Home / / Apple’s market cap breaks records after solar power announcement

Apple’s market cap breaks records after solar power announcement

Company value cracks $700bn ceiling; eco-deal draws praise from Greenpeace

Apple’s market cap breaks records after solar power announcement
Cook: We know in Apple that climate change is real.

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.

Follow us to get the most comprehensive IT business news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.