JEV:CC - HALO: Which Hydrogen Stocks Could Benefit from $1.25bn Project?
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ValueTheMarkets.com News Commentary: The USDepartment of Energy's massive Hydrogen Hubs program is likely toprovide as much as $1.25bn in funding to the HALO Project, accordingto Rystad Energy. But which energy innovators are poised to benefitfrom this reported outcome? This article discusses the issue withreference to HALO Project participants Baker Hughes ( NYSE:BKR ) , Air Products and Chemicals ( NYSE:APD ) , CF Industries Holdings ( NYSE:CF ) and Jericho Energy Ventures ( TSX.V:JEV ) ( OTC:JROOF ) .
The HALO project, which is a collaboration betweenOklahoma, Louisiana and Arkansas, includes some heavy hitters amongits stakeholders. Oilfield services giant Baker Hughes has beenleaning further and further into the hydrogen space with a raft of newtechnology testing and investment. Air Products and Chemicals coulduse the project to further expand its already extensive transportationoperations. Meanwhile, CF Industries looks set to have a major impacton the US agricultural sector's emissions with its groundbreakingplans for a major electrolysis plant.
Jericho Energy Ventures ( TSX.V:JEV ) ( OTC:JROOF ) has various joint-venture hydrocarbonproperties generating cashflow which it reinvests in the richly valuedhydrogen industry. This extensive reinvestment in the hydrogenindustry is what has resulted in the company backing the HALO project.Its main focus is its zero-emission boiler technology developed by itssubsidiary Hydrogen Technologies, which serves the industrial heat andsteam industry. As industrial and hard-to-abate businesses seek waysto cut emissions, this innovative DCC™ hydrogen-fueled steam boileroffers a compelling option. It's this boiler technology whichJericho is hoping can play a major part in turning the tri-state areainto a hydrogen powerhouse through the HALO Hydrogen Hub project. Thisexciting small-cap's strong run of positive news, which includesnew customer wins and partnerships, has led analysts to rank the stocka BUY and up its target price to CAD$0.50. This is a return to targetof 92%!
Renownedoilfield services provider Baker Hughes ( NYSE:BKR ) is another of the parties behind the HALOProject. This mega-cap is one of the key partners and will contributeat least $100,000 to the initial development effort. Its emerginginterest in the hydrogen space is a major vote of confidence for theenergy source. The last year has seen the company make severalhydrogen moves, including successful tests on the use of hydrogen as afuel to power gas turbines. The business also purchased a minoritystake in hydrogen and ammonia developer ATOME in May, amounting tomore than 6.5% of the firm's share capital. ATOME is using thefunds to expand its flagship operations in Paraguay, while it is indiscussions concerning further projects in Costa Rica andIceland.
Inindustrial chemicals experts Air Products and Chemicals ( NYSE:APD ) , the HALO hydrogen hub project has astakeholder with major experience in hydrogen technology leadership.The business deployed its first hydrogen fueling station way back in1993 and continues to make advances in using the gas as atransportation fuel and source of power generation. As such, wedon't have to harken back to the 1990s for the company'slatest hydrogen progress. Last year the company announced itsintention to work on construction of the UK's first-everlarge-scale green hydrogen production facility. It has also takenparticular leadership in providing green hydrogen to fuel vehicles,opening Europe's first large-scale public truck refueling stationto utilize liquid hydrogen. With over 250 hydrogen fueling stationprojects in 20 countries, the company looks well-placed to play amajor role in the success of the HALO project.
CF IndustriesHoldings ( NYSE:CF ) , which is the world's largest producer ofammonia, is one of the companies most heavily involved with the HALOproject. As part of the overall HALO funding application, the businessproposed the development of a zero-carbon-intensity hydrogen projectat its Verdigris Complex in Oklahoma. The proposed project would seethe construction of a 100-megawatt (MW) electrolysis plant that wouldbe powered by a dedicated 450-MW renewable energy facility developedby NextEra Energy. The green hydrogen produced by the project would beused to produce up to 100,000 tons per year of zero-carbon greenammonia, which the company said would support the transition ofAmerican agriculture to low- and zero-carbon fertilizers. It claimedthat this could result in the removal of as much as 130,000 metrictons of CO2 emissions from the agriculture supply chain eachyear.
Manyindustry players look poised to benefit from, and contribute to, theHALO hydrogen hub if the project wins its funding. CF Industries'plans would see the project impacting agriculture, while Air Productsis well-placed to implement innovative methods of hydrogen deploymentas transport fuel. In Baker Hughes, a major player is throwing itsweight behind the project, and increasing hydrogen availability in theregion could see demand for Jericho's innovative industrialheating solutions soar.
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