U.S.-based energy firm, Baker Hughes (BKR - Free Report) has made a strategic investment towards Estonian clean energy producer, Elcogen. The specific terms of the transaction have not been disclosed yet. Baker Hughes, through this investment, intends to collaborate with Elcogen for the production green hydrogen using the latter’s solid oxide electrolyzer cell technology.
Apart from Baker Hughes, Elcogen has secured equity investments from Hydrogen One Capital Growth, HD Hyundai and Mirae. The solid oxide technology developer has also received project grants from the European Commission, including the IPCEI project. These investments totaled in excess of €24 million.
Elcogen mentioned that it has raised more than €140 million from its current round of funding, including a proposed debt of €15 million. The funds will be utilized for the development and scaling of its solid oxide technology.
The investment in Elcogen reflects Baker Hughes’ commitment to investing in the future decarbonization of the energy system. Elcogen highlights Baker Hughes’ investment as a significant vote of confidence in its solid oxide technology and its contribution toward the transition journey of the energy industry.
Zacks Rank and Key Picks
Currently, BKR holds a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Archrock Inc. (AROC - Free Report) , Sunoco LP (SUN - Free Report) and Helmerich & Payne (HP - Free Report) . Archrock and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, while Helmerich & Payne carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than the composite stocks in the industry, providing unitholders with consistent returns.
Helmerich & Payne is primarily involved in the contract drilling of oil and natural gas, with operations in all major U.S. onshore basins as well as in South America, Australia and the Middle East. In the past months, the company has secured eight new rig contracts with Saudi Aramco, thereby expanding its presence in the Middle East. With plans to capitalize on unconventional drilling growth opportunities, HP’s outlook seems positive.
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U.S.-based energy firm, Baker Hughes (BKR - Free Report) has made a strategic investment towards Estonian clean energy producer, Elcogen. The specific terms of the transaction have not been disclosed yet. Baker Hughes, through this investment, intends to collaborate with Elcogen for the production green hydrogen using the latter’s solid oxide electrolyzer cell technology.
Apart from Baker Hughes, Elcogen has secured equity investments from Hydrogen One Capital Growth, HD Hyundai and Mirae. The solid oxide technology developer has also received project grants from the European Commission, including the IPCEI project. These investments totaled in excess of €24 million.
Elcogen mentioned that it has raised more than €140 million from its current round of funding, including a proposed debt of €15 million. The funds will be utilized for the development and scaling of its solid oxide technology.
The investment in Elcogen reflects Baker Hughes’ commitment to investing in the future decarbonization of the energy system. Elcogen highlights Baker Hughes’ investment as a significant vote of confidence in its solid oxide technology and its contribution toward the transition journey of the energy industry.
Zacks Rank and Key Picks
Currently, BKR holds a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Archrock Inc. (AROC - Free Report) , Sunoco LP (SUN - Free Report) and Helmerich & Payne (HP - Free Report) . Archrock and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, while Helmerich & Payne carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than the composite stocks in the industry, providing unitholders with consistent returns.
Helmerich & Payne is primarily involved in the contract drilling of oil and natural gas, with operations in all major U.S. onshore basins as well as in South America, Australia and the Middle East. In the past months, the company has secured eight new rig contracts with Saudi Aramco, thereby expanding its presence in the Middle East. With plans to capitalize on unconventional drilling growth opportunities, HP’s outlook seems positive.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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