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Solar facility will provide clean power, reducing carbon emissions by approximately 20%-25% annually for manufacturing facility. Construction is expected to begin this summer.
BOISE, Idaho, May 05, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Correlate Infrastructure Partners Inc. (OTCQB: CIPI) (“Correlate” or the “Company”) today announces that final engineering, permitting and interconnection work has begun on the Geneva, Illinois, facility where the Company has contracted to install a large-scale rooftop solar project.
The massive rooftop solar project is being constructed at the headquarters of Continental Envelope, an 84-year-old company. The project is located at Continental Envelope’s manufacturing plant, which produces 2 billion envelopes per year. The clean energy system is the perfect complement to Continental’s “Pushing the Envelope” Community Gardens surrounding the property.
“Correlate Infrastructure Partners loves supporting ESG-focused businesses that are making a true difference in their industries and communities. This attractive project makes clear that sustainability and profitability are no longer at odds. This is a call to action, Chicagoland!” stated Todd Michaels, CEO of Correlate. “We are grateful to partner with this innovative family business that shows the printing industry can be more efficient and renewable without compromising reliability or profitability.”
Continental Envelope has been one of the leading independent manufacturers of commercial envelopes since the 1930s and counts some of the largest brands in the nation as clients, including American Express, Capital One, AT&T and Netflix.
The solar project, which is expected to be operable by Q3 2022, will power approximately 20%-25% of the facility's overall energy needs when commissioned. The solar system will provide low-cost, fixed-priced energy, with no price volatility for decades to come.
In accordance with the EPA’s Greenhouse Gas Equivalencies Calculator, over the next 20 years it’s expected that the 908-kW solar project will offset approximately 18,849 tons of carbon dioxide from the atmosphere, which is equivalent to 42 million car miles driven or the planting of 282,000 trees.
“This kind of energy forward-thinking is achievable for printing and manufacturing businesses of all types and sizes across the world. The Continental Envelope family put a lot of thought and planning into how they would become a more sustainable business, and we’ve created an innovative building health program that will set them on the path toward net-zero carbon,” stated David Bailey, chief revenue officer for Correlate Infrastructure Partners.
Jason Loyet, director of Commercial Solar for Correlate, added, “This solution for Continental Envelope is a demonstration of Correlate’s commitment to designing and building customer-centric energy solutions that not only deliver profitable sustainability but create great jobs and visibility in the local community.”
About Correlate Infrastructure Partners Inc.
Correlate Infrastructure Partners Inc. (OTCQB: CIPI) offers a complete suite of clean energy solutions for the commercial real estate industry.
Correlate is a portfolio-scale development and finance platform offering commercial and industrial facilities access to clean electrification solutions focused on locally sited solar, energy storage, EV infrastructure and intelligent efficiency measures. Its unique data-driven approach is powered by proprietary analytics, management services, and a highly scalable national fulfillment network to help building owners profit from fully funded, turnkey decarbonization and facility health programs.
The Correlate website is located at https://www.correlateinfra.com/.
About Continental Envelope
Continental Envelope is a family-run enterprise. In business since 1936, the company has grown to become one of the largest direct-mail envelope manufacturers in the Midwest. Continental Envelope serves clients from a modern, highly automated plant in the western suburbs of Chicago. The experienced team is focused on service and quality – and getting the job done on time and on budget. Now in the fourth generation of family leadership, Continental Envelope remains true to the values that have guided the company from the beginning: service to customers, care for employees and concern for our world.
This news release may include "forward-looking statements" regarding Correlate Infrastructure Partners Inc., its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Correlate Infrastructure Partners, Inc. expresses or implies an expectation or belief about future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Correlate Infrastructure Partners, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.