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General Electric (GE), IHI to Make Ammonia-Based Gas Turbine
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General Electric Company (GE - Free Report) arm GE Gas Power has signed a Memorandum of Understanding (MOU) with Japan-based heavy industry manufacturer IHI Corporation (IHI) to develop ammonia-fueled gas turbines to generate electricity with reduced or near zero carbon dioxide emissions.
Per the agreement, the companies will work together to develop a technology roadmap by 2030 that includes the engineering, prototyping and testing of the turbine technology. The turbine technology will allow GE's existing 6F.03, 7F and 9F gas turbines to safely burn up to 100% ammonia. It may also be implemented across General Electric’s other gas turbines in the time to come. In June 2021, GE and IHI had signed an MOU to conduct an economic assessment for the use of ammonia as a carbon-free fuel for both existing and new gas turbines.
GE’s expertise in engineering and manufacturing gas turbine combustors together with IHI’s ammonia combustion technology competence will enable the power plant operators to use carbon-free fuels such as ammonia for power generation in their GE gas turbines. This will reduce carbon emissions in the power sector worldwide. The agreement also aims to meet the domestic and overseas demand for large-scale ammonia gas turbines.
In the past 60 days, Xylem’s earnings estimates have increased 0.1% for 2022. The stock has gained 42.4% in the past six months.
Valmont Industries, Inc. (VMI - Free Report) presently has a Zacks Rank #2 (Buy). VMI’s earnings surprise in the last four quarters was 12.5%, on average.
In the past 60 days, Valmont’s earnings estimates have increased 0.1% for 2022. The stock has rallied 41.4% in the past six months.
IDEX Corporation (IEX - Free Report) presently has a Zacks Rank of 2. IEX’s earnings surprise in the last four quarters was 5.7%, on average.
In the past 60 days, IDEX’s earnings estimates have increased 0.1% for 2022. The stock has rallied 24.9% in the past six months.
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General Electric (GE), IHI to Make Ammonia-Based Gas Turbine
General Electric Company (GE - Free Report) arm GE Gas Power has signed a Memorandum of Understanding (MOU) with Japan-based heavy industry manufacturer IHI Corporation (IHI) to develop ammonia-fueled gas turbines to generate electricity with reduced or near zero carbon dioxide emissions.
Per the agreement, the companies will work together to develop a technology roadmap by 2030 that includes the engineering, prototyping and testing of the turbine technology. The turbine technology will allow GE's existing 6F.03, 7F and 9F gas turbines to safely burn up to 100% ammonia. It may also be implemented across General Electric’s other gas turbines in the time to come. In June 2021, GE and IHI had signed an MOU to conduct an economic assessment for the use of ammonia as a carbon-free fuel for both existing and new gas turbines.
GE’s expertise in engineering and manufacturing gas turbine combustors together with IHI’s ammonia combustion technology competence will enable the power plant operators to use carbon-free fuels such as ammonia for power generation in their GE gas turbines. This will reduce carbon emissions in the power sector worldwide. The agreement also aims to meet the domestic and overseas demand for large-scale ammonia gas turbines.
General Electric Company Price
General Electric Company price | General Electric Company Quote
The collaboration is in line with GE and IHI’s commitment to driving the transition towards a lower-carbon future in the power generation sector.
Zacks Rank & Stocks to Consider
GE currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked companies are discussed below:
Xylem Inc. (XYL - Free Report) presently sports a Zacks Rank #1 (Strong Buy). XYL’s earnings surprise in the last four quarters was 13.3%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, Xylem’s earnings estimates have increased 0.1% for 2022. The stock has gained 42.4% in the past six months.
Valmont Industries, Inc. (VMI - Free Report) presently has a Zacks Rank #2 (Buy). VMI’s earnings surprise in the last four quarters was 12.5%, on average.
In the past 60 days, Valmont’s earnings estimates have increased 0.1% for 2022. The stock has rallied 41.4% in the past six months.
IDEX Corporation (IEX - Free Report) presently has a Zacks Rank of 2. IEX’s earnings surprise in the last four quarters was 5.7%, on average.
In the past 60 days, IDEX’s earnings estimates have increased 0.1% for 2022. The stock has rallied 24.9% in the past six months.