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TotalEnergies (TTE) Buys Startups, Expands Electrical Business
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TotalEnergies (TTE - Free Report) announced that it acquired a few startups to boost its Electrical Business operations.
The company acquired three start-ups that have benefited from its TotalEnergies On acceleration program. It also acquired a controlling interest in Time2plug (56% stake) to facilitate and accelerate the deployment of electric vehicle (“EV”) charging points in France for its small B2B customers.
How These Acquisitions Will Assist TTE
TotalEnergies’ long-term goal is to build a portfolio of low-carbon businesses that could account for 15-20% of its sales by 2040.
With the acquisition of Dsflow, TotalEnergies will provide its multi-site, electricity-intensive B2B customers with an innovative Software-as-a-Service solution to pilot their assets in real-time and optimize their procurement strategy.
Acquisition of NASH Renewables will allow TotalEnergies to utilize the software platform developed by the former to optimize the design and operating parameters of its renewable projects with a design-to-value approach.
The acquisition of Predictive Layer will allow TotalEnergies to benefit from the former’s machine learning and artificial intelligence solutions, which focus on energy price forecasting on both physical and derivatives markets, as well as other tailor-made forecast modeling of demand, supply, production or non-commodity trading.
The acquisition of these startups, which specialize in different areas, will assist TotalEnergies in further expanding its electrical business across the globe.
TotalEnergies has already decided on its long-term renewable energy goal of generating more than 100 terawatt hours of clean energy by 2030. The company will make substantial investments each year in its renewable business to expand operations globally.
Renewables to Play a Crucial Part in Energy Mix
Per the International Energy Agency report, by 2030, renewable energy will supply 50% of the world's electricity needs, up from about 30% at the current levels. A global tilt toward clean energy sources is evident, which creates opportunities for companies in the clean energy generation business.
TotalEnergies has been making efforts to cut emissions and add more clean energy generation assets to its portfolio. Given the substantial growth opportunity in this space, other oil and gas companies like ExxonMobil Corporation (XOM - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) are also adopting measures to reduce emissions from operations.
To meet the growing demand for clean fuels, ExxonMobil has been working to reduce emissions by developing more efficient fuels. The company intends to make large investments in emission-reduction projects over the next few years. XOM has developed an ambitious roadmap to achieve net-zero Scope 1 and net-zero Scope 2 GHG emissions by 2030 for unconventionally operated assets.
BP has established an ambitious energy transition strategy to take advantage of the growing demand for sustainable energy. The company plans to develop nearly 50 gigawatt (GW) by 2030 of net renewable generating capacity globally, up from 3.3 GW in 2021.
CVX is making efforts to lower methane emissions. The company has adopted an upstream methane-intensity target of 2.0 kg CO2e/boe by 2028, which represents a 57% reduction from its 2016 baseline. It has reduced its methane intensity by more than 50% and is actively making efforts to end routine flaring by 2030.
Price Performance
Over the past six months, shares of TTE have risen 13.9% compared with the industry’s growth of 12.6%.
Image: Bigstock
TotalEnergies (TTE) Buys Startups, Expands Electrical Business
TotalEnergies (TTE - Free Report) announced that it acquired a few startups to boost its Electrical Business operations.
The company acquired three start-ups that have benefited from its TotalEnergies On acceleration program. It also acquired a controlling interest in Time2plug (56% stake) to facilitate and accelerate the deployment of electric vehicle (“EV”) charging points in France for its small B2B customers.
How These Acquisitions Will Assist TTE
TotalEnergies’ long-term goal is to build a portfolio of low-carbon businesses that could account for 15-20% of its sales by 2040.
With the acquisition of Dsflow, TotalEnergies will provide its multi-site, electricity-intensive B2B customers with an innovative Software-as-a-Service solution to pilot their assets in real-time and optimize their procurement strategy.
Acquisition of NASH Renewables will allow TotalEnergies to utilize the software platform developed by the former to optimize the design and operating parameters of its renewable projects with a design-to-value approach.
The acquisition of Predictive Layer will allow TotalEnergies to benefit from the former’s machine learning and artificial intelligence solutions, which focus on energy price forecasting on both physical and derivatives markets, as well as other tailor-made forecast modeling of demand, supply, production or non-commodity trading.
The acquisition of these startups, which specialize in different areas, will assist TotalEnergies in further expanding its electrical business across the globe.
TotalEnergies has already decided on its long-term renewable energy goal of generating more than 100 terawatt hours of clean energy by 2030. The company will make substantial investments each year in its renewable business to expand operations globally.
Renewables to Play a Crucial Part in Energy Mix
Per the International Energy Agency report, by 2030, renewable energy will supply 50% of the world's electricity needs, up from about 30% at the current levels. A global tilt toward clean energy sources is evident, which creates opportunities for companies in the clean energy generation business.
TotalEnergies has been making efforts to cut emissions and add more clean energy generation assets to its portfolio. Given the substantial growth opportunity in this space, other oil and gas companies like ExxonMobil Corporation (XOM - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) are also adopting measures to reduce emissions from operations.
To meet the growing demand for clean fuels, ExxonMobil has been working to reduce emissions by developing more efficient fuels. The company intends to make large investments in emission-reduction projects over the next few years. XOM has developed an ambitious roadmap to achieve net-zero Scope 1 and net-zero Scope 2 GHG emissions by 2030 for unconventionally operated assets.
BP has established an ambitious energy transition strategy to take advantage of the growing demand for sustainable energy. The company plans to develop nearly 50 gigawatt (GW) by 2030 of net renewable generating capacity globally, up from 3.3 GW in 2021.
CVX is making efforts to lower methane emissions. The company has adopted an upstream methane-intensity target of 2.0 kg CO2e/boe by 2028, which represents a 57% reduction from its 2016 baseline. It has reduced its methane intensity by more than 50% and is actively making efforts to end routine flaring by 2030.
Price Performance
Over the past six months, shares of TTE have risen 13.9% compared with the industry’s growth of 12.6%.
Image Source: Zacks Investment Research
Zacks Rank
TotalEnergies currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.