Latest solar project further demonstrates company`s dedication to renewable energy
CORNING, N.Y.; APRIL 4, 2019 - Corning Incorporated (GLW) announced today it is building a solar array at its Corning Life Sciences (CLS) facility in Oneonta, and the company has entered into a solar-power purchase agreement to further support its commitment to clean energy.
"Corning is continuously working toward reducing its carbon footprint and environmental impact," said Tom Capek, senior vice president and chief engineer. "Solar projects, like the one at our Oneonta plant, are another step toward using more renewable energy and preserving our environment. Corning is committed to pursuing renewable energy sources in order to help reduce energy costs while providing a greener power source for the community."
The array will be Corning`s first solar project in New York state, and Corning`s 11th worldwide. The ground-mounted solar array will be constructed by Ontario, New York-based company GreenSpark Solar and is expected to be completed in summer 2019.
Corning has entered into the power purchase agreement with Kendall Sustainable Infrastructure, which will own the solar array. The electricity generated will go directly into the New York State Electric and Gas (NYSEG) grid and be distributed to consumers. The solar array will produce more clean energy for consumers, thereby reducing greenhouse gas emissions in the community.
"Corning has been a proud member of the Oneonta community for more than 50 years and has always strived to be responsible users of energy resources," said Ben Williams, site energy manager with Corning`s Global Energy Management program. "We are excited to be helping `green` NYSEG`s grid by increasing renewable energy production in Oneonta."
The Oneonta solar installation and purchase agreement aligns with Corning`s continued commitment to clean the air and environmental stewardship. Other achievements and ventures include:
- Corning produced the first emission control substrate that enabled the auto industry to meet standards set in the Clean Air Act in 1972.
- Corning Environmental Technologies is focused on manufacturing substrates and filters designed to trap soot, or particulate matter, from diesel or gasoline exhaust emissions in a variety of light-duty and heavy-duty applications.
- In 2006, Corning established its Global Energy Management program, which drives efficient energy use and has saved Corning more than $500 million in cumulative energy costs.
- In 2017, the Oneonta facility achieved the Environmental Protection Agency`s ENERGY STAR® Challenge for Industry after increasing its energy efficiency by 14.3 percent in three years.
- Corning has received the EPA`s ENERGY STAR® Partner of the Year award for the past five years (2014-2018).
The solar project also aligns with New York State Gov. Andrew Cuomo`s Renewing the Energy Vision (REV) initiative to have 70 percent of New York`s electricity come from renewable sources by 2030. This project is partially funded through the New York State Energy Research and Development Authority (NYSERDA) Value of Distributed Energy Resources.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning`s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated ("Corning") wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning`s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company`s SEC filings, press releases, conference calls, and webcasts.
About Corning Incorporated
Corning (www.corning.com) is one of the world`s leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people`s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries.
Corning`s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning`s markets include optical communications, mobile consumer electronics, display technology, automotive, and life sciences vessels. Corning`s industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.
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Source: Corning Incorporated via GlobeNewswire