Johnson Controls (JCI) Wins DOE Grant for Heat Pump Production
Johnson Controls International plc JCI has secured a $33 million grant from the U.S. Department of Energy's (DOE) Office of Manufacturing and Energy Supply Chains domestic production of electric heat pumps.
Under this project, JCI will bolster domestic electric heat pump production by expanding three U.S.-based manufacturing facilities, which will make nearly 200,000 units of electric heat pumps a year, representing an approximately 200% increase in energy production. The increased volume will make the energy accessible and affordable while creating employment opportunities and will tackle climate change as well.
This grant is the first one from DOE's authorization to make use of the Defense Production Act to expand domestic production of five key clean energy technologies, including heat pumps. This project will extend the York product offerings at the plants in San Antonio, TA; Wichita, KS; and Waynesboro, PA. Within these regions, JCI will collaborate with the local authorities, community colleges and economic development groups to extend internship, apprenticeship and long-term full-time job opportunities.
Johnson Controls International plc Price
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When completed, JCI expects that this project will lower CO2 emissions from residential heating by 1.63 million metric tons and commercial and industrial heating by 25 metric tons a year.
Zacks Rank & Stocks to Consider
Johnson Controls currently carries a Zacks Rank #4 (Sell). Some better-ranked companies from the Industrial Products sector have been discussed below.
Graco Inc. GGG presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
GGG delivered a trailing four-quarter average earnings surprise of 7.2%. In the past 60 days, the Zacks Consensus Estimate for Graco’s 2023 earnings has increased 1.7%. The stock has risen 14.9% in the past year.
Applied Industrial Technologies, Inc. AIT presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 13.9%.
The consensus estimate for AIT’s fiscal 2024 earnings has increased 3.7% in the past 60 days. Shares of Applied Industrial have jumped 24.8% in the past year.
A. O. Smith Corporation AOS currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 14%.
In the past 60 days, the consensus estimate for A. O. Smith’s 2023 earnings has improved 5%. The stock has risen 23.4% in the past year.
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