Coca-Cola will be using the sun to power more of its operations in Mexico and support smaller businesses in its supply chain through a new partnership.
Many small and medium-sized businesses in Mexico currently face high electricity costs andfrequent power outages due to the power grid, making solar power an attractive option.
The soft drink giant is now working with Solfium, a Mexico-Canada solar energy company. Solfium has recently completed the first phase of its Series A funding, raising $10 million, according to a press release. The funds will accelerate the deployment of more solar panels and energy storage across Mexico, including in cities like Querétaro, making it easier for businesses, supply chains, and employees to access clean energy, including Coca-Cola.
Solfium's solar panels, energy storage systems, and digital management platform will help businesses cut costs while reducing pollution. The company will also provide financing options, installation, and maintenance.
Clients are expected to lower energy costs by up to 95% over the 25-year lifespan of the solar system, while eliminating blackout risks through energy storage systems. Since 2022, Solfium has installed over 35,000 panels with a capacity of 25 megawatts, projected to reduce $28 million worth of electricity costs and significantly reduce pollution.
Global carbon pollution primarily comes from burning coal, oil, or gas for energy, with the energy sector producing a record 37.6 gigatons (or 41.4 billion U.S. tons) of carbon dioxide in 2024, according to the International Energy Agency, more than ten times the pollution from passenger cars in a year.
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Coca-Cola is adopting Solfium's technology to power its corporate operations and support small businesses in its supply chain. This move provides businesses with cheaper energy and advances the clean energy transition in a major supply chain. This solar scalability and implementation could serve as an example for other major corporations and supply chains to make the switch.
Coca-Cola has been named the worst plastic polluter for six consecutive years, making it vital that the company take strides toward sustainability. While Coca-Cola has made steps to reduce plastic in packaging, test less chemical-intensive processes, and introduce electric trucks to its fleet, it's clear that the company must do much more.
"Solfium is filling a critical gap in Mexico's energy market," said John Fischer, investment director at Accion, which helped lead the investment, in a Solfium press release. As a result, entrepreneurs can "stay open longer, sustain revenue streams, reduce carbon emissions, and support Mexico's transition towards a more sustainable energy future."
"Clean energy should not be a privilege," said Andrés Friedman, co-founder of Solfium, in the press release. Its mission is to make solar accessible to every business in Mexico while "strengthening economic resilience and sustainable development."
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