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Suncor (SU) to Develop Clean Hydrogen Facility With ATCO
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Suncor Energy Inc. (SU - Free Report) announced that it collaborated with ATCO Ltd. to develop a clean hydrogen facility near Fort Saskatchewan, AB.
Notably, the facility will be placed at the ATCO Heartland Energy Centre, which is the largest hydrocarbon processing region in Canada. Suncor and utility firm ATCO are expected to produce more than 300,000 tons of clean hydrogen per year at the facility, which is equivalent to almost 450,000 cars going off-road per year.
At present, the clean hydrogen production project is in the initial phases of development, which involves design and engineering works. Notably, the commissioning of the facility is expected at the beginning of 2028, while sanctioning decision is expected in 2024.
Suncor will oversee the construction and operations of the hydrogen production and carbon dioxide sequestration facilities. Then again, ATCO will be responsible for developing and operating the related pipeline and hydrogen storage facilities. Most importantly, the facility design can be replicated to enable the construction of future project phases.
The clean hydrogen production project would enhance Alberta’s hydrogen strategy by significantly cutting CO2 emissions by more than two million tons per year. Moreover, the project is expected to generate considerable economic activities and jobs across the province, which would contribute to Canada’s ambition of reaching net-zero emissions.
Both companies are expecting that 85% of the clean hydrogen generated will be used to meet the existing energy demand. Of the total, 65% of the output would be used in refining processes, and for the co-generation of steam and electricity at the Suncor Edmonton Refinery, thereby, reducing refinery emissions by 60%. Another 20% will be included in the provincial natural gas grid to slash heating emissions by homes and businesses.
Additionally, the facility will provide hydrogen volumes for other industrial, municipal and commercial transport users in Alberta. With the help of advanced technology, the plant is likely to capture more than 90% of the generated emissions during the hydrogen production process.
Above all, the project would be a leading solution to reducing emissions with made-in-Canada energy ingenuity, while putting Alberta at the front line of the clean hydrogen economy. It is a breakthrough in creating jobs and growing the economy in an environment-friendly way.
Company Profile & Price Performance
Headquartered in Calgary, AB, Suncor is a premier integrated energy company.
Shares of the company have outperformed the industry in the past six months. Its shares have gained 51.2% compared with the industry’s 37.7% growth.
Zacks Rank & Other Stocks to Consider
The company currently flaunts a Zack Rank #1 (Strong Buy).
Over the past 60 days, the Zacks Consensus Estimate for Matador’s 2021 earnings has been raised by 26.8%, while that for PDC Energy has been increased by 37.4%.
Devon’s earnings for 2021 are expected to increase 23.3% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Suncor (SU) to Develop Clean Hydrogen Facility With ATCO
Suncor Energy Inc. (SU - Free Report) announced that it collaborated with ATCO Ltd. to develop a clean hydrogen facility near Fort Saskatchewan, AB.
Notably, the facility will be placed at the ATCO Heartland Energy Centre, which is the largest hydrocarbon processing region in Canada. Suncor and utility firm ATCO are expected to produce more than 300,000 tons of clean hydrogen per year at the facility, which is equivalent to almost 450,000 cars going off-road per year.
At present, the clean hydrogen production project is in the initial phases of development, which involves design and engineering works. Notably, the commissioning of the facility is expected at the beginning of 2028, while sanctioning decision is expected in 2024.
Suncor will oversee the construction and operations of the hydrogen production and carbon dioxide sequestration facilities. Then again, ATCO will be responsible for developing and operating the related pipeline and hydrogen storage facilities. Most importantly, the facility design can be replicated to enable the construction of future project phases.
The clean hydrogen production project would enhance Alberta’s hydrogen strategy by significantly cutting CO2 emissions by more than two million tons per year. Moreover, the project is expected to generate considerable economic activities and jobs across the province, which would contribute to Canada’s ambition of reaching net-zero emissions.
Both companies are expecting that 85% of the clean hydrogen generated will be used to meet the existing energy demand. Of the total, 65% of the output would be used in refining processes, and for the co-generation of steam and electricity at the Suncor Edmonton Refinery, thereby, reducing refinery emissions by 60%. Another 20% will be included in the provincial natural gas grid to slash heating emissions by homes and businesses.
Additionally, the facility will provide hydrogen volumes for other industrial, municipal and commercial transport users in Alberta. With the help of advanced technology, the plant is likely to capture more than 90% of the generated emissions during the hydrogen production process.
Above all, the project would be a leading solution to reducing emissions with made-in-Canada energy ingenuity, while putting Alberta at the front line of the clean hydrogen economy. It is a breakthrough in creating jobs and growing the economy in an environment-friendly way.
Company Profile & Price Performance
Headquartered in Calgary, AB, Suncor is a premier integrated energy company.
Shares of the company have outperformed the industry in the past six months. Its shares have gained 51.2% compared with the industry’s 37.7% growth.
Zacks Rank & Other Stocks to Consider
The company currently flaunts a Zack Rank #1 (Strong Buy).
Some other top-ranked players in the energy space are Matador Resources Company (MTDR - Free Report) and PDC Energy, Inc. , each currently sporting a Zacks Rank #1, and Devon Energy Corporation (DVN - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, the Zacks Consensus Estimate for Matador’s 2021 earnings has been raised by 26.8%, while that for PDC Energy has been increased by 37.4%.
Devon’s earnings for 2021 are expected to increase 23.3% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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