H&M Invests in Renewable Energy-Storage

Image: H&M customer, photo by @fernanddecanne

On October 4, 2023, Impact Loop reported that H&M made its first investment in green technology for energy storage by partnering with Rondo Energy, a California-based company specializing in renewable energy storage systems. This investment aligns with H&M’s goals to reduce carbon emissions in the fashion industry by electrifying factories.

Due to its reliance on fossil fuels, the fashion industry contributes five percent of global emissions. Reports suggest switching to renewable energy could reduce emissions by about 45%. Rondo Energy’s technology stores solar and wind energy in heat-releasing bricks to replace fossil fuels in manufacturing processes.

“Today, coal delivers most of the heat and CO2 emissions in fabric manufacturing,” said John O’Donnell, a founder of Rondo Energy. “But the world is changing. Wind and solar power are becoming cheaper. We have created a practical tool to harness these new energy sources.”

Laura Coppen, the head of sustainable investments at H&M Group Ventures, emphasized the significance of the partnership for H&M’s climate goals. She stated, “Rondo is H&M Group Ventures’ first investment in decarbonization technology. Their thermal battery energy storage can aid in the electrification of factories, which is essential for us to achieve our climate objectives.”

In addition to its ongoing investments in recycling technologies, such as the collaboration with polyester recycler Syre, H&M will also become a member of Rondo’s strategic council to explore the potential of this technology for its supply chain.

For more details, visit: H&M vill fasa ut fossila bränslen – investerar i energilagring: "Avgörande"

Sources:
H&M vill fasa ut fossila bränslen – investerar i energilagring: "Avgörande"