Shell’s Stock Dips After Choosing Yokogawa as Mac’s Leading Renewable Hydrogen Facility.

Shell's Stock NYSE:SHEL

Shell’s Stock (NYSE:SHEL)

Shell has announced that it has chosen Yokogawa Electric (OTCPK:YOKEF) to be the significant automation contractor for building its Holland Hydrogen I plant in the Dutch port of Rotterdam. The plant will be located in the Netherlands.

The Holland Hydrogen I plant will become operational in 2025. Once it does, it will be the largest renewable hydrogen plant in Europe. It will manufacture sustainable hydrogen by utilizing the power generated by an offshore wind farm.

The facility will contain an electrolyzer with a capacity of 200 megawatts that will produce up to 60,000 kg of eco-friendly hydrogen daily.

The green hydrogen produced was used in the refinery to partially replace the gray hydrogen used there. This resulted in the refinery’s production of energy products such as gasoline, diesel, and jet fuel being partially decarbonized.

Shell (NYSE:SHEL) said on Sunday that it is abandoning its two planned offshore wind projects in Ireland with Simply Blue Group. This is a potentially significant setback for Ireland’s climate goal of attaining an 80% reduction in energy emissions.

Following the successful completion of negotiations to jointly build the Emerald floating wind project, Shell stock reached an agreement with Simply Blue Group to purchase a 51% share in the Western Star floating wind project. This transaction took place in November of last year.

Simply Blue has stated that it is still dedicated to finding a new partner and finishing the two facilities located off the coast of Cork and Clare, which would generate a combined 2.65 GW of floating offshore wind power for Ireland.

Shell did not provide a reason for withdrawing from the Irish renewables market. Still, Equinor left the market last year, citing problems with Ireland’s regulatory and planning process. Shell (NYSE:SHEL) did not provide a rationale for its leave.

Featured Image-  Megapixl @ Amoklv

Please See Disclaimer

About the author: I'm a financial journalist with more than 1.5 years of experience. I have worked for different financial companies and covered stocks listed on ASX, NYSE, NASDAQ, etc. I have a degree in marketing from Bahria University Islamabad Campus (BUIC), Pakistan.