Ford (F) and DTE Energy (DTE) Announce Largest Utility Renewable Energy Purchase in US History

Ford Motor Company (NYSE: F) and DTE Energy (NYSE: DTE) announced Wednesday that they have entered into an agreement for DTE to add 650 megawatts of new solar energy in Michigan for Ford, increasing the total amount of installed solar in Michigan by nearly 70%. A major step towards Ford’s goal to reach carbon neutrality.

By 2025, every Ford vehicle manufactured in Michigan will be assembled with the equivalent of 100% carbon-free electricity. A goal the automaker thought was going to take until 2035.

“This unprecedented agreement is all about a greener and brighter future for Ford and for Michigan,” said Jim Farley, president and CEO, Ford Motor Company in a press release. “Today is an example of what it looks like to lead… to turn talk into action.”

The purchase is a strategic investment in Michigan through DTE’s MIGreenPower program and, according to Bloomberg’s NEF New Energy Outlook, is the largest renewable energy purchase ever made in the U.S. from a utility.

“We want to congratulate Ford Motor Company for its environmental leadership and commitment to clean energy,” said Jerry Norcia, chairman and CEO, DTE Energy. “Ford was the first large industrial customer to enroll in our MIGreenPower program in 2019 and we thank Ford for its continued commitment to using MIGreenPower to help decarbonize its operations and meet its sustainability goals.”

Governor Gretchen Whitmer chimed in on the deal, congratulating both companies on the historic deal which positions Michigan as a “leader in climate action”.

“Efforts like this are the reason Michigan had the best job growth for energy-sector jobs in the country last year, which will help to advance our state’s decarbonization goals, create good-paying jobs and strengthen our economy.” Said Governor Whitmer.

By Michael Elkins | [email protected]

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