Vitesco Technologies is a leading provider of drivetrain components and systems for the automotive industry. Founded in 2019 as a spin-off from Continental AG, Vitesco Technologies is headquartered in Regensburg, Germany, and has operations in more than 50 countries worldwide. The company employs over 40,000 people and generated sales of €8.6 billion in 2020.
As a provider of drivetrain components and systems, Vitesco Technologies plays a critical role in the decarbonisation of the automotive industry. The company's products are used in a wide range of vehicles, from conventional gasoline and diesel-powered cars to hybrid and electric vehicles. By developing and producing more efficient and sustainable drivetrain components, Vitesco Technologies is helping to reduce the carbon footprint of the automotive industry and support the transition to a low-carbon economy.
One of the key ways that Vitesco Technologies is contributing to decarbonisation is through its focus on corporate energy. The company is committed to reducing its own carbon footprint and has set ambitious targets to achieve this. For example, Vitesco Technologies aims to reduce its greenhouse gas emissions by 50% by 2030 compared to 2018 levels. To achieve this, the company is implementing a range of measures, including energy efficiency improvements, the use of renewable energy, and the adoption of low-carbon technologies.
One of the ways that Vitesco Technologies is using renewable energy is through the implementation of corporate power purchase agreements (PPAs). A corporate PPA is a long-term contract between a company and a renewable energy provider, in which the company agrees to purchase a specified amount of renewable energy at a fixed price over a defined period of time. By entering into a PPA, Vitesco Technologies is able to secure a reliable and cost-effective source of renewable energy, while also supporting the development of new renewable energy projects.
Vitesco Technologies has already signed several corporate PPAs for renewable energy. In 2020, the company signed a PPA with a wind farm in Spain, which will provide Vitesco Technologies with 70 GWh of renewable energy per year. The company has also signed a PPA with a solar farm in Portugal, which will provide 30 GWh of renewable energy per year. These PPAs will help Vitesco Technologies to reduce its carbon footprint and achieve its sustainability targets.
In addition to its focus on renewable energy and corporate PPAs, Vitesco Technologies is also developing a range of innovative drivetrain components and systems that support decarbonisation. For example, the company is developing electric drivetrains for a wide range of vehicles, from small cars to heavy-duty trucks. These electric drivetrains are more efficient and produce fewer emissions than traditional gasoline or diesel engines, making them a key technology for decarbonisation.
Vitesco Technologies is also developing hybrid drivetrains, which combine electric and combustion engines to provide a more efficient and sustainable solution for vehicles. Hybrid drivetrains are particularly useful in applications where electric vehicles are not yet practical, such as heavy-duty trucks or long-distance travel.
Overall, Vitesco Technologies is a leading provider of drivetrain components and systems for the automotive industry, with a strong focus on decarbonisation and sustainability. The company is committed to reducing its own carbon footprint through the use of renewable energy and energy efficiency improvements, while also developing innovative drivetrain technologies that support the transition to a low-carbon economy. With its global presence and extensive expertise in drivetrain components, Vitesco Technologies is well-positioned to play a key role in the decarbonisation of the automotive industry.