Honeywell (NYSE: HON) has announced a $79 million renewable energy and building retrofit program with Eastern Illinois University (EIU) in Charleston, IL. The program will combine energy efficient upgrades with one of the largest biomass-fueled heating plants on a university campus. This will hope EIU address deferred maintenance, improve its infrastructure, and save about $140 million in energy and operating costs over the next two decades.
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EIU will be financing the improvements and use the savings to pay for the work. This purchase option is guaranteed by Honeywell through a 20 year performance contract. The upgrades will impact all facilities on the campus and significantly curb the University's greenhouse gas emissions and energy use.
Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges.
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