Navitas Recognized as Industry-Leading Sustainability Company
October 03, 2022 at 08:30 AM EDT
EL SEGUNDO, Calif., Oct. 03, 2022 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the pure-play, industry leader in next-generation power semiconductors, announced achievements in ESG Investing’s ESG Reporting Awards 2022 (technology and telecoms).
Navitas’ mission is to ‘Electrify Our World™’ using gallium nitride (GaN) and silicon carbide (SiC) technology to accelerate the transition from 80% fossil-fuel sources of electricity and uses, to 80% renewable sources and electrical uses.
ESG Investing is the leading global media platform publishing news and features on ESG and sustainable investing for fund managers, institutional investors and listed companies. The ESG Reporting Awards 2022 are the only awards devoted to assessing the best-listed companies in the area of sustainability and climate-related reporting. In less than a year as a publicly-listed company, Navitas achieved:
‘Best Sustainability Reporting’ – finalist
Navitas published the world’s first GaN sustainability report: “Electrify Our World™” to quantify the positive impact of GaN power semiconductors on climate change, based on global standards. Then in May 2022, Navitas became the world’s first semiconductor company to be CarbonNeutral®-certified. As of August 2022, over 100,000 tons of CO2 had been saved by the transition from legacy silicon chips to Navitas GaN power ICs.
“Our GaN and SiC technologies accelerate the evolution from fossil fuels to renewable energy sources and energy-efficient, electricity-based applications,” says Anthony Schiro, Navitas' VP of Quality & Sustainability. “Sustainability and clean energy are at the very heart of what we do, so it is a great honor to be recognized for our comprehensive approach & commitment in this critical area and to have further validation of our mission to ‘Electrify the World™’.”
GaN has up to a 10x-lower CO2 footprint for manufacturing and shipping compared to silicon, while reducing the end-application CO2 footprint by up to 30%. Each GaN power IC shipped saves a net 4 kg of CO2, and GaN offers the potential to address a reduction of 2.6 Gtons CO2/yr by 2050 – equivalent to the CO2 generated by over 650 coal-fired power stations, over six billion barrels of oil, over 560 million ICE passenger cars – or the annual electricity use of over 470 million homes.
Navitas, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor and subsidiaries. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
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