FX.co ★ Thermo Fisher Joins Forces With X-ELIO To Drive Renewable Energy Adoption In Pharma Sector

Thermo Fisher Scientific (TMO) has revealed a new 10-year virtual power purchase agreement with international renewable energy developer X-ELIO, aiming to enhance renewable electricity access within the pharmaceutical and healthcare sectors. This strategic collaboration will feature the Lorca solar project, anticipated to become operational by early 2026. Through its involvement in this project, Thermo Fisher is set to guarantee 100% renewable electricity for its sites across Europe.

In alignment with the company's aspiration to achieve 80% global renewable electricity use by 2030, the Lorca solar project accompanies the Serbal solar project announced earlier in 2023. The 73 MW segment of the Lorca solar initiative is expected to generate approximately 150,000 MWh annually, which equates to powering about 40,500 homes across Europe.

On Tuesday, Thermo Fisher's shares closed at $580.26, reflecting a decrease of 2.27%, or $13.49, on the New York Stock Exchange.