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Repsol (REPYY) to Invest in Spain's Renewable Hydrogen Projects
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Repsol SA (REPYY - Free Report) announced plans to invest €2.5 billion in projects associated with hydrogen production by 2030.
The move is part of the Spain-based energy company’s plan to establish itself as a market leader in the Iberian Peninsula and a significant producer in Europe.
The new investment amount is a markdown from its previous plan to spend up to €2.9 billion by 2026. The company intends to direct the investments to the entire hydrogen value chain to create an equivalent installed capacity of 1.9 gigawatts by 2030.
Due to mounting pressure from investors to reduce emissions, energy companies have established various targets to increase renewable capacity and improve energy efficiency. Repsol was one of the early movers in this regard and possibly the first energy company to announce its non-binding plan to achieve net-zero emissions.
Renewable hydrogen is one of Repsol’s approaches to achieve carbon neutrality by 2050. The company is a leading producer and consumer of hydrogen in Spain, with this gas being used in several businesses for decades. Its significant expertise throughout the entire hydrogen value chain positions it in an advantageous position compared with other players.
Repsol cited that it will use different technologies to meet its renewable hydrogen production targets. These include electrolysis, biogas production, and photoelectrocatalysis. Beside this, the company will use a proprietary technology, which it is developing with partner Enagas since 2018. Repsol is advancing the formation of large regional hubs focused on renewable hydrogen, aiming to combine the production and demand of the gas to create efficient ecosystems.
Spain is uniquely positioned when it comes to acquiring the opportunities provided by the renewable hydrogen economy. The country has plenty of solar and wind resources, and its industry can adapt to a new economy centered on the hydrogen value chain. Hence, Repsol is driving major regional initiatives to promote the creation of hydrogen clusters.
Company Profile & Price Performance
Headquartered in Madrid, Spain, Repsol is an integrated energy company, which advocates energy transition.
Shares of the company have outperformed the industry in the past three months. The stock has gained 22.3% compared with the industry’s 19.5% growth.
Image: Bigstock
Repsol (REPYY) to Invest in Spain's Renewable Hydrogen Projects
Repsol SA (REPYY - Free Report) announced plans to invest €2.5 billion in projects associated with hydrogen production by 2030.
The move is part of the Spain-based energy company’s plan to establish itself as a market leader in the Iberian Peninsula and a significant producer in Europe.
The new investment amount is a markdown from its previous plan to spend up to €2.9 billion by 2026. The company intends to direct the investments to the entire hydrogen value chain to create an equivalent installed capacity of 1.9 gigawatts by 2030.
Due to mounting pressure from investors to reduce emissions, energy companies have established various targets to increase renewable capacity and improve energy efficiency. Repsol was one of the early movers in this regard and possibly the first energy company to announce its non-binding plan to achieve net-zero emissions.
Renewable hydrogen is one of Repsol’s approaches to achieve carbon neutrality by 2050. The company is a leading producer and consumer of hydrogen in Spain, with this gas being used in several businesses for decades. Its significant expertise throughout the entire hydrogen value chain positions it in an advantageous position compared with other players.
Repsol cited that it will use different technologies to meet its renewable hydrogen production targets. These include electrolysis, biogas production, and photoelectrocatalysis. Beside this, the company will use a proprietary technology, which it is developing with partner Enagas since 2018. Repsol is advancing the formation of large regional hubs focused on renewable hydrogen, aiming to combine the production and demand of the gas to create efficient ecosystems.
Spain is uniquely positioned when it comes to acquiring the opportunities provided by the renewable hydrogen economy. The country has plenty of solar and wind resources, and its industry can adapt to a new economy centered on the hydrogen value chain. Hence, Repsol is driving major regional initiatives to promote the creation of hydrogen clusters.
Company Profile & Price Performance
Headquartered in Madrid, Spain, Repsol is an integrated energy company, which advocates energy transition.
Shares of the company have outperformed the industry in the past three months. The stock has gained 22.3% compared with the industry’s 19.5% growth.
Zacks Rank & Other Stocks to Consider
The company currently has a Zack Rank #2 (Buy).
Some other top-ranked players in the energy space are Enbridge Inc. (ENB - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Matador Resources Company (MTDR - Free Report) , each currently carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enbridge’s earnings for 2021 are expected to increase 13.3% year over year.
Diamondback’s earnings for 2021 are expected to rise 40.4% year over year.
Matador’s earnings for 2021 are expected to increase 36.2% year over year.