We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
General Electric (GE) to Serve South Korean Offshore Wind Market
Read MoreHide Full Article
General Electric’s (GE - Free Report) unit, GE Renewable Energy, has entered into an agreement with Hyundai Electric to support the growth of offshore wind market in South Korea. The deal furthers South Korea’s goal of adding 12GW of offshore wind by 2030.
In February 2022, GE Renewable Energy signed a Memorandum of Understanding with Hyundai Electric regarding a potential agreement to help the South Korean government achieve its 2030 Nationally Determined Contributions.
As part of the agreement, Hyundai Electric will build a factory, invest in tooling, as well as hire and train people to produce Haliade-X turbines and generators in South Korea. General Electric will act as a prime contractor toward customers and offer its offshore expertise and the Haliade-X technology in the project.
GE Offshore Wind’s chief commercial officer, Fabrice Kermorgant, said, “This agreement will enhance our ability to serve local customers, create significant local economic benefits, and establish a local supply chain ideally suited to serve the growing offshore wind market in South Korea and potentially beyond in APAC.”
Apart from their partnership agreement, General Electric has also signed a letter of intent with Hyundai Electric to form a joint venture in case their collaboration secures larger offshore wind order volumes in South Korea.
Zacks Rank & Key Picks
General Electric currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering are as follows:
Applied Industrial has an estimated earnings growth rate of 14.3% for the current fiscal year. The stock has gained 38% in the past six months.
IDEX Corporation (IEX - Free Report) presently carries a Zacks Rank #2 (Buy). The company pulled off a trailing four-quarter earnings surprise of 5.7%, on average.
IDEX has an estimated earnings growth rate of 28.3% and 6.1% for the current and next years, respectively. The stock has rallied 38% in the past six months.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
General Electric (GE) to Serve South Korean Offshore Wind Market
General Electric’s (GE - Free Report) unit, GE Renewable Energy, has entered into an agreement with Hyundai Electric to support the growth of offshore wind market in South Korea. The deal furthers South Korea’s goal of adding 12GW of offshore wind by 2030.
In February 2022, GE Renewable Energy signed a Memorandum of Understanding with Hyundai Electric regarding a potential agreement to help the South Korean government achieve its 2030 Nationally Determined Contributions.
As part of the agreement, Hyundai Electric will build a factory, invest in tooling, as well as hire and train people to produce Haliade-X turbines and generators in South Korea. General Electric will act as a prime contractor toward customers and offer its offshore expertise and the Haliade-X technology in the project.
General Electric Company Price
General Electric Company price | General Electric Company Quote
GE Offshore Wind’s chief commercial officer, Fabrice Kermorgant, said, “This agreement will enhance our ability to serve local customers, create significant local economic benefits, and establish a local supply chain ideally suited to serve the growing offshore wind market in South Korea and potentially beyond in APAC.”
Apart from their partnership agreement, General Electric has also signed a letter of intent with Hyundai Electric to form a joint venture in case their collaboration secures larger offshore wind order volumes in South Korea.
Zacks Rank & Key Picks
General Electric currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering are as follows:
Applied Industrial Technologies, Inc. (AIT - Free Report) presently sports a Zacks Rank #1 (Strong Buy). AIT delivered a trailing four-quarter earnings surprise of 24.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
Applied Industrial has an estimated earnings growth rate of 14.3% for the current fiscal year. The stock has gained 38% in the past six months.
IDEX Corporation (IEX - Free Report) presently carries a Zacks Rank #2 (Buy). The company pulled off a trailing four-quarter earnings surprise of 5.7%, on average.
IDEX has an estimated earnings growth rate of 28.3% and 6.1% for the current and next years, respectively. The stock has rallied 38% in the past six months.