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O-I Glass (NYSE:OI) +3.6% in Monday's trading after saying it was selected by the U.S. Department of Energy for funding of up to $125M to help accelerate industrial decarbonization technology.
O-I Glass (OI) said its Glass Furnace Decarbonization Technology project plans to rebuild four furnaces across three of its facilities in California, Ohio and Virginia to reduce scope 1 carbon dioxide emissions by ~48K metric tons/year, an average of 40% reduction of scope 1 emissions across the four furnaces and their corresponding production lines.
The company said the proposed plan combines five furnace technologies on each furnace, marking the first time that all five technologies have been implemented simultaneously; the technologies reduce waste heat and increase electrification, making the furnaces more energy efficient and reducing both direct and indirect emissions.