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TechnipFMC (FTI), EDP & Partners to Study Green Hydrogen Output

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The BEHYOND project brings together TechnipFMC plc (FTI - Free Report) , the Portuguese electric utility EDP Energias de Portugal SA and other research partners to create a conceptual, technical and economic feasibility assessment for a novel offshore system that will facilitate green hydrogen generation from offshore wind power.

The research will integrate equipment for the generation and conditioning of green hydrogen with infrastructure for transporting it to the shore. The objective is to develop a one-of-a-kind idea that can be recognized and applied globally, enabling large-scale hydrogen generation.

Portugal's Center for Engineering and Development (CEiiA), consultancy WavEC Offshore Renewables and Norwegian university USN are joining EDP and TechnipFMC in the project.The consortium partners will be able to position themselves in the hydrogen value chain by establishing new business models and providing engineering solutions as well as new goods and services for the hydrogen sector, globally.

This alliance will improve Portugal-Norway collaboration and boost Portugal's competitiveness in the growing "blue economy". The Blue Growth Program of the European Economic Area Financial Mechanism (EEA Grants) chose the BEHYOND project for support in the said direction.

EDP is the coordinator of the project and is in charge of various phases including a strategic assessment of the offshore wind-to-hydrogen market, the development of feasible business cases and the formulation of a technical roadmap to attain commercial maturity.

EDP intends to invest globally in hydrogen, which is a crucial sector in global growth of renewable energy. The firm is predicting, leading and contributing to a sustainable future by spearheading the BEHYOND initiative.

Jonathan Landes, the company’s president in charge of subsea, stated that “We have the skills and expertise to contribute value to this study from our decades of experience in subsea, as well as the knowledge we have built during our ongoing Deep Purple™ green hydrogen project. The BEHYOND study also fits with our longer-term ESG goals. The involvement of a company with EDP’s strong market position demonstrates the increased focus and interest in the evolution of offshore hydrogen technology, as well as its potential to help meet the world’s long-term energy needs.”

Brief on the Company

TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions to the energy industry. The company, formed from the January 2017 merger of Technip and FMC Technologies, is engaged in designing, producing and servicing technologically-sophisticated systems and products for subsea, onshore/offshore and surface projects.

Zacks Rank & Key Picks

TechnipFMC has a Zacks Rank #3 (Hold), currently. Some better-ranked players in the energy space are Diamondback Energy, Inc. (FANG - Free Report) , Matador Resources Company (MTDR - Free Report) and Continental Resources, Inc. , each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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