BMW Weighs Solar, Geothermal, Hydrogen Energy Investments To Reduce Dependence On Russian Energy

Bayerische Motoren Werke AG BMWYY explored new investments in solar, geothermal, and hydrogen energy to lower its dependence on natural gas, Reuters reports.
BMW, which relied on natural gas for 54% of its energy consumption in 2021, is exploring the addition of solar panels to its plants and developing plans with local authorities to transport hydrogen to its plant in Leipzig, Germany.
BMW chief saw an embargo on Russian gas would bring the industry to a standstill.
"Hydrogen is very well-suited to lower or even fully compensate for gas demand," Milan Nedeljkovic said.
Nedeljkovic added, "Nuclear energy can be a stabilizing factor, particularly in these volatile times. For our own production, we rely on regenerative energy sources."
BMW's plans reflect more comprehensive preparations underway across the German industry to shift away from Russian gas and develop a system to ration available supplies in the event of a sudden halt to deliveries.
Price Action: BMWYY shares closed at $27.43 on Friday.