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Stellantis N.V. (NYSE:STLA) reportedly plans to acquire 49.5% of 360 Energy Solar for $100 million in Argentina.
The move reflects the automakers’ aim to make their plants more energy self-sufficient, reported Reuters.
Stellantis said they would develop additional solar plants, install large-scale solar storage systems, and produce hydrogen energy.
As per the report, the investment will allow the company to boost renewable energy at its Ferreyra and El Palomar plants in Cordoba and Buenos Aires, respectively.
Stellantis plans to power both facilities with 360’s La Rioja solar power plant, which owns six photovoltaic plants in San Juan, Catamarca, and La Rioja, having an installed generating capacity of over 250 megawatts.
Also Read: Stellantis CEO Warns Of Challenging Year Amid Rising Prices: Report
In March, Stellantis corporate venture fund, Stellantis Ventures, has invested in SteerLight, the developer of a new generation of high-performance LiDAR (Light Detection and Ranging) sensing technology.
Also Read: Stellantis Strikes Lay-Off Deals In Italy Amid Industry Shift: Report
Price Action: STLA shares closed lower by 0.04% at $25.79 on Wednesday.
Photo by Jonathan Weiss on Shutterstock
Posted In: STLA
