For Immediate Release
Coherent Corp. Significantly Reduces Its Global Carbon Footprint With Renewable Energy Contracts Worldwide
PITTSBURGH, April 21, 2023 (GLOBE NEWSWIRE) – Coherent Corp. (NYSE: COHR), a global leader in materials, networking, and lasers, announced today that the company is now obtaining greater than 50% of its global electricity needs from renewable energy sources. Coherent powers 95 of its sites around the world from renewable electricity, more than triple the number of such sites at this point in 2022. In total, this represents over 500 million kWh of renewable electricity per year, thereby avoiding over 85,000 metric tons of CO2 emissions annually.
Coherent has set as a top priority to reduce its carbon footprint across its global operations. The company already powers all of its facilities in Europe with 100% renewable electricity sources. Its highest-energy-consuming site in China (Fuzhou) is now also using 100% renewable electricity, and its largest-footprint plant in China (Wuxi) is on track to ramp to 100% renewable electricity by 2025. The company now has solar installations online or planned at several facilities in Germany, as well as operational solar-energy systems in the U.S., the U.K., and Vietnam.
“We are fulfilling the commitment we announced last year to increase the sustainability in our energy supply across our global footprint,” said Tim Challingsworth, Chief Sustainability Officer. “We are proud to announce these latest accomplishments in conjunction with the celebration of International Mother Earth Day around the world.”
Coherent’s engineering teams are driving energy efficiency and yield-improvement projects that will save approximately 15 million kWh of energy this year. Coherent is also working to eliminate fossil fuel usage in its facilities. For example, its Zurich facility has reduced fuel oil consumption by approximately 50% and plans to eliminate its use entirely by 2025.
Coherent is committed to human rights, sustainability, compliance, diversity, responsible business conduct, and adherence to high ethical standards, as highlighted in its 2022 ESG Report, released last October. The company’s sustainability vision is guided at the highest levels of the Board of Directors by its Environmental, Social, and Governance Committee.