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Southern Company (SO) Invests $5M in E-Mobility Initiatives
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Southern Company’s (SO - Free Report) electric subsidiary, Georgia Power, one of the largest electric utilities in the United States, recently made a historic move. It invested $5 million in the University of Georgia's College of Engineering to support e-mobility initiatives.
This is the largest single investment in the college's history and will fund programs and opportunities related to electric transportation, including cars, bicycles and aircraft. The amount will be distributed across four areas — Cultivation of an E-Mobility Network, E-Mobility Scholarships, E-Mobility Research, and E-Mobility Community Partnerships.
The state of Georgia has experienced substantial growth in the e-mobility sector in recent years. The $5 million investment is part of Southern Company’s commitment to advancing this growth.
This funding will support the university's Certificate in E-Mobility program and facilitate access of underrepresented and underserved communities to e-mobility services. It will also fund research on battery technology and design, and help explore strategic partnerships with other academic institutions across Georgia.
The E-Mobility Network will bring together stakeholders across the state to identify investment opportunities in the e-mobility sector. The idea is to facilitate partnerships between academic institutions, government agencies and private sectors to accelerate the growth of e-mobility.
The E-Mobility Scholarships initiative will provide financial support to students pursuing career in the e-mobility sector. The scholarship will be awarded to students who demonstrate a strong commitment to e-mobility and have a promising future in their academic and professional pursuits.
The E-Mobility Research initiative will support research on critical topics related to e-mobility, such as battery charging infrastructure and the development of new technologies. This research will help advance the e-mobility sector and make Georgia a leader in the development and deployment of new e-mobility products.
In April 2022, Southern Company donated $250,000 to create the Georgia Power Electric Mobility Distinguished Professorship, an endowed faculty position in the College of Engineering. This donation is part of the company’s ongoing partnership with the state to attract and retain businesses in Georgia.
According to the Georgia Department of Economic Development, 35 electric-vehicle-related projects have committed more than $23 billion in realized or planned investments in the state since 2018. This made Georgia an e-mobility hub in the United States. Southern Company’s contribution will further strengthen its position in the aforementioned sector.
Zacks Rank and Key Picks
Southern Company is an American utility firm that provides electricity to customers across southern United States. It is one of the country's largest energy companies, focusing on clean energy and sustainability. Currently, SO carries a Zacks Rank #3 (Hold).
MYR Group: The company is worth approximately $2.00 billion. Its shares have increased 37% in the past year.
MYR Group is a holding company of specialty contractors, providing comprehensive electrical infrastructure services in Canada and the U.S. It offers design, engineering, procurement, construction, upgrade, maintenance, and repair services for transmission and distribution networks, and substation facilities of any size and type.
E.ON: The company is valued at around $32.91 billion. In the past year, its shares have increased 9.1%.
EONGY is the world's largest investor-owned energy service provider with operations in the following businesses: energy, chemicals, real estate, oil, telecommunications, distribution/logistics, aluminum and silicon wafers.
Exelon: The company is valued at around $42.97 billion. It currently pays $1.44 per share to its investors.
EXC delivered an average earnings surprise of 6.60% for the last four quarters and its current dividend yield is 3.33%.
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Southern Company (SO) Invests $5M in E-Mobility Initiatives
Southern Company’s (SO - Free Report) electric subsidiary, Georgia Power, one of the largest electric utilities in the United States, recently made a historic move. It invested $5 million in the University of Georgia's College of Engineering to support e-mobility initiatives.
This is the largest single investment in the college's history and will fund programs and opportunities related to electric transportation, including cars, bicycles and aircraft. The amount will be distributed across four areas — Cultivation of an E-Mobility Network, E-Mobility Scholarships, E-Mobility Research, and E-Mobility Community Partnerships.
The state of Georgia has experienced substantial growth in the e-mobility sector in recent years. The $5 million investment is part of Southern Company’s commitment to advancing this growth.
This funding will support the university's Certificate in E-Mobility program and facilitate access of underrepresented and underserved communities to e-mobility services. It will also fund research on battery technology and design, and help explore strategic partnerships with other academic institutions across Georgia.
The E-Mobility Network will bring together stakeholders across the state to identify investment opportunities in the e-mobility sector. The idea is to facilitate partnerships between academic institutions, government agencies and private sectors to accelerate the growth of e-mobility.
The E-Mobility Scholarships initiative will provide financial support to students pursuing career in the e-mobility sector. The scholarship will be awarded to students who demonstrate a strong commitment to e-mobility and have a promising future in their academic and professional pursuits.
The E-Mobility Research initiative will support research on critical topics related to e-mobility, such as battery charging infrastructure and the development of new technologies. This research will help advance the e-mobility sector and make Georgia a leader in the development and deployment of new e-mobility products.
In April 2022, Southern Company donated $250,000 to create the Georgia Power Electric Mobility Distinguished Professorship, an endowed faculty position in the College of Engineering. This donation is part of the company’s ongoing partnership with the state to attract and retain businesses in Georgia.
According to the Georgia Department of Economic Development, 35 electric-vehicle-related projects have committed more than $23 billion in realized or planned investments in the state since 2018. This made Georgia an e-mobility hub in the United States. Southern Company’s contribution will further strengthen its position in the aforementioned sector.
Zacks Rank and Key Picks
Southern Company is an American utility firm that provides electricity to customers across southern United States. It is one of the country's largest energy companies, focusing on clean energy and sustainability. Currently, SO carries a Zacks Rank #3 (Hold).
Investors interested in the utility sector might look at some better-ranked stocks like MYR Group (MYRG - Free Report) , E.ON (EONGY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), and Exelon (EXC - Free Report) , holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
MYR Group: The company is worth approximately $2.00 billion. Its shares have increased 37% in the past year.
MYR Group is a holding company of specialty contractors, providing comprehensive electrical infrastructure services in Canada and the U.S. It offers design, engineering, procurement, construction, upgrade, maintenance, and repair services for transmission and distribution networks, and substation facilities of any size and type.
E.ON: The company is valued at around $32.91 billion. In the past year, its shares have increased 9.1%.
EONGY is the world's largest investor-owned energy service provider with operations in the following businesses: energy, chemicals, real estate, oil, telecommunications, distribution/logistics, aluminum and silicon wafers.
Exelon: The company is valued at around $42.97 billion. It currently pays $1.44 per share to its investors.
EXC delivered an average earnings surprise of 6.60% for the last four quarters and its current dividend yield is 3.33%.