Apple’s market cap breaks records after solar power announcement
Company value cracks $700bn ceiling; eco-deal draws praise from Greenpeace
Apple has closed a deal with a California-based solar energy company to purchase around $850m of electric power in a bid to cut energy costs, driving the Cupertino firm's market value above $700bn for the first time, Reuters reported.
The First Solar plant, capable of powering 60,000 homes, will provide energy for Apple's new Silicon Valley campus, and other offices and 52 stores in California.
CEO Tim Cook announced the First Solar deal at a Goldman Sachs technology conference in San Francisco, after which Apple's market cap closed at $710.74bn.
"We expect to have a very significant savings because we have a fixed price for the renewable energy, and there's quite a difference between that price and the price of brown energy," Cook said. "We know in Apple that climate change is real. The time for talk is passed. The time for action is now."
"Apple still has work to do to reduce its environmental footprint, but other Fortune 500 CEOs would be well served to make a study of Tim Cook," Greenpeace said in a statement following Tuesday's announcement.
Since September 2012 Apple's market capitalisation dropped from a then-peak of around $655bn, but has been in recovery since the second quarter of 2013. Warm reception for the iPhone 6 range, further driven by rampant holiday-season sales and the largest quarterly profit in corporate history, has pushed the company's share price to record levels.