Jacobs Solutions Inc. J has been benefiting from clients’ continuous investment in clean energy across all sectors. In sync with this, Jacobs recently secured a contract with South Korean offshore wind farm project developer Elenergy to conduct a feasibility study for new green hydrogen production and import facility in South Korea.
This Dallas, TX-based leading provider of professional, technical and construction services will carry out a green hydrogen market analysis and technology review, develop the conceptual design and conduct a business case assessment for setting up the facility.
Jacobs will be utilizing its solutions and advisory capability in Singapore and global hydrogen and multi-disciplinary capabilities from the U.K., Australia, Philippines and India.
Jacobs People & Places Solutions (P&PS) senior vice president and general manager of Asia Pacific & Middle East, Keith Lawson, said, "The opportunity to work with Elenergy as a key partner on this project will build on our growing energy transition portfolio in Asia and demonstrates our ambition to be at the forefront of innovative projects to help decarbonize the economy."
The new facility — which will be powered by 100% renewable wind energy sourced from the 1.5 GW Chujin offshore wind farm — will provide locally produced and imported green hydrogen for South Korea, helping in transition to a clean energy economy. Notably, Elenergy is developing the 1.5 GW Chujin offshore wind farm.
In this transition plan, hydrogen will account for 33% of energy consumption and 23.8% of power generation by 2050.
Focus on Climate Change to Drive Growth
Jacobs has been benefiting from the global clean energy drive. The company’s clients have been spending money on clean energy across all sectors, with primary spending related to grid modernization, cost-effective renewable energy generation and EV Charging Infrastructure or EVCI.
Jacobs’ progress in these areas is demonstrated globally, like, in Asia, through advisory and policy consulting for the Asia Development Bank, in Canada, with a pipeline utility program, in Australia, through transmission and distribution design projects with AusNet Services, and in the United States via New Consulting and Advisory framework to advance energy transition with a leading provider.
Transportation electrification and advanced charging infrastructure plans have been clients’ top agendas across all regions for aviation, ports, highways, rail and transit. These include projects for Heathrow Airport in the UK to implement landside EBCI, OhioDoT Statewide EV Infrastructure program, and most of the United States.
Transportation Authority is transitioning operations to zero emissions for one of the world's largest bus fleets by 2040. Overall, Jacobs has been enjoying this space and remains active with its climate response accelerator.
Notably, the P&PS segment backlog at the fiscal third-quarter end was $17.5 billion, up from $15.6 billion a year ago. The P&PS segment’s overall sales pipeline has increased as life sciences and electronics customers have moved forward with the previously paused projects.
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J’s shares have broadly outperformed the Zacks Engineering - R and D Services industry this year. Earnings estimates for fiscal 2022 suggest 10.3% year-over-year growth.
Jacobs currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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