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CHICAGO - Invenergy and Meta Platforms, Inc (NASDAQ:META), the tech giant currently valued at $1.78 trillion with impressive gross profit margins of 82%, have signed four new clean energy agreements totaling 791 megawatts (MW) of solar and wind energy, the companies announced Thursday.
The new deals nearly double the total clean energy procurement between the companies to 1,800 MW, following a previously announced 1,000 MW agreement in 2024. The electricity will support Meta’s operations, data center growth, and clean energy goals.
The agreements include four Invenergy-developed facilities strategically located across the United States: Yellow Wood Solar Energy Center (300 MW) and Pleasant Prairie Solar Energy Center (140 MW) in Ohio, both expected to begin commercial operations in 2027; Decoy Solar Energy Center (155 MW) in Arkansas, also expected to start operations in 2027; and Seaway Wind Energy Center (196 MW) in Texas, with operations planned for 2028.
"Winning the AI race requires reliable, cleaner, affordable energy and energy infrastructure," said Ted Romaine, Invenergy’s Executive Vice President of Origination.
Urvi Parekh, Meta’s Head of Global Energy, stated, "We’re laser-focused on advancing our AI ambitions and to do that, we need clean, reliable energy."
Under the agreements, electricity from these projects will be delivered to the local grid, while Meta will receive the clean energy credits associated with the new generation capacity.
Chicago-based Invenergy develops, builds, owns, and operates renewable energy generation, transmission, and storage facilities across the Americas, Europe, and Asia. The company has developed more than 34,000 megawatts of projects that are in operation, construction, or contracted.
This article is based on a press release statement from Invenergy.
In other recent news, Meta Platforms Inc. has seen notable developments in both its financial outlook and strategic initiatives. UBS raised its price target for Meta to $812 from $683, maintaining a Buy rating due to the company’s AI potential, particularly in Business Messaging and Meta AI. Cantor Fitzgerald also increased its price target to $807 from $676, following Meta’s announcement of new advertising formats on WhatsApp, which could significantly impact future earnings. Additionally, Meta’s strategic moves in AI include discussions with video startup Runway AI and AI search startup Perplexity AI, although neither led to acquisitions. Instead, Meta finalized a $14.3 billion investment in Scale AI, acquiring a 49% stake. This investment has led to OpenAI phasing out its collaboration with Scale AI, as Meta’s involvement shifts the company’s business outlook. Meta’s recruitment efforts have been aggressive, attracting top AI talent, including Scale AI’s former CEO Alexandr Wang. These activities reflect CEO Mark Zuckerberg’s broader strategy to advance Meta’s position in artificial intelligence.
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