US.”

“Renewable electricity offers a tangible way for global companies to reduce their emissions,” said Anton Milner, chief executive officer, ib vogt. “We want to thank Thermo Fisher and Eurofins for selecting this site and for taking an approach that will power their sustainability goals and move the life sciences industry to the next chapter in the energy transition to net zero.”

Sustainability Roundtable Inc. advised Thermo Fisher and Eurofins on this VPPA. More information about Thermo Fisher’s environmental, social, and governance progress can be found at www.thermofisher.com/csr.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231206224419/en/

Media Contact:

Sandy Pound

Phone: 781-622-1223

E-mail: sandy.pound@thermofisher.com

Investor Contact:

Rafael Tejada

Phone: 781-622-1356

E-mail: rafael.tejada@thermofisher.com

Source: Thermo Fisher Scientific Inc.

FAQ

What is the virtual power purchasing agreement (VPPA) announced by Thermo Fisher Scientific Inc. (NYSE: TMO)?

Thermo Fisher Scientific Inc. (NYSE: TMO) announced a 15-year VPPA with international solar developer ib vogt for a 91-megawatt portion of the Serbal solar project, delivering approximately 192,000 megawatt hours of renewable electricity annually.

What is the purpose of Eurofins Scientific's involvement in the VPPA?

Eurofins Scientific is involved in the VPPA for a 36-megawatt portion of the project, aiming to reduce its Scope 2 and Scope 3 emissions and power over one-third of its addressable European footprint with 100% renewable electricity.

What are Thermo Fisher Scientific's global climate goals?

Thermo Fisher Scientific aims to achieve 80% renewable electricity globally by 2030 and reduce Scope 1 and 2 emissions by 50% by 2030 against a 2018 baseline.

What is the expected impact of the VPPA on Thermo Fisher Scientific's European sites?

The VPPA is expected to power over half of Thermo Fisher's addressable European sites with 100% renewable electricity.

How does the VPPA with ib vogt and Eurofins Scientific contribute to global climate goals?

The VPPA demonstrates a proactive approach to achieving climate goals and contributes to global climate initiatives by reducing emissions and increasing the use of renewable electricity.

Who advised Thermo Fisher and Eurofins on the VPPA?

Sustainability Roundtable Inc. advised Thermo Fisher and Eurofins on this VPPA.