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.
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