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Iron Mountain (IRM) Renewable Energy Solution Adds New Adopters

Zacks Equity Research

Iron Mountain Incorporated IRM recently announced that Credit Suisse and Goldman Sachs, along with The Boeing Company and Boston Medical Center, have joined the Early Adopter program for the Green Power Pass (GPP). The company also announced the availability of GPP to all colocation customers across each of its data center located globally.

These companies and GPP launch partners, Arizona State University and Akamai Technologies, were recognized at the Sustainable Brands Conference held in Detroit early this month.

Per Iron Mountain, GPP is the “first-of-its-kind solution in the data center industry for organizations seeking a transparent, industry endorsed accounting process”. This affirms that 100% of the power used at Iron Mountain’s data centers come from qualifying renewable resources.

In fact, third-party data centers indicate a significant portion of an organization's overall environmental footprint. GPP is an one of a kind solution in the data-center industry offering benefits of renewable energy procured by data-center owners to colocation customers. It also aids customers with standardized tool to satisfy carbon reduction, green power and sustainability goals such as RE100, Science Based Carbon Targets, and CDP reporting.

The renewable resource solution is based on an "open source" protocol, introduced last year, by an NGO/industry collaboration — the Future of Internet Power — organized by Business for Social Responsibility (BSR). Through this program, customers receive an audited certificate of attestation annually. This includes complete details of the source and chain-of-custody of the wind, solar or other renewable electricity associated with each facility.

Per management, by adopting this first-to-market solution, Iron Mountain is enabling customers to easily access the benefits of green electricity. In fact, any colocation and cloud customer can be part of the movement to generate demand and accelerate realization of the goal of an internet powered by 100% renewable energy.

Over the past three months, shares of this Zacks Rank #3 (Hold) company have declined 8.9% as against the industry’s growth of 6%.

Key Picks

Investors can also consider some better-ranked stocks from the same space like Host Hotels & Resorts, Inc. HST, Lamar Advertising Company LAMR and Duke Realty Corporation DRE, carrying a Zacks Rank of 2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Host Hotels & Resorts’ funds from operations (FFO) per share estimates for 2019 moved marginally north to$1.82 over the past month.

Lamar Advertising’s FFO per share estimates for the ongoing year have been revised slightly upward to $5.83 in 30 days’ time.

Duke Realty’s FFO per share estimates moved up to $1.41 in the past month.

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