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Baker Hughes (BKR) Steers Hydrogen Revolution With New Facility
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Baker Hughes Company (BKR - Free Report) ), a leading energy technology company, announced major achievements and collaborations during its 24th Annual Meeting in Florence, Italy, on Jan 29. The company highlighted milestones in advancing its hydrogen-enabling technologies, with a focus on testing facilities, project execution and strategic partnerships.
New Hydrogen Testing Facility Unveiled
Baker Hughes unveiled a new hydrogen testing facility dedicated to the validation of its NovaLT industrial turbines, capable of running blends up to 100% hydrogen. This facility boasts a comprehensive test bench for full load testing, complete fuel flexibility and a remarkable 300-bar pressure with a 2,450 kg storage capacity. The facility is poised to play a pivotal role in Baker Hughes' collaborative efforts with customers in the burgeoning hydrogen economy.
NovaLT 16 Hydrogen Turbine Completion
The company celebrated the completion of manufacturing and testing of its NovaLT 16 hydrogen turbines, a key component for Air Products' Net-Zero Hydrogen Energy Complex in Edmonton, Canada. These turbines underwent rigorous full-load testing at the newly unveiled hydrogen testing facility, showcasing their reliability and efficiency.
Advanced Hydrogen Compression Solutions for NEOM Project
Baker Hughes reported significant progress on another crucial hydrogen project with the delivery of advanced hydrogen compression solutions for the NEOM project in Saudi Arabia. This project, a collaboration among ACWA Power, Air Products and NEOM, is hailed as the world's largest green hydrogen initiative. The first two trains of hydrogen compression solutions mark a vital step forward in realizing the ambitious goals of the NEOM project.
Strategic Collaboration With HyET
BKR has entered into a collaboration agreement with HyET, a leading provider of low-cost, distributed power generation and commercially viable high-pressure hydrogen production technologies. The partnership aims to advance the development, industrialization and commercialization of an advanced hydrogen compression solution, further solidifying Baker Hughes' commitment to innovation in the hydrogen sector.
Memorandum of Understanding (MoU) With Green Energy Park
In another significant move, Baker Hughes signed a MoU with Green Energy Park, a vertically integrated renewable energy company specializing in ammonia and hydrogen terminal projects worldwide. The MoU outlines the principles of collaboration in multiple areas of the green hydrogen value chain, encompassing production, storage, transportation, and utilization of green hydrogen and ammonia-based fuels. The collaboration also explores the possibility of co-developing related technologies and projects on a giga-watt scale.
Dr. Samir J. Serhan, chief operating officer at Air Products, praised Baker Hughes' role in executing large-scale clean hydrogen projects, emphasizing its shared commitment to driving the energy transition and achieving the net-zero target.
Lorenzo Simonelli, chairman and CEO of Baker Hughes, highlighted the transformative nature of the energy transition, turning customer relationships into comprehensive partnerships for innovation. He emphasized the significance of collaboration and innovation in achieving the net-zero goal, pointing toward Baker Hughes' dedication to investing in and developing innovative solutions across the entire hydrogen value chain.
Zacks Rank & Key Picks
Currently, Baker Hughes carries a Zack Rank #3 (Hold).
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
Helix Energy Solutions is an international offshore energy company specializing in well intervention and robotics operations within its Contracting Services. HLX focuses on delivering cost-effective services with a commitment to zero incidents. The company integrates marine contracting with oil and gas operations to bring stability to revenues and earnings, thereby mitigating the cyclical nature of the energy industry.
Enbridge has an extensive oil and liquid pipeline system that spreads across 17,809 miles. A significant portion of the midstream operator’s earnings is generated from transportation operations, driven by a string of long-term contracts. ENB anticipates substantial cash flows from the recently completed midstream projects.
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Baker Hughes (BKR) Steers Hydrogen Revolution With New Facility
Baker Hughes Company (BKR - Free Report) ), a leading energy technology company, announced major achievements and collaborations during its 24th Annual Meeting in Florence, Italy, on Jan 29. The company highlighted milestones in advancing its hydrogen-enabling technologies, with a focus on testing facilities, project execution and strategic partnerships.
New Hydrogen Testing Facility Unveiled
Baker Hughes unveiled a new hydrogen testing facility dedicated to the validation of its NovaLT industrial turbines, capable of running blends up to 100% hydrogen. This facility boasts a comprehensive test bench for full load testing, complete fuel flexibility and a remarkable 300-bar pressure with a 2,450 kg storage capacity. The facility is poised to play a pivotal role in Baker Hughes' collaborative efforts with customers in the burgeoning hydrogen economy.
NovaLT 16 Hydrogen Turbine Completion
The company celebrated the completion of manufacturing and testing of its NovaLT 16 hydrogen turbines, a key component for Air Products' Net-Zero Hydrogen Energy Complex in Edmonton, Canada. These turbines underwent rigorous full-load testing at the newly unveiled hydrogen testing facility, showcasing their reliability and efficiency.
Advanced Hydrogen Compression Solutions for NEOM Project
Baker Hughes reported significant progress on another crucial hydrogen project with the delivery of advanced hydrogen compression solutions for the NEOM project in Saudi Arabia. This project, a collaboration among ACWA Power, Air Products and NEOM, is hailed as the world's largest green hydrogen initiative. The first two trains of hydrogen compression solutions mark a vital step forward in realizing the ambitious goals of the NEOM project.
Strategic Collaboration With HyET
BKR has entered into a collaboration agreement with HyET, a leading provider of low-cost, distributed power generation and commercially viable high-pressure hydrogen production technologies. The partnership aims to advance the development, industrialization and commercialization of an advanced hydrogen compression solution, further solidifying Baker Hughes' commitment to innovation in the hydrogen sector.
Memorandum of Understanding (MoU) With Green Energy Park
In another significant move, Baker Hughes signed a MoU with Green Energy Park, a vertically integrated renewable energy company specializing in ammonia and hydrogen terminal projects worldwide. The MoU outlines the principles of collaboration in multiple areas of the green hydrogen value chain, encompassing production, storage, transportation, and utilization of green hydrogen and ammonia-based fuels. The collaboration also explores the possibility of co-developing related technologies and projects on a giga-watt scale.
Dr. Samir J. Serhan, chief operating officer at Air Products, praised Baker Hughes' role in executing large-scale clean hydrogen projects, emphasizing its shared commitment to driving the energy transition and achieving the net-zero target.
Lorenzo Simonelli, chairman and CEO of Baker Hughes, highlighted the transformative nature of the energy transition, turning customer relationships into comprehensive partnerships for innovation. He emphasized the significance of collaboration and innovation in achieving the net-zero goal, pointing toward Baker Hughes' dedication to investing in and developing innovative solutions across the entire hydrogen value chain.
Zacks Rank & Key Picks
Currently, Baker Hughes carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Oceaneering International, Inc. (OII - Free Report) , Helix Energy Solutions Group, Inc. (HLX - Free Report) and Enbridge Inc. (ENB - Free Report) . While Oceaneering sports a Zacks Rank #1 (Strong Buy), both Helix Energy and Enbridge carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
Helix Energy Solutions is an international offshore energy company specializing in well intervention and robotics operations within its Contracting Services. HLX focuses on delivering cost-effective services with a commitment to zero incidents. The company integrates marine contracting with oil and gas operations to bring stability to revenues and earnings, thereby mitigating the cyclical nature of the energy industry.
Enbridge has an extensive oil and liquid pipeline system that spreads across 17,809 miles. A significant portion of the midstream operator’s earnings is generated from transportation operations, driven by a string of long-term contracts. ENB anticipates substantial cash flows from the recently completed midstream projects.