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General Electric (GE) Signs MOU to Produce Green Hydrogen
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General Electric Company’s (GE - Free Report) unit, GE Vernova’s Power Conversion business, has signed a Memorandum of Understanding (MOU) with Next Hydrogen to combine their expertise in the field of green hydrogen production.
Hydrogen is traditionally made by breaking water molecules into hydrogen and oxygen through electrolysis and the process requires a large amount of efficient and reliable electricity. However, in the process of producing green hydrogen, very little or no greenhouse gas is emitted and it is used as a component for eFuels and ammonia products.
Per the deal, GE will combine its power systems offerings with Next Hydrogen’s electrolysis technology to generate green hydrogen. GE will integrate DC power supplies together with the power quality, such as synchronous condensers, energy storage, motors and drives, for compression and water, and controls with energy management systems.
Initially, the two companies will aim to deliver power systems that will be used with the forthcoming generation of Next Hydrogen electrolysers slated to be launched in 2024. This collaboration includes the installation, testing and integration of a Next Hydrogen water electrolyzer with a power supply carefully designed and made by General Electric. The two companies are expected to focus on near-term market demonstrations and deployments, paving the way for expanded large-scale commercial green hydrogen initiatives. This deal further bolsters GE’s decarbonization efforts.
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General Electric currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies have been discussed below.
FLS delivered a trailing four-quarter average earnings surprise of 27.3%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2023 earnings has increased 3.1%. The stock has risen 20.5% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 13.9%.
The consensus estimate for AIT’s fiscal 2024 earnings has increased 3.7% in the past 60 days. Shares of Applied Industrial have jumped 22.9% in the past year.
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General Electric (GE) Signs MOU to Produce Green Hydrogen
General Electric Company’s (GE - Free Report) unit, GE Vernova’s Power Conversion business, has signed a Memorandum of Understanding (MOU) with Next Hydrogen to combine their expertise in the field of green hydrogen production.
Hydrogen is traditionally made by breaking water molecules into hydrogen and oxygen through electrolysis and the process requires a large amount of efficient and reliable electricity. However, in the process of producing green hydrogen, very little or no greenhouse gas is emitted and it is used as a component for eFuels and ammonia products.
Per the deal, GE will combine its power systems offerings with Next Hydrogen’s electrolysis technology to generate green hydrogen. GE will integrate DC power supplies together with the power quality, such as synchronous condensers, energy storage, motors and drives, for compression and water, and controls with energy management systems.
General Electric Company Price
General Electric Company price | General Electric Company Quote
Initially, the two companies will aim to deliver power systems that will be used with the forthcoming generation of Next Hydrogen electrolysers slated to be launched in 2024. This collaboration includes the installation, testing and integration of a Next Hydrogen water electrolyzer with a power supply carefully designed and made by General Electric. The two companies are expected to focus on near-term market demonstrations and deployments, paving the way for expanded large-scale commercial green hydrogen initiatives. This deal further bolsters GE’s decarbonization efforts.
Zacks Rank & Other Stocks to Consider
General Electric currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies have been discussed below.
Flowserve Corporation (FLS - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 27.3%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2023 earnings has increased 3.1%. The stock has risen 20.5% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 13.9%.
The consensus estimate for AIT’s fiscal 2024 earnings has increased 3.7% in the past 60 days. Shares of Applied Industrial have jumped 22.9% in the past year.
A. O. Smith Corporation (AOS - Free Report) currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 14%.
In the past 60 days, the consensus estimate for A. O. Smith’s 2023 earnings has improved 5%. The stock has risen 22.5% in the past year.