General Electric (GE) Arm Signs MOU With NL on Carbon Capture
General Electric Company GE unit, GE Vernova, has signed a Memorandum of Understanding (MOU) with Northern Lights JV DA ("NL") to enhance the advancement of end-to-end carbon capture and storage (CCS) solutions, as well as the capture, transportation and storage applied to power plants fueled by GE gas turbines. NL is a Norway-based company that is responsible for producing infrastructure for cross-border carbon dioxide (CO2) transportation and storage.
CCS is required to lower emissions from the power and heat market in Europe. It diminishes CO2 discharge from hard-to-abate industries where the availability of substitutes is limited. The deal will allow GE and NL to work together to explore technical and logistical solutions to capture, transport and store CO2 which will be pivotal to establish a competent CCS supply chain. This agreement between the two companies aligns with GE’s goal to reduce carbon footprint from gas-fired facilities to supply flexible, reliable and cost-effective electricity for homes and businesses.
In March 2023, GE entered into a joint development agreement (JDA) with the Canadian company, Svante, to develop and evaluate solid sorbent-based carbon capture technology for natural gas power generation applications. The agreement is a part of General Electric’s sustainability initiatives to drive energy transition by investing in crucial technologies like carbon capture, which can help significantly reduce emissions.
Through the latest collaboration, Svante’s novel carbon capture filters made by coating solid adsorbents can be used in multiple applications to capture carbon dioxide emissions at refineries, cement, steel, aluminum, lime, boilers, pulp and paper industries. The technology can be used for point-source post-combustion carbon capture to prevent carbon dioxide emissions from reaching the atmosphere.
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The JDA between GE Gas Power and Svante will focus on the development and commercialization of novel solid sorbent technologies to decarbonize natural gas-fired turbines in a cost-effective and environment-friendly way.
Zacks Rank & Stocks to Consider
GE currently carries a Zacks Rank #3 (Hold). Some better-ranked companies are discussed below:
Ingersoll Rand Inc. IR presently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.
IR delivered a trailing four-quarter earnings surprise of 12.6%, on average. In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 7.5%. The stock has improved 20.3% in the year-to-date period.
Alamo Group Inc. ALG currently flaunts a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 28.1% in the year-to-date period.
Axon Enterprise AXON sports a Zacks Rank of 1 at present. The company has a trailing four-quarter earnings surprise of 44.4%, on average.
In the past 60 days, estimates for Axon’s 2023 earnings have increased 13%. The stock has rallied 18.7% in the year-to-date period.
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