Yahoo Finance Cabot (CBT) Chosen for $5M DOE Grant to Aid Hydrogen Economy
Cabot Corporation CBT stated that its application for a $5 million research grant has been selected by the United States Department of Energy ("DOE") under the Bipartisan Infrastructure Law. Cabot and its partners will utilize this money to help the implementation of fuel cells, which generate electricity by emitting only water.
Fuel cells play a crucial role in the global transition to electric mobility, particularly in the electrification of long-distance transportation. This significance derives from the fact that the expanded driving range and greater weights required for long-distance travel offer challenges for the adoption of battery technology.
The project will concentrate on establishing a novel and scalable manufacturing process for producing specialized carbon black that can be used as carbon catalyst supports in fuel cells. This will help speed up the development of a domestic catalyst supply chain by offering a dependable source of high-performance carbon catalyst support.
This project aims to revolutionize the production of carbon catalyst supports required for medium and heavy-duty fuel cells, resulting in a more sustainable and cost-effective manufacturing process. The project aims to obtain high catalyst performance while optimizing the manufacturing process to maximize process versatility, reduce production costs and lower environmental effects.
The DOE has announced $750 million in grant funding for projects focusing on advancing hydrogen technologies as part of the Bipartisan Infrastructure Law. The funds will be utilized to improve manufacturing and recycling capabilities for clean hydrogen systems and components.
Shares of Cabot have gained 23.1% over the past year against a 9.5% decline of its industry.
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Cabot, on its fiscal first-quarter call, stated that adjusted earnings per share for fiscal 2024 are expected to be in the $6.30 to $6.80 range, implying a rise of 22% at the midpoint compared to fiscal 2023. The company had an encouraging start to the fiscal year, and underlying estimates about its sectors remain consistent with the previous quarter.
Cabot Corporation Price and Consensus
Cabot Corporation price-consensus-chart | Cabot Corporation Quote
Zacks Rank & Key Picks
Cabot currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Denison Mines Corp. DNN, Carpenter Technology Corporation CRS and Ecolab Inc. ECL.
Denison Mines sports a Zacks Rank #1 (Strong Buy). DNN beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 300%. The company’s shares have soared 95.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 60.5%% in the past year.
The Zacks Consensus Estimate for Ecolab’s current-year earnings is pegged at $6.43 per share, indicating a year-over-year rise of 23.4%. ECL, a Zacks Rank #2 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied roughly 31.3% in the past year.
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