General Electric (GE), Svante Collaborate on Carbon Capture
General Electric’s GE unit, GE Gas Power, has 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. Simultaneously, GE made an equity investment in Svante for the latter’s U.S. $318-million Series E fundraising round in December 2022.
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.
GE Gas Power is part of GE Vernova, the combined operations of GE Power and Renewable Energy. General Electric is set to separate its GE Vernova division into an independent company in 2024 as part of its energy transition initiatives.
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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.
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 & Key Picks
General Electric currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Deere & Company DE currently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 4.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
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Allegion plc ALLE currently carries a Zacks Rank #2 (Buy). The company pulled off a trailing four-quarter earnings surprise of 10.3%, on average.
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