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Eni (E) Acquires Funding of 33M Pound for Decarbonization Project

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Eni SPA (E - Free Report) announced that it received a funding of £33 million through the Industrial Decarbonization Challenge fund of the UK Research and Innovation (“UKRI”) for its HyNet North West integrated project.

HyNet North West is a cost-effective and deliverable project that follows the major challenges of limiting greenhouse gas emissions from the industry, domestic heat and transport of north-west England. Notably, this is the first carbon capture and storage infrastructure in the U.K.

The UKRI is a non-departmental public body of the UK Government that supports research and innovation in the country. About 50% of the investment needed to finalize the planning studies has been funded by UKRI in order for the site to begin operations by 2025.

The new infrastructure is designed to capture, transport and store carbon dioxide (CO2) emissions from existing industries and the potential future manufacturing facilities for blue hydrogen, which will be used as an alternative fuel for heating purposes, power generations and transport.

Beside Eni, the project is currently being managed by a consortium of industrial companies, located in a regional manner. As part of the consortium, Eni will play a crucial role by transporting and storing COin the exhausted hydrocarbon reservoirs, placed nearly 18 miles offshore in Liverpool Bay.

With the commissioning of the facility, the project will convert one of the major energy-consuming industrial districts in the U.K. into the first low-carbon industrial cluster in the world. It is expected to reduce CO2 emissions by up to 10 million tonnes per year by 2030.

Importantly, the project fulfills 80% of the government’s new U.K.-wide target of 5GW of low-carbon hydrogen and reaching toward its net-zero emission targets by 2050. Moreover, the project is in line with Eni’s ambition to address climate change and decarbonization.

Company Profile & Price Performance

Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.

Shares of the company have underperformed the industry in the past six months. The stock has gained 50.8% compared with the industry’s 51.3% growth.



Zacks Rank & Other Stocks to Consider

Eni currently flaunts a Zack Rank #1 (Strong Buy).

Some other top-ranked players in the energy space are Whiting Petroleum Corporation (WLL - Free Report) , ConocoPhillips (COP - Free Report) and Repsol SA (REPYY - Free Report) , allcurrently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum’s earnings for 2021 are expected to surge 214% year over year.

ConocoPhillips’s earnings for 2021 are expected to rise 10.1% year over year.

Repsol’s earnings for 2021 are expected to grow 18.1% year over year.

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