Siemens Gamesa and Siemens Energy Join Forces to Mass Produce Renewable Hydrogen

Siemens Gamesa and Siemens Energy announced today that they will invest €120 million over five years to develop a turbine that will convert wind energy into Hydrogen. The companies are Read More... The post Siemens Gamesa and Siemens Energy Join Forces to Mass Produce Renewable Hydrogen appeared first on TipRanks Financial Blog.

Siemens Gamesa and Siemens Energy Join Forces to Mass Produce Renewable Hydrogen

Siemens Gamesa and Siemens Energy announced today that they will invest €120 million over five years to develop a turbine that will convert wind energy into Hydrogen. The companies are hoping to provide a full-scale offshore demonstration of the solution by 2025/2026.

The offshore wind-to-hydrogen solution will produce large-scale, cost-efficient, green hydrogen from renewable wind powered energy.

Siemens Gamesa (GCTAF) will invest €80 million and will adapt its development of the world’s most powerful turbine, the SG14-222 DD offshore wind turbine, to integrate an electrolysis system that will be developed by Siemens Energy, into the turbine’s operations. Siemens Energy will invest €40 million in the project.

Andreas Nauen, Siemens Gamesa CEO, said, “Our more than 30 years of experience and leadership in the offshore wind industry, coupled with Siemens Energy’s expertise in electrolyzers, brings together brilliant minds and cutting-edge technologies to address the climate crisis… It makes me very proud that our people are a part of shaping a greener future.” (See GCTAF stock analysis on TipRanks)

Deutsche Bank analyst Gael De-Bray reiterated his Hold rating on GCTAF shares yesterday and raised his price target to $36.63. This implies downside potential of around 15% from current levels.

De-Bray expects margins for most European capital goods companies to improve and believes that sales growth in the fourth quarter will be higher, compared to the previous quarter.

Consensus among analysts is a Hold based on 3 Buys, 6 Holds and 1 Sell. The average price target of $35.35 suggests downside potential of around 18% over the next 12 months.

Investors are currently Neutral on the stock, with less than 0.1% of all portfolios holding GCTAF shares. Of the portfolios that do hold the stock, investors have allocated around 5.7% of their portfolios to GCTAF.

Related News:
Big Lots Sinks 8.7% On Weaker-Than-Expected 4Q Profit
Target Holiday Sales Pop 17% As Online Shopping Takes Over
Regeneron Inks Deal to Supply Additional 1.25M COVID-19 Antibody Doses to US

The post Siemens Gamesa and Siemens Energy Join Forces to Mass Produce Renewable Hydrogen appeared first on TipRanks Financial Blog.

Source : Tip Ranks More