CEMEX invests US$25 million to phase out fossil fuels at Rugby cement plant in the UK - CEMEX invests US$25 million to phase out fossil fuels at Rugby cement plant in the UK
March 9, 2021
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that it is investing US$25 million in a new system to replace fossil fuels at its Rugby cement plant in the United Kingdom (“UK”), as part of its “Future in Action” program to achieve carbon neutrality.
The new system, which incorporates the use of green hydrogen in the production process, is expected to be fully operational in June 2021. Once completed, it will have the capability to operate at 100% with alternative fuels.
This important investment is designed to reduce the site’s consumption of fossil fuels. CEMEX is one of the largest contributors to the circular economy and a leader in using alternative fuels with over 60% use across its European operations, significantly higher than the industry average. In the UK, CEMEX also obtains 100% of its electricity from renewable sources.
The project, which is part of a US$100 million investment program in the UK that has contributed towards reducing CO2 emissions from European operations by 35% from 1990 levels, 10 years ahead of its global business target, is instrumental towards reaching its commitment of at least 55% CO2 reduction in European operations by 2030, in line with the European Commission´s aspiration for all its member states.
“We believe that this very significant investment in this upgraded facility supports CEMEX’s position to minimize the use of fossil fuels for both environmental and economic reasons. It will enable the Rugby plant to consistently operate with up to 100% alternative fuels, which will contribute to our climate action targets,” said Sergio Menendez, President of CEMEX Europe, Middle East, Africa & Asia.
CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com
The content of this press release is for informational purposes only and shall not be construed as advice to invest in CEMEX, S.A.B. de C.V. (“CEMEX”). This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. These forward-looking statements reflect CEMEX and its direct and indirect subsidiaries (the “CEMEX Group”, CEMEX inclusive) current expectations and projections about future events based on the CEMEX Group’s knowledge of present facts and circumstances and assumptions about future events, as well as the CEMEX Group’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from the CEMEX Group’s expectations. No assurance can be given that the investment described herein will be consummated or as to the ultimate terms of any such investment. Many risks, uncertainties, and other important factors could cause the actual results, performance, or achievements of the CEMEX Group to be materially different from those expressed or implied in this press release. You are urged to carefully consider the risks, uncertainties, and other factors that affect the CEMEX Group’s business and operations and should review future reports and press releases filed by CEMEX with the Mexican National Banking and Securities Commission, the Mexican Stock Exchange, and the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to, and will not, update or correct the information contained in this press release.