The move is seen as the response to the threat of the cut-off of natural gas supplies from Russia.
"We are now preparing a very strong energy (use) reduction plan," the report quoted Tavares.
"We are going to make significant investments to produce our own energy onsite."
He added that the company's plant sites have space for additional solar power arrays.
Tavares said the gas supply disruption was an "additional element of chaos," on top of the supply chain and pandemic disruptions that the company has been forced to cope with for the past two years.
Price Action: STLA shares are trading higher by 1.30% at $13.59 on the last check Wednesday.
Photo Via Company
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.