Yahoo Finance Polestar Reduces Supply Chain Emissions Through Integration of Renewable Fuels for Ocean Freight
GOTHENBURG, Sweden, June 05, 2024--(BUSINESS WIRE)--Polestar (Nasdaq: PSNY) is taking the next steps in reducing its supply chain emissions by integrating renewable fuels on its ocean freight routes, which account for around 75% of Polestar’s total transportation emissions.
Polestar is now also operating its Vehicle Processing Center (VPC) in Belgium on 100% renewable electricity. The VPC acts as a finishing and preparation point for vehicles before delivery to European customers, including charging them with renewable electricity.
With Polestar 3 and Polestar 4 production now ramping up, renewable fuel will initially be used for approximately 65% of the outbound ocean freight of produced vehicles from Asia to Polestar’s VPC in Zeebrugge, Belgium. Polestar also plans to integrate renewable fuels on freight from North America during the second half of the year, as production of Polestar 3 expands to South Carolina. Through the utilization of B30 Biofuel, which contains 30% Fatty Acid Methyl Esters (FAME), emissions from these shipping routes can be reduced by approximately 20-25%, compared with conventional Sulphur fuel oils.
Polestar has taken steps to decarbonize inter-continental inbound ocean freight for production materials and spare parts distribution, which are now running on 100% FAME fuel, reducing greenhouse gas emissions by 84% compared to fossil fuel. The FAME fuel is based on renewable sources, including waste cooking oil. No feedstock related to palm oil or palm oil production is used.
Jonas Engström, Head of Operations at Polestar, says: "This is an important step in Polestar’s goal to reach climate neutrality by 2040. Becoming truly climate neutral means eliminating all greenhouse gas emissions across our operations, and all phases of our cars’ life cycles, including emissions from the supply chain. As we enter an accelerating phase of growth with our model line-up and manufacturing footprint expanding, there is an extra emphasis on the need for sustainable logistics solutions."
Polestar recently published its Sustainability Report for 2023. Greenhouse gas emissions per sold car were reduced by 9% during 2023 compared to 2022, illustrating that it is possible to decouple growth from increased emissions.
Forward Looking Statements
This press release contains statements that are not historical facts, but rather forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Polestar or its management believes or anticipates may occur in the future. All forward-looking statements are based upon, as applicable, our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including those risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Polestar’s Form 20-F, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission by Polestar. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.
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Contacts
Theo Kjellberg
Head of Corporate PR
theo.kjellberg@polestar.com
Emelie Arvidsson
Corporate PR
Emelie.arvidsson@polestar.com
