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    TYRES   FI0009005318

NOKIAN RENKAAT OYJ

(TYRES)
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Nokian Renkaat Oyj : A solar power plant the size of two soccer fields rose on the rooftop of Nokian Tyres' logistics center in Finland

06/10/2021 | 08:28am EDT
Thu June 10 03:20 pm 2021 in category Company news A solar power plant the size of two soccer fields rose on the rooftop of Nokian Tyres' logistics center in Finland

Nokian Tyres plc Press Release June 10, 2021 at 3:20 p.m.

Nokian Tyres' logistics center in Nokia, Finland now has a solar power plant with the highest output for a rooftop-mounted plant in the Pirkanmaa province. The power plant consists of 3,160 solar panels with a combined output of more than 1,100 kilowatts (kW). All of the electricity generated by the solar panels is used by the logistics center, where power is required for lighting and ventilation, for example.

The system was constructed by energy company Solarigo Systems. The power plant generates approximately 990,000 kWh of electricity per year; this is equivalent to about 50 electrically heated homes (20,000 kWh/a), 400 one-bedroom apartments (2,500 kWh/a), or 5,000,000 kilometers in an electric vehicle (0.2 kWh/km). The surface area of the power plant on the roof is approximately 17,000 m2, which is equivalent to slightly more than two soccer fields.

'Nokian Tyres has long had the goal of increasing the use of eco-friendly energy. Last year, all of the electricity purchased for our Nokia factory already came from renewable sources. The development of solar panel technology has made solar panels more cost-efficient', says Teppo Huovila, Vice President, Quality & Sustainability.

In addition to Nokia, the company has solar power plants at its US factory and in the area of its new testing center in Spain.

'There is a major push toward wind and solar power in Finland right now, so it is natural for Nokian Tyres to be involved. Solar power generates zero emissions and is also quiet, which makes it friendly to the nearby environment as well', Huovila says.

Nokian Tyres was the first tire industry company to receive official approval for its global warming mitigation targets from the Science Based Targets initiative (SBT). The use of renewable solar energy is a part of the reduction of CO2 emissions generated from the company's own operations. Nokian Tyres was also recently included on the Europe's Climate Leaders 2021 list compiled by the Financial Times magazine.

Nokian Tyres plc

Päivi Antola
SVP, Investor Relations & Corporate Communications

Further information: Teppo Huovila, Vice President, Quality & Sustainability, tel. +358 10 401 7701, teppo.huovila@nokiantyres.com

Disclaimer

Nokian Tyres plc published this content on 10 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2021 12:27:03 UTC.


© Publicnow 2021
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Sales 2021 1 521 M 1 805 M 1 805 M
Net income 2021 211 M 250 M 250 M
Net cash 2021 7,64 M 9,07 M 9,07 M
P/E ratio 2021 23,2x
Yield 2021 3,84%
Capitalization 4 915 M 5 831 M 5 833 M
EV / Sales 2021 3,23x
EV / Sales 2022 3,02x
Nbr of Employees 4 982
Free-Float 89,8%
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Number of Analysts 17
Last Close Price 35,56 €
Average target price 29,86 €
Spread / Average Target -16,0%
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Jukka Matias Moisio President & Chief Executive Officer
Teemu Johannes Kangas-Kärki Chief Financial Officer
Jukka Hienonen Chairman
Juha Pirhonen Vice President-Research & Development
Frans Westerlund Head-Information Technology & Processes
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