Rivian Joins Pivot Energy to Build Community Solar in Illinois

5月22日

Pivot Energy has partnered with American electric vehicle (EV) manufacturer Rivian (RIVN) to build community solar in Illinois. Rivian (RIVN) will purchase Renewable Energy Certificates (RECs) generated from 50 MWdc of solar and subscribe to 10 MWdc of community solar from Pivot Energy for its Illinois manufacturing facility. This partnership aims to channel clean energy resources into regions poised for new solar development and contribute to local community initiatives. The region of the electric grid where the solar projects will be located is 67% dirtier than the U.S. grid as a whole, meaning that the region emits two-thirds more greenhouse gases from fossil fuels than other areas.

The new community solar projects are expected to generate an average of 79,000 MWh of clean electricity per year, equivalent to powering 10,892 households annually. The two companies will invest $5,000 per MW built in local community organizations, with donations tied to each MW constructed going to support local community-based organizations working to reduce energy burden for low-income families and develop workforce development pathways into the solar industry for local residents and groups working at the intersection of agriculture and energy production.

This partnership serves as a template for how to scale renewable resources to match growing demand from electric vehicle growth. Rivian's decarbonization strategy includes plans to enable 2 gigawatts of renewable energy in support of EV charging, enough to power at least 7 billion miles of renewable driving with R1 vehicles every year. Pivot Energy is committed to accelerating the transition to clean energy and positively impacting local communities.

Technical Outlook
Rivian (RIVN) stock is up 6.47% as of the time of writing trading with a Relative Strength Index (RSI) of 56.04 which is quite stable. The stock has been on a "Falling Wedge" pattern since the 1st Quarter of 2024.