Tennant Company Announces Net-Zero Greenhouse Gas Emissions Goals

New strategic framework further embeds sustainability into business practices to drive progress in six key impact areas

Tennant Company (NYSE: TNC), a worldwide leader in the design, manufacture, and marketing of solutions to reinvent how the world cleans, today announced an ambitious plan to become net zero by 2040.

“As a market leader with a reputation for innovation, I’m confident that we can work toward ambitious commitments to affect change on a global scale,” said President and CEO Dave Huml. “By embedding sustainable thinking into how we work, we’ll continue to deliver solutions that help our customers solve their biggest challenges and meet their sustainability targets. Working within our own business and with our stakeholders, we will help people thrive and contribute to a healthier planet.”

Announcing long-term science-based net-zero targets

Leading the mechanized cleaning industry, Tennant announces goals to achieve net-zero greenhouse gas emissions across Scopes 1, 2, and 3 by 2040. The company has submitted a letter of commitment regarding its net-zero goals to the Science-Based Targets initiative (SBTi) for validation.

To reach net-zero, Tennant plans to make deep emissions cuts across its operations and value chain. To accomplish this, the company expects to:

• Partner with its customers to increase the energy efficiency of its portfolio and offer solutions that will eliminate GHG emissions during the product’s use phase by 2040;
• Seek to source 100% of electricity from renewable sources across all global facilities by 2030;
• Electrify 100% of its global fleet by 2040;
• Continue investing in energy efficiency initiatives in its facilities and across its operations; and
• Collaborate with external groups to drive innovation and technology development to lead the industry toward a cleaner future.

Tennant’s commitment to net zero will help the company’s customers reach their own emissions reduction goals and improve collective shared spaces.

Sustainability embedded across the enterprise

With the goal of reaching net-zero by 2040, Tennant announces a new sustainability framework aligned with the most significant issues to the company and its stakeholders.

“Our new framework rests on the foundational interconnection between people and planet, providing the lens for our company to set goals, align plans, and integrate sustainability across our business. This charts the path for our next 150 years, grounded in the belief that our sustainable cleaning solutions will help reinvent how the world cleans, creating shared value for business and society,” said Carol McKnight, SVP and Chief Administrative Officer.

The new sustainability framework is organized into two pillars—Thriving People and Healthy Planet. Each pillar targets key impact areas where the company intends to drive progress. These impact areas include employee success, social impact, shared spaces, climate and energy, water and chemical use, and circular products and waste.

A legacy of leadership in sustainability and stewardship

Tennant has a legacy of strong leadership in sustainability and ESG. The company has a consistent record of community engagement, products that help the company’s customers reach their sustainability goals and greenhouse gas emissions reductions. It was one of the first 100 companies globally to have greenhouse gas emissions reductions targets approved by the SBTi.

Stewardship has long been one of the company’s guiding principles, aligned with its mission to create a cleaner, safer, and healthier world. Past actions show Tennant’s record of sustainable action. Recent accomplishments featured in the company’s 2022 (FY 2021) Sustainability Report include:

• Continued progress toward the company’s existing Scope 3 science-based target by reducing the greenhouse gas emissions from the use of our products by 32% (since 2016).
• Sourcing 86% of global electricity consumption sourced from renewable energy sources (in 2021).
• $880,000 invested in community-based charitable contributions through the Tennant Foundation (in 2021).
• Enterprise-wide Human Rights Policy launched, further codifying the company’s foundational commitment to ethical and transparent business practices.
• Formal commitment to diversity, equity and inclusion (DE&I) enacted with the internal launch of the New Perspectives program, which seeks to ensure that Tennant maintains a work environment where all are welcome, heard, and able to succeed.

About Tennant Company

Founded in 1870, Tennant Company (TNC), headquartered in Eden Prairie, Minnesota, is a world leader in the design, manufacture and marketing of solutions that help create a cleaner, safer and healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and cleaning tools and supplies. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.09 billion in 2022 and has approximately 4,250 employees. Tennant has manufacturing operations throughout the world and sells products directly in 15 countries and through distributors in more than 100 countries. For more information, visit www.tennantco.com and www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the symbol “®” are trademarks of Tennant Company registered in the United States and/or other countries.

Forward-Looking Statements

Certain statements contained in this document are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements do not relate to strictly historical or current facts and provide current expectations or forecasts of future events and are generally preceded or followed by or include the words “targets,” “plans,” “goals,” “commitments,” “believes,” “expects,” “intends,” “will,” “likely,” “may” or terms of similar substance. Any such expectations or forecasts of future events are subject to a variety of factors that could cause actual results to differ. These include factors that affect all businesses operating in a global market as well as matters specific to us and the markets we serve. Particular risks and uncertainties that may cause actual results to differ from our expectations include, but are not limited to, the risk that we will be unable to execute our sustainability strategy because of market or competitive conditions and economic, industrial and governmental developments that may impact our operations. Information about other factors that could materially affect our results can be found in our 2022 Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are advised to consult any future disclosures by us in our filings with the Securities and Exchange Commission and in other written statements on related subjects.

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