CordenPharma Colorado Signs Off-Site Net Metering with Pivot Energy to Advance Renewable Energy Initiatives

News provided by

Feb 14, 2024, 08:36 ET

DENVER, Feb. 14, 2024 /PRNewswire/ -- Leading national renewable energy provider Pivot Energy is proud to announce that CordenPharma, a global leader in the contract development and manufacturing of pharmaceuticals, has taken a significant step towards sustainable energy practices through an off-site net metering agreement.

Under this agreement, CordenPharma Colorado will harness renewable energy generated by solar installations owned and operated by Pivot Energy, allowing the pharmaceutical company to offset a portion of its Boulder, CO campus' electricity consumption with clean, solar-generated power. This partnership underscores CordenPharma's commitment to reducing its carbon footprint and promoting environmental stewardship.

Pivot Energy will be developing two separate solar arrays for CordenPharma Colorado totaling 6.7 Megawatts (MWdc) (5.25 MWac), which will produce enough renewable energy to offset 51% of CordenPharma's electricity consumption. The projects will be located in Weld and Garfield Counties and are estimated to be fully constructed and interconnected to Xcel Energy's utility grid in 2026.

Pivot Energy's solar installations will generate clean electricity that will be fed into the grid, with CordenPharma receiving credits for the energy produced. This arrangement supports the growth of additional renewable energy infrastructure in the communities where it operates.

"Environmental, Social & Governance (ESG) is a top priority of both CordenPharma and our private equity shareholders, Astorg," said Dr Michael Quirmbach, CEO & President of CordenPharma. "We work with companies such as Pivot Energy to achieve the highest level of sustainability ratings for our facilities as it is our responsibility as a leading CDMO to contribute to a low-carbon economy."

In December 2022, CordenPharma announced it had joined the Science Based Targets Initiatives (SCTi), evaluating and setting company-wide emissions reduction targets. The global pharmaceutical company has several initiatives and programs that work to meet those targets. The partnership with Pivot Energy is the latest in its efforts to reach carbon-neutrality.

"We are thrilled to work with CordenPharma to facilitate their transition to renewable energy through off-site net metering," said Matt Brenn, Director, Business Development at Pivot Energy. "By leveraging innovative solar power solutions, CordenPharma is demonstrating its leadership in sustainability and paving the way for others in the pharmaceutical industry and the state to follow suit."

The off-site net metering agreement between CordenPharma and Pivot Energy exemplifies the power of partnership in driving meaningful progress towards renewable energy adoption. As industries across the globe seek to reduce their environmental impact, collaborations like this serve as a model for integrating renewable energy solutions into business operations.

About Pivot Energy
Pivot Energy is a national renewable energy provider that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot offers a distributed energy platform that includes a range of services and software to serve the full solar ecosystem. Pivot is a Certified B-Corporation that proudly follows a corporate strategy aimed at positively impacting society as measured by Environmental stewardship, Social leadership, and responsible Governance (ESG) factors. Learn more at pivotenergy.net.

About CordenPharma
CordenPharma is a CDMO partner supporting biotech and pharma innovators of complex modalities in the advancement of their drug development lifecycle. Harnessing the collective expertise of the teams across its globally integrated facility network, CordenPharma provides bespoke outsourcing services spanning the complete supply chain, from early clinical-phase development to commercialization.

With scientific expertise and partnership at its core, CordenPharma provides customers high-value, end-to-end services with a strategic focus on Peptides, Oligonucleotides, customized Lipid Excipients, Lipid NanoParticles, sterile Injectables, and the extensive supply of Small Molecules (both Highly Potent and Regular Potency).

The CordenPharma Group is comprised of 12 facilities across Europe and North America. In the 2023 financial year, the organization generated sales of 875 million Euros and had over 3,000 employees.

Media Contact:
Kate Laursen
2036105879
[email protected]

SOURCE Pivot Energy