NEXEN TIRE Automotive Add All files to cart <strong>Highest quality files will be downloaded for all assets. If you need a different quality file please download individually.</strong></div>" data-bs-html="true" data-bs-placement="bottom"> Download All files Next Story NEXEN TIRE Signs Direct Power Purchase Agreement for a Tire Plant in Korea, Accelerating Shift to Renewable Energy Release Date: 24 Aug 2026 Pinterest LinkedIn E-Mail Signs Direct Power Purchase Agreement (DPPA) for approximately 4 MW of onshore wind and solar power with SK Innovation E&S, a leading Korean energy company Expands solar self-generation at Changnyeong and Yangsan plants — strengthening its sustainability commitment SEOUL, South Korea, Aug 24, 2026 – NEXEN TIRE, a leading global tire manufacturer, announced that it is accelerating its shift to renewable energy at its Korean production sites. As part of this push, the company has signed a Direct Power Purchase Agreement (DPPA) for its Yangsan plant in Korea and is expanding solar self-generation at its Changnyeong and Yangsan plants, with the aim of raising the share of renewable energy used in its manufacturing operations and strengthening its sustainability commitment. NEXEN TIRE has signed a DPPA with SK Innovation E&S. A DPPA enables an electricity consumer to purchase renewable electricity directly from a renewable energy provider under a long-term contract, ensuring a stable supply of renewable electricity. Under the agreement, NEXEN TIRE will begin sourcing approximately 4 MW of onshore wind and solar power starting at its Yangsan plant in November. With an expected annual output of around 6 GWh, the initiative is projected to reduce greenhouse gas emissions by about 2,700 tCO₂ per year. NEXEN TIRE is also expanding its in-house solar generation facilities. At the Changnyeong plant, rooftop solar systems currently operated under lease agreements will be gradually converted to self-generation as existing contracts expire, expanding total solar capacity to over 10 MW by 2028 — transitioning roughly 9% of the plant's total electricity consumption to renewable energy. The Yangsan plant is also considering the installation and operation of its own solar generation facilities. With a strong European footprint, NEXEN TIRE supplies original equipment (OE) tires to leading premium automakers in the region — a customer base that increasingly requires suppliers to lower greenhouse gas emissions during production. In this environment, cutting emissions at the production stage has become a direct driver of market competitiveness. NEXEN TIRE previously announced a target to reduce Scope 1 and 2 greenhouse gas emissions by 58.8% by 2034 from a 2023 baseline, which has been validated by the Science Based Targets initiative (SBTi). "The shift to renewable energy is not merely a response to regulations, but a strategic investment to secure sustainable competitiveness in the global market," said John Bosco (Hyeon Suk) Kim, CEO of NEXEN TIRE. "We will continue to expand the adoption of renewable energy across our production sites both in Korea and abroad in a phased manner." Read More Read less Download Media Images (1) Add All files to cart Add All to Cart <strong>Highest quality files will be downloaded for all assets. If you need a different quality file please download individually.</strong></div>" data-bs-html="true" data-bs-placement="bottom">Download All + media Contact Client Relations clientrelations@thenewsmarket.com TheNewsMarket Register here to access brand contact details Company Information NEXEN TIRE, established in 1942, is a global tire manufacturer headquartered in South Korea. NEXEN TIRE, one of the world’s fastest growing tire manufacturers, currently interacts with approximately 150 countries around the world and owns four manufacturing plants – two in Korea (Yangsan and Changnyeong) and one in Qingdao, China. Another plant in Žatec, the Czech Republic has also begun operation in 2019. NEXEN TIRE produces tires for passenger cars, SUVs, and light trucks with advanced technology and excellence in design. NEXEN TIRE supplies OE tires to global premium car makers in various countries around the world proving its quality and technology of its products. Additionally, the company achieved a grand slam of the world’s top 4 design awards in 2014 for the first time amongst the various tire makers in the world. Subscribe Today. Get the news alerts you want, when you want them. Subscribe See More
Curated by Taleb Kabbara · Source: www.thenewsmarket.com