Yahoo Finance Univar (UNVR) Partners With Motive Energy, Boosts Capacity
Univar Solutions Inc. UNVR recently announced that it would install 1020 kilowatt (kW) of solar capacity and an energy storage system (“ESS”) with a total energy capacity of 375kW/753kWh at its City of Commerce, CA facility in partnership with Motive Energy. This partnership marks another investment by Univar in on-site renewable energy generation capacity after recently completing solar projects at other global facilities in Europe and Latin America.
The installation is expected to considerably lower the non-renewable energy usage and emissions of Univar’s City of Commerce site, one of its biggest locations, through a custom solar and energy storage solution.
Univar stated that the partnership with Motive Energy, which will cut emissions and costs at one of its major U.S. facilities, is another testimony of its journey to transforming operations with low-carbon enabling technologies. It looks forward to continuing to invest in solar energy for other sites globally to lower its carbon footprint in line with its net-zero commitment.
The project is anticipated to be completed during the current year. It will utilize Motive Energy's Watt.io Energy Storage System and the CodeWatt software suite to construct a Microgrid at the Univar Solutions facility.
Shares of Univar have gained 5.7% in the past year against an 11.2% decline of the industry.
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In its last earnings call, the company stated that it expects adjusted EBITDA for second-quarter 2022 to be $270-$290 million. For 2022, adjusted EBITDA is forecast in the band of $1,000-$1,050 million. The guidance reflects anticipated continued strong business conditions, market share growth and benefits from Nexeo net synergies. The company also sees net free cash flow for 2022 in the range of $400-$450 million.
Univar Solutions Inc. Price and Consensus
Univar Solutions Inc. price-consensus-chart | Univar Solutions Inc. Quote
Zacks Rank & Other Key Picks
Univar currently sports a Zacks Rank #1 (Strong Buy).
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