TotalEnergies (TTE) Signs Green Hydrogen Deal With Air Products

10.06.24 17:55 Uhr

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TotalEnergies SE TTE and Air Products and Chemicals APD have signed a 15-year agreement for the annual supply of 70,000 tons of green hydrogen in Europe, expected to begin in 2030.TotalEnergies provides long-term contracts with its six refineries and two biorefineries in Europe, demonstrating its ability to aid in the development of a green hydrogen sector and lead the energy transition.Benefits of the AgreementPer the terms of the agreement, Air Products will deliver green hydrogen from Air Products’ global supply network to TotalEnergies’ Northern European refineries. Each year, this hydrogen supply is expected to avoid about 700,000 tons of CO2.This deal is in sync with TotalEnergies' objective of reducing net greenhouse gas emissions from its operated oil and gas operations (Scope 1+2) by 40% within 2030 compared to the 2015 levels.Focus on Green HydrogenTotalEnergies is dedicated to minimizing the environmental impact associated with the generation, transformation and distribution of energy to its customers. The company has pinpointed green or low-carbon hydrogen as a key strategy to decarbonize its European refineries. TotalEnergies' goal of decarbonizing all hydrogen used in its European refineries within 2030 is perfectly in sync with this objective. It aims to replace grey hydrogen with low-carbon hydrogen by 2030, indicating a reduction of 3 million tons of CO2 per year.TotalEnergies is set to decarbonize all its European refineries by the end of the decade. It floated a tender for supply of 500,000 tons of green hydrogen annually.In May 2024, TotalEnergies and EREN Groupe’s joint venture TE H2, along with VERBUND, Austria’s leading electricity company, signed a Memorandum of Understanding with Republic of Tunisia to develop a large green hydrogen project, named H2 Notos, for export to Central Europe through pipelines.Green hydrogen will be produced using electrolysers, powered by large onshore wind and solar projects, and supplied with desalinated seawater. The project is aimed at producing 200,000 tons of green hydrogen annually during its initial phase, with the potential to scale up to 1 million tons per year in South Tunisia.Growth ProspectsThe green hydrogen market is experiencing rapid growth, driven by global efforts to reduce carbon emissions and advancements in electrolysis and renewables. Per a Markets and Markets report, the green hydrogen market was valued at $1.1 billion in 2023 and is projected to reach $30.6 billion by 2030, indicating a CAGR of 61.1% during 2023-2030.Along with TotalEnergies, other oil and gas companies like BP plc BP and Equinor ASA EQNR are also set to take advantage of the rising green hydrogen demand.BP’s unit BP Ventures and Templewater invested $10 million in the promising green hydrogen startup, aiming to accelerate the global transition to sustainable energy. Hydrogen is one of BP's key transition growth engines, and this investment marks a significant step in BP’s ambition to lead in low-carbon hydrogen production globally.BP’s long-term (three- to five-year) earnings growth rate is 4%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 0.4%.In 2023, EQNR entered into an agreement with Germany-based electricity generation company, RWE, to develop offshore wind farms capable of producing green hydrogen. The companies expect to invest in flexible hydrogen-ready CCGT in Germany, with a total capacity of 3 gigawatts by 2030. The project should contribute to strengthening Europe’s security of supply and boost the production of low-carbon hydrogen.EQNR’s long-term earnings growth rate is 2.2%. The Zacks Consensus Estimate for 2024 EPS indicates a year-over-year increase of 2.6%.Price PerformanceIn the past three months, shares of TotalEnergies have risen 5.5% compared with the industry’s 0.4% growth.    Image Source: Zacks Investment ResearchZacks RankThe company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Free Report – The Bitcoin Profit PhenomenonZacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.Download Now – Today It’s FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Air Products and Chemicals, Inc. (APD): Free Stock Analysis Report BP p.l.c. (BP): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Analysen zu TotalEnergies

DatumRatingAnalyst
16.07.2024TotalEnergies NeutralGoldman Sachs Group Inc.
16.07.2024TotalEnergies BuyUBS AG
16.07.2024TotalEnergies Sector PerformRBC Capital Markets
16.07.2024TotalEnergies HoldJefferies & Company Inc.
09.07.2024TotalEnergies OverweightJP Morgan Chase & Co.
DatumRatingAnalyst
16.07.2024TotalEnergies BuyUBS AG
09.07.2024TotalEnergies OverweightJP Morgan Chase & Co.
02.07.2024TotalEnergies BuyUBS AG
16.05.2024TotalEnergies OverweightJP Morgan Chase & Co.
07.05.2024TotalEnergies BuyJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
DatumRatingAnalyst
16.07.2024TotalEnergies NeutralGoldman Sachs Group Inc.
16.07.2024TotalEnergies Sector PerformRBC Capital Markets
16.07.2024TotalEnergies HoldJefferies & Company Inc.
03.07.2024TotalEnergies Sector PerformRBC Capital Markets
01.07.2024TotalEnergies Sector PerformRBC Capital Markets
DatumRatingAnalyst
29.10.2018TOTAL UnderweightJP Morgan Chase & Co.
26.10.2018TOTAL UnderweightJP Morgan Chase & Co.
17.10.2018TOTAL UnderweightJP Morgan Chase & Co.
11.10.2018TOTAL UnderweightJP Morgan Chase & Co.
17.09.2018TOTAL UnderweightJP Morgan Chase & Co.

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