Ferrari installs 1MW fuel cell plant to speed up carbon neutrality By Reuters

Ferrari installs 1MW fuel cell plant to speed up carbon neutrality

Stock Markets Jun 23, 2022 07:16AM ET

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Ferrari installs 1MW fuel cell plant to speed up carbon neutrality

MILAN (Reuters) - Italy's Ferrari (NYSE:RACE) said on Thursday a new fuel cell plant had been recently installed at its historic headquarters facilities in Maranello, in a further step by the luxury car maker to becoming carbon neutral by 2030.

The new 1 MegaWatt solid oxide plant, which converts fuel into electricity through an electrochemical process without combustion, provides 5% of the energy required by Ferrari's production operations, the group said in a statement.

The "Prancing Horse" unveiled last week its new business plan aiming to make electric and hybrid models 80% of its offer by 2030.

The plant, which was built by renewable energy firm Bloom Energy (NYSE:BE), will cut fuel consumption and emissions, with gas requirements lowered by around 20% compared to combined heat and power cogeneration systems, Ferrari said.

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