Infrastructure and Energy Alternatives, Inc. Releases Inaugural Environmental, Social and Governance Report
INDIANAPOLIS, May 12, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced the publication of its first annual Environmental, Social and Governance (ESG) Report. The report was developed using a combination of industry specific benchmarks and globally recognized best practices, including the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD) to provide a comprehensive and transparent reporting framework for all Company stakeholders.
“IEA is very proud to issue our first ESG Report,” said JP Roehm, IEA’s President and Chief Executive Officer. “As a key player in the renewable energy space, enabling sustainability is a cornerstone of our business. While IEA has always prioritized environmental protections, social responsibility and strong corporate governance policies, this is the first year that we are holding ourselves accountable for our efforts in a publicly available ESG Report. We have implemented a variety of policies and procedures to further support our workforce and the communities in which we live and work. Together, with an increased company-wide focus on improving our overall ESG impact, I’m excited to see what further we can achieve for all of our stakeholders.”
In his role as Chief Operating Officer at IEA, Michael Stoecker leads all internal initiatives to ensure that there is a company-wide commitment to ESG best practices. “I can truly say that one of my greatest professional accomplishments to date is helping establish the ESG program at IEA,” said Stoecker. “By integrating a more strategic and formalized approach to tracking ESG efforts across the company, I’m confident that we will transform IEA into a culturally diverse organization that enhances not just the lives of our own employees, but the lives of individuals in the communities where we do business.”
Key Report Highlights:
- As of the end of 2020, IEA has completed over 240 wind and solar projects since the Company’s founding to become one of the largest utility-scale renewable energy contractors in the country. IEA ranks #2 for wind energy among Engineering News-Record’s Top 400 contractors in 2020;
- IEA has constructed over 21.4 GW of wind and solar capacity in 36 states, which is equivalent to powering 6.5 million homes and removing 6.3 million vehicles off the road annually;
- During 2020, the Company promoted the use of recycled materials on projects whenever feasible, including 62,364 tons of fly ash, 67,692 tons of steel and 423,000 tons of aggregate products (concrete and asphalt); and
- To-date, the Company has treated and disposed of over 10 million gallons of contaminated water and closed over 200 acres of landfills.
- In 2020, IEA appointed its first-ever Vice President of Diversity and Inclusion (D&I), Morayma DaSilva and created a D&I Task Force with members representing each of the Company’s subsidiaries;
- For the year, the Company also achieved top tier safety metrics during a time of heightened Health, Safety and Environment (HSE) requirements, including a Total Recordable Incident Rate (TRIR) of 0.61 and an Experience Modification Rate (EMR) of 0.58, which fall below the industry averages of 2.8 and 1.0, respectively for 2020;
- During 2020, IEA made significant investments in refining and advancing training initiatives company-wide, including the creation of a robust learning management system, which was launched this spring; and
- IEA officially established the IEA Women and Minority Scholarship in 2020, which provided $120,000 in scholarships to six universities to support the Company’s goal of developing a diverse and inclusive workforce within the construction industry.
- As part of the Company’s membership to the Solar Energy Industry Association and American Clean Power Association, IEA pledged its commitment to preventing forced labor within the wind and solar industries;
- IEA established an ESG leadership team led by Chief Operating Officer Michael Stoecker, which works with representatives from finance, human resources, operations, information technology, legal, communications, investor relations and procurement as well as safety department leadership to coordinate and execute all ESG initiatives and reporting;
- The Company diversified its board of directors in 2020; and
- IEA maintained strict adherence to anti-bribery and anti-harassment policies, committing to the highest standards of ethical and professional conduct.
2021 ESG Goals:
In an effort to further cultivate diversity and inclusion, continue to reduce the Company’s environmental footprint and maintain corporate governance best practices, IEA has outlined several goals for 2021 including:
- Performing an equal pay compensation study;
- Continuing a culture of safety by achieving a TRIR below 0.8 and a EMR below 1.0;
- Contributing $400,000 to charitable organizations that are aligned with overall organizational objectives and support the communities in which IEA employees live and work;
- Increasing utilization of Tier 4 Heavy Equipment to decrease greenhouse gas emissions and increase fuel efficiency;
- Ensuring that 95% of employees receive compliance and ethics training; and
- Continuing to promote inclusion efforts, including targeting that at least 50% of all candidates vetted for open positions are female and or diverse candidates.
With an emphasis on renewable energy and a foundation in transportation infrastructure, IEA’s management team is focused on growing a sustainable construction company that considers all stakeholders. For more information about IEA’s ESG commitments and to view the Company’s full 2020 ESG Report, please visit iea.net/About/ESG-Report.
Infrastructure and Energy Alternatives, Inc. is a leading infrastructure construction company with renewable energy and specialty civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEA’s service offering spans the entire construction process. The Company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of the larger providers in the renewable energy industry and has completed more than 240 utility scale wind and solar projects across North America. In the heavy civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEA’s website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest Company news and events.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEA’s periodic filings with the Securities & Exchange Commission including those described as “Risk Factors” in IEA’s annual report on Form 10-K filed on March 8, 2021 and any quarterly reports on Form 10-Q filed thereafter. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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