In a landmark partnership bridging high-performance luxury and the energy transition, Shell has signed a long-term agreement to supply Ferrari with renewable power. This multi-year deal will see Shell provide green power for Ferrari’s manufacturing operations in Maranello, Italy, and its global Formula 1 racing activities.
The partnership is a significant accelerant for Ferrari’s ambitious decarbonization strategy, allowing the brand to leverage Shell’s global energy portfolio to reduce the carbon footprint of its road cars and its pinnacle motorsport division simultaneously.
According to a report by Reuters Such power purchase agreements – long-term contracts under which a company buys electricity directly from a producer – have become more common in Italy in recent years as a way for manufacturers to lock in energy costs and secure green power.
In this case, Shell will supply a total of 650 gigawatt hours of power over 10 years from a plant developed by the oil and gas group.
That will cover nearly half of the total energy needs of Ferrari’s Maranello plant near Modena, helping to decarbonise the carmaker’s production.
Shell Energy Italia will also provide additional power and renewable energy certificates to cover Ferrari’s entire needs in Italy.
The deal is expected to result in a significant cut to Ferrari’s Scope 1 and 2 emissions – those generated directly by its operations and from purchased energy – as the luxury carmaker targets a 90% reduction in absolute terms by 2030.
“We are proud to further strengthen our partnership with Ferrari through the signing of this important … agreement,” Gianluca Formenti, CEO of Shell Energy Italia, said in a statement.
