Yahoo Finance General Electric (GE), IHI to Make Ammonia-Based Gas Turbine
General Electric Company GE arm GE Gas Power has signed a Memorandum of Understanding (MOU) with Japan-based heavy industry manufacturer IHI Corporation (IHI) to develop ammonia-fueled gas turbines to generate electricity with reduced or near zero carbon dioxide emissions.
Per the agreement, the companies will work together to develop a technology roadmap by 2030 that includes the engineering, prototyping and testing of the turbine technology. The turbine technology will allow GE's existing 6F.03, 7F and 9F gas turbines to safely burn up to 100% ammonia. It may also be implemented across General Electric’s other gas turbines in the time to come. In June 2021, GE and IHI had signed an MOU to conduct an economic assessment for the use of ammonia as a carbon-free fuel for both existing and new gas turbines.
GE’s expertise in engineering and manufacturing gas turbine combustors together with IHI’s ammonia combustion technology competence will enable the power plant operators to use carbon-free fuels such as ammonia for power generation in their GE gas turbines. This will reduce carbon emissions in the power sector worldwide. The agreement also aims to meet the domestic and overseas demand for large-scale ammonia gas turbines.
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The collaboration is in line with GE and IHI’s commitment to driving the transition towards a lower-carbon future in the power generation sector.
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GE currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked companies are discussed below:
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In the past 60 days, Xylem’s earnings estimates have increased 0.1% for 2022. The stock has gained 42.4% in the past six months.
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