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Equinor (EQNR) Joins Massive NortH2 Green Hydrogen Project
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Equinor ASA (EQNR - Free Report) recently announced that it has joined the biggest green hydrogen project in Europe, the NortH2 project. It was launched this February by Royal Dutch Shell plc and other stakeholders. Along with Equinor, German utility firm RWE AG (RWEOY - Free Report) has also joined the massive project.
The NortH2 project is expected to produce green hydrogen using electricity generated from offshore wind facilities in Netherlands. The project will have a power capacity of 1 gigawatt (GW) by 2027, 4 GW by 2030 and more than 10 GW by 2040 for electrolysis. Equinor expects the project to produce green hydrogen of 1 million tons by 2040. It can lessen carbon dioxide emissions by 8-10 million tons.
By 2021, the project is expected to complete a feasibility study, allowing the partners to commence development activities in the second half of the year. The companies are eyeing the major Northwest European Clusters to market their supplies. The latest move is expected to bring Equinor closer to its emission targets and enable it to be a net-zero energy company by 2050. Equinor expects to boost production capacities from renewables to 4-6 GW by 2026. Moreover, by 2035, it plans to further boost the capacity of renewable projects to 12-16 GW.
The company generates sufficient energy from wind farms located off the coast of Germany and U.K. to power more than 1 million homes in Europe. Importantly, it recently announced that Italy-based energy major, Eni S.p.A. (E - Free Report) has agreed to join its famous Dogger Bank Wind Farm project. Equinor has signed a deal to divest 10% to Eni for £202.5 million. The deal underlines Equinor’s efforts to generate value from renewable assets.
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Equinor (EQNR) Joins Massive NortH2 Green Hydrogen Project
Equinor ASA (EQNR - Free Report) recently announced that it has joined the biggest green hydrogen project in Europe, the NortH2 project. It was launched this February by Royal Dutch Shell plc and other stakeholders. Along with Equinor, German utility firm RWE AG (RWEOY - Free Report) has also joined the massive project.
The NortH2 project is expected to produce green hydrogen using electricity generated from offshore wind facilities in Netherlands. The project will have a power capacity of 1 gigawatt (GW) by 2027, 4 GW by 2030 and more than 10 GW by 2040 for electrolysis. Equinor expects the project to produce green hydrogen of 1 million tons by 2040. It can lessen carbon dioxide emissions by 8-10 million tons.
By 2021, the project is expected to complete a feasibility study, allowing the partners to commence development activities in the second half of the year. The companies are eyeing the major Northwest European Clusters to market their supplies. The latest move is expected to bring Equinor closer to its emission targets and enable it to be a net-zero energy company by 2050. Equinor expects to boost production capacities from renewables to 4-6 GW by 2026. Moreover, by 2035, it plans to further boost the capacity of renewable projects to 12-16 GW.
The company generates sufficient energy from wind farms located off the coast of Germany and U.K. to power more than 1 million homes in Europe. Importantly, it recently announced that Italy-based energy major, Eni S.p.A. (E - Free Report) has agreed to join its famous Dogger Bank Wind Farm project. Equinor has signed a deal to divest 10% to Eni for £202.5 million. The deal underlines Equinor’s efforts to generate value from renewable assets.
Price Performance & Zacks Rank
Equinor’s stock has increased 6.5% in the past three months compared with the 12.9% rise for the industry. It currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>