New test project reduces energy demand at peak hours
SANTA PAULA, Calif.--(BUSINESS WIRE)-- Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime agricultural land and operations, real estate and water rights in California, announced today the commissioning of a new joint project with Tesla to reduce energy costs.
"This project will study the efficacy of battery systems paired to solar manufacturing facilities," said Mark Palamountain, Limoneira Senior Director. "The goal is to reduce demand from the utilities during the day, which is the high cost period, and offset that use with less expensive night time energy that is stored in the battery."
Limoneira has 6 solar installations across the company totaling 4.2M kWhs annually. An additional solar project is planned for 2017 which will add 1.5MWs on Limoneira's packing house roof for 2.8M kwhs or a total of 7M kwhs annually. This will enable the Company to be 50% off the grid. The Company is on track to become completely energy independent by 2022.
"Limoneira has a long history of land stewardship and sustainability," said Limoneira CEO Harold Edwards. "We will continue to make investments that are clean as well as profitable."
In addition to Limoneira's solar operations, the company is a leader in providing Work Force housing and has significant green waste recycling, integrated pest management and water projects.
About Limoneira Company
Limoneira Company, a 124-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced lē mon΄âra) is a dedicated sustainability company with over 11,000 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Chile. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
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Investor Contact:
ICR
John Mills, 646-277-1254
Managing Partner
Source: Limoneira Company
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