Verizon Communications Inc. (NYSE:VZ)‘s investments in green energy boost the resiliency and redundancy of the company’s systems thereby adding shareholder value, James Gowen, the company’s chief sustainability officer, said in an interview on Bloomberg’s “In The Loop”.
The remarks come from the Verizon Communications Inc. (NYSE:VZ) executive as the U.S. carrier has announced an added $40 million in investment in projects such as solar power after already spending $100 million on sustainable energy sources in the past year. According to reports, the solar panel projects of the company will be built by SunPower Corporation (NASDAQ:SPWR).
According to Gowen who said he runs the company’s global supply chain and also its sustainability efforts, the company is investing massive amounts into sustainable energy as it aims to “do the right thing” for their customers, employees and the environment. The chief sustainability officer noted that his company has invested over $140 million a span of just two years for on-site green energy with solar power and fuel cell technologies being key components to these projects.
Gowen said that when people look at where Verizon Communications Inc. (NYSE:VZ)’s facilities are located, they are mostly at the eastern seaboard of the United States which makes resiliency a main reason for the company to invest in these kinds of projects.
Furthermore, the Verizon Communications Inc. (NYSE:VZ) executive explained that his company finds fuel cell technology to be great with their green energy facilities running 24 hours a day, seven days a week all year round. As for solar, he remarked that it is 100% renewable and on-site for the company.
This means, he said, that these power sources boosts the redundancy and resiliency capabilities of the carrier. In their projects for the past two years, Gowen said that these power sources run in parallel to power derived from the traditional electricity grid so that when difficulties arise, they have another power source to rely on. This also brings shareholder value, the executive added, because this makes the company’s systems capable of withstanding more types of natural disasters.
Warren Buffett‘s Berkshire Hathaway is an investor in Verizon Communications Inc. (NYSE:VZ). The billionaire’s hedge fund reported about 15 million shares in the U.S. carrier by the end of the first half of the year.