Ampion Partners with The Wendy’s Company and its Franchisees to Source Renewable Energy, Reduce Carbon Emissions

Rhea-AI Summary

Ampion has partnered with The Wendy’s Company to enable over 130 Wendy’s locations to source renewable energy through community solar and Renewable Energy Certificates (RECs). The partnership will deliver more than 27 million kWh of renewable energy to the grids in New York, Illinois, and Massachusetts. Wendy’s will utilize Ampion+ to access Green-e® Energy certified RECs, helping them meet stringent environmental standards. This initiative supports Wendy’s goal to reduce its Scope 1, 2, and 3 emissions by 47% by 2030. The enrolled restaurants will secure between 30% and 100% of their energy from solar without installing onsite panels. The collaboration aims to cut greenhouse gas emissions and energy costs.

By engaging in community solar projects, Wendy’s locations contribute renewable electricity to local grids, reducing reliance on fossil fuels. This partnership aligns with the company’s broader sustainability goals and exemplifies a scalable, affordable solution for corporate environmental responsibility.

Positive

• Over 130 Wendy’s locations enrolled in community solar through Ampion.
• 27 million kWh of renewable energy to be added to grids in New York, Illinois, and Massachusetts.
• Wendy’s aims to reduce Scope 1, 2, and 3 emissions by 47% by 2030.
• Enrolled restaurants will source 30%-100% of their energy from solar without onsite installation.
• Collaboration helps Wendy’s cut energy costs and greenhouse gas emissions.

Negative

• None.

Environmental Analyst

The partnership between Wendy's and Ampion to source renewable energy through community solar projects is testament to the growing emphasis on sustainability in the corporate sector. Renewable Energy Certificates (RECs) help companies substantiate their renewable energy usage and with Wendy's setting ambitious targets to reduce emissions, this collaboration shows proactive steps towards those goals.

Community solar projects enable businesses like Wendy's to source renewable energy without the need for onsite solar panel installations, making it more accessible to franchise and company-owned locations. Given this initiative spans multiple states—New York, Illinois and Massachusetts—it reflects Wendy's broad commitment to environmental responsibility.

From an investor's perspective, this move aligns with Environmental, Social and Governance (ESG) investing trends. Companies prioritizing sustainability can potentially experience improved reputation, customer loyalty and even financial performance in the long term. However, it's essential to monitor the effectiveness of Wendy's in meeting its emission reduction targets by 2030 and how this partnership evolves over time.

Financial Analyst

Wendy's partnership with Ampion is not just an eco-friendly move, but also a strategic financial decision. Community solar projects and RECs can help Wendy's reduce energy costs, which is a significant overhead for restaurant operations. By enrolling over 130 locations, Wendy's could see substantial cost savings in the short term, potentially improving its bottom line.

In addition, the move can provide a hedge against rising energy prices and regulatory changes related to carbon emissions. Investors should consider how these cost savings might improve Wendy’s financial health amidst broader economic conditions. It's important to watch if these savings are reflected in upcoming financial reports and whether they contribute to improved profitability.

Moreover, the collaboration with Ampion highlights Wendy's agility in adopting innovative solutions for sustainability. If more franchisees join the program, it could lead to even greater financial benefits and stronger market positioning as an eco-conscious brand.

• Over 130 Wendy’s Company and franchise locations are enrolled in community solar and Renewable Energy Certificates (RECs) with Ampion.
• The partnership brings more than 27 million kWh of renewable energy to local grids in New York, Illinois, and Massachusetts.
• Through Ampion+, Wendy’s will access Renewable Energy Certificates (RECs) that are Green-e® Energy certified to meet the most stringent environmental and consumer protection standards in North America.

BOSTON--(BUSINESS WIRE)-- Community solar provider Ampion Renewable Energy is partnering with The Wendy’s Company (Nasdaq: WEN) to help Wendy’s® restaurants source renewable energy. Nearly 100 company-operated restaurants and nearly 40 franchise restaurants in New York, Illinois, and Massachusetts are now enrolled in Ampion+, a product that helps organizations reduce energy costs and secure Renewable Energy Certificates (RECs) that substantiate the use of renewable energy and greenhouse gas emissions reductions.

The enrolled restaurants will source between 30% and 100% of their energy from solar without the need to install solar panels onsite. Wendy’s plans to increase the number of restaurants enrolled in community solar through Ampion as additional solar generation capacity comes online and more franchise restaurants enroll in the program. Participation in such community solar projects helps generate and supply renewable electricity to local utility grids, reducing reliance on fossil fuels.

“We are excited about the opportunity this partnership provides our Company and franchise restaurant operators by making it easier and more accessible to source clean energy while ultimately realizing cost savings,” said Steven Derwoed, Vice President, Global Design & Construction at Wendy’s. “We are advancing progress toward our emissions reduction goals through community solar participation and RECs. It’s a win-win for the Company and our franchisees.”

Last year, Wendy’s set near-term science-based targets to reduce absolute Scope 1 and 2 emissions by 47%, and Scope 3 emissions from franchisees by 47% per restaurant by 2030, both from a 2019 baseline. Sourcing renewable energy is a key focus area for Wendy’s in achieving these emissions reduction goals.

Through Ampion, Wendy’s locations have enrolled approximately 27.5 million kilowatt hours (kWh) in community solar. This is equivalent to CO2 emissions from the electricity used by over 2,200 homes for one year. Each kilowatt hour will be accounted for, tracked, and assigned ownership to a specific restaurant location via RECs through the Ampion+ product.

"As the need for reducing carbon emissions grows, community solar combined with RECs provides a solution for environmental sustainability in the corporate sector that is both achievable and affordable, while enabling companies to quantify and disclose their progress in a standardized manner," said Nate Owen, CEO and Founder of Ampion. “We’re seeing more large companies actively seeking sustainable solutions through community solar. This partnership with Wendy’s demonstrates that Ampion is able to support these organizations in reducing emissions and putting more renewable energy on the grid for local communities.”

A REC represents the environmental benefits associated with one megawatt hour (MWh) of renewable energy matched with electricity usage. Corporations buy RECs to claim responsibility for the clean energy generated and the corresponding environmental benefits in their ESG reports. However, purchasing and budgeting for RECs can pose challenges for most companies.

“Accounting and organizational constraints often prohibit enterprises from buying RECs needed to attain their ESG goals,” said Vihann Kong, Senior Executive Director at Ampion. “Our innovative Ampion+ product addresses these roadblocks by combining community solar and RECs in one transaction. We’re proud to help The Wendy’s Company and franchisees lower their carbon emissions while saving on their bottom line.”

This partnership comes as community solar is continuing to trend upward. A recent report from Wood Mackenzie, the leading global provider of data and analytics solutions for the renewables, energy and natural resources sectors, estimates that cumulative community solar installations could more than double in the next five years. Earlier this year, Ampion surpassed 1 GW of community solar generation under management.

About Ampion:

Ampion is a public benefit corporation that provides community solar and other sustainability solutions to energy consumers of all sizes, working in tandem with the country's largest clean energy asset owners and developers. Ampion offers enterprise companies a one stop shop to improve their sustainability with community solar. By connecting residents and businesses to local solar farms, Ampion boosts sustainability in communities and supports local economies. Ampion+ is a Renewable Energy Certificate (REC) product and does not contain electricity.

Learn more at ampion.net.

About Wendy's:

Wendy's was founded in 1969 by Dave Thomas in Columbus, Ohio. Dave built his business on the premise, "Quality is our Recipe®," which remains the guidepost of the Wendy's system. Wendy's is best known for its made-to-order square hamburgers, using fresh, never frozen beef*, freshly-prepared salads, and other signature items like chili, baked potatoes and the Frosty® dessert. The Wendy's Company (Nasdaq: WEN) is committed to doing the right thing and making a positive difference in the lives of others. This is most visible through the Company's support of the Dave Thomas Foundation for Adoption® and its signature Wendy's Wonderful Kids® program, which seeks to find a loving, forever home for every child waiting to be adopted from the North American foster care system. Today, Wendy's and its franchisees employ hundreds of thousands of people across over 7,000 restaurants worldwide with a vision of becoming the world's most thriving and beloved restaurant brand. For details on franchising, connect with us at www.wendys.com/franchising.

Visit www.wendys.com and www.squaredealblog.com for more information and connect with us on X and Instagram using @wendys, and on Facebook at www.facebook.com/wendys.

*Fresh beef available in the contiguous U.S., Alaska, and Canada.

About Green-e®:

The Center for Resource Solutions administers the Green-e® Energy program, which is the trusted global leader in clean energy and carbon offset certification. They make it easy for businesses and individuals to purchase verified clean energy with confidence, and for consumers to choose sustainable products and services. Their staff verifies the entire chain of custody of certified renewable energy from generation to retirement to ensure individuals and businesses are getting exactly what they paid for. For more information, see green-e.org/certified-resources.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627756419/en/

Technica Communications

Melanie Morris

ampion@technica.inc

Source: Ampion

FAQ

What is the impact of Wendy’s partnership with Ampion on renewable energy sourcing?

The Wendy’s partnership with Ampion will enable over 130 Wendy’s locations to source more than 27 million kWh of renewable energy annually, helping reduce greenhouse gas emissions and energy costs.

How many Wendy’s locations are enrolled in Ampion’s community solar program?

Over 130 Wendy’s locations are enrolled in Ampion’s community solar program.

What are Wendy’s emission reduction targets by 2030?

Wendy’s aims to reduce its Scope 1 and 2 emissions by 47%, and Scope 3 emissions from franchisees by 47% per restaurant by 2030, using a 2019 baseline.

How does Ampion’s community solar program benefit Wendy’s restaurants?

Ampion’s community solar program helps Wendy’s restaurants source 30%-100% of their energy from solar, reducing greenhouse gas emissions and cutting energy costs without needing onsite solar panel installations.

How much renewable energy will Wendy’s source through the Ampion partnership?

Wendy’s will source approximately 27.5 million kWh of renewable energy annually through the Ampion partnership.