MVB Financial Corp. has announced the successful completion of its plan to achieve Carbon Neutral status. “As trusted partners on the financial frontier and stewards for our environment, MVB initiated several projects in 2021 related to data collection, energy efficiency and ultimately reducing our carbon footprint. One of MVB’s core values is Respect, Love and Caring, which we call RLC, and this work directly ties into living that value,” said Don Robinson, President and Chief Financial Officer for MVB Financial.
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To better understand its overall environmental impact, MVB launched its first Environmental Emissions Study in 3Q 2021 for all MVB business and banking center locations in partnership with Boston-based sustainability company, GreenFeet. The mission of GreenFeet is to help reduce the world’s carbon footprint by providing an easy to use and accessible solution for companies of all sizes to quickly and painlessly manage and ultimately reduce their emissions in line with international agreements and targets.
Utilizing the GreenFeet platform and support from their knowledgeable staff, MVB gathered emissions data from a variety of categories such as Team Member commuting, air travel, real estate and shipping. GreenFeet used information from 2020 and 2021 to populate MVB’s Emissions Report. MVB is actively managing routine data updates to measure emissions over time to meet future sustainability goals.
Supporting local business and the environment, MVB also entered into an agreement with Parthian Battery Solutions, a West Virginia-based business, to install solar panels with Parthian’s batteries at four MVB banking center locations in North Central West Virginia.
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“Renewable energy and electric vehicle technologies are relatively new and growing rapidly. In regard to electric vehicles, we determine whether their retired batteries are capable of being reused and repurpose them in second-use applications with renewable energy sources. This ensures the most amount of value is extracted from the batteries, while simultaneously minimizing their environmental impact,” said August Chico, Founder and CEO of Parthian Battery Solutions.
“When the battery is taken from the car, it can still maintain upwards of 85% of its original capacity, which makes it perfect for reuse applications. Our method prevents hundreds of pounds of battery material from being prematurely wasted in a landfill. We provide a more environmental and economically sustainable option for auto makers to terminate their battery packs. Additionally, the low costs of our battery hardware enable renewable energy to be more accessible.”
The first MVB solar panel installation took place in March 2021 in Morgantown at MVB’s Sabraton location, and the project has expanded to three of MVB’s other banking center locations – two in Fairmont and one in Bridgeport – with the result that 100% of banking centers owned by MVB will be utilizing a form of renewable energy. In addition, MVB has reduced the number of its physical office locations to support the reduction of its carbon footprint.
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