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Volkswagen Plans $1.45 Billion Renewables Investment

Automaker Volkswagen is planning on investing almost 1 billion Euros ($1.45 billion) in renewable energy, according to a report by the Financial Times Deutschland (via Reuters).

The German business daily said that Volkswagen is looking into buying shares in at least two offshore wind farms and may announce a partnership with windfarm developer WindReich by the end of 2011, Reuters reports.

The news comes after the company announced an investment in renewable energy worth 600 million Euros in June, Reuters says. A spokeswoman for Volkswagen confirmed to the newswire that the company was in talks about acquiring a stake in offshore windfarms.

In August last year news emerged that the car company was planning to use methane from a closed landfill in Tennessee to power an assembly plant. Under the plan, gas from the landfill in Chattanooga, Tenn., would supply up to 2 MW of power a year to the facility.

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One thought on “Volkswagen Plans $1.45 Billion Renewables Investment

  1. Excellent news, hope that the American auto industry get the message and jump aboard before is left behind, there is no going back, coal will be part of the past we must look into Wind turbine, Wave turbine, Steam turbine, water turbine, photovoltaic solar, etc.

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