Thermo Fisher Joins Forces With X-ELIO To Drive Renewable Energy Adoption In Pharma Sector

(RTTNews) - Thermo Fisher Scientific (TMO) Tuesday announced that it has entered a 10-year virtual power purchasing agreement with international renewable energy developer X-ELIO. This collaboration is designed to increase access to renewable electricity across the pharmaceutical and healthcare supply chains.

The Lorca solar project, slated to be operational in early 2026, will be a key part of this initiative, with Thermo Fisher's share of the project ensuring 100 percent renewable electricity for its European sites.

This project, along with the Serbal solar project announced in 2023, supports Thermo Fisher's goal of reaching 80 percent renewable electricity globally by 2030. The 73 MW portion of Lorca solar will produce 150,000 MWh annually, enough to power around 40,500 European homes.

TMO closed Tuesday's trading at $580.26 down 2.27 percent or $13.49 on the New York Stock Exchange.