What's Going On With Energy Equipment Maker GE Vernova's Stock Today?

Shares of energy equipment manufacturing and services provider GE Vernova Inc GEV are trading higher on Tuesday.

PyroGenesis Inc. PYRGF has entered into a new partnership with GE Vernova, through a memorandum of understanding (MOU) to explore the potential of PyroGenesis’ all-electric plasma torches in high-temperature industrial processes.

The goal is to replace traditional fossil fuel combustion with electric-powered alternatives, aiming to lower emissions and reduce energy expenses in sectors like aluminum, steel, alumina, cement, and quicklime.

The MOU consists of two phases. The initial phase will focus on conducting a study to integrate PyroGenesis’ plasma torches into the iron ore pellet industry, with GE Vernova supplying the required electrical infrastructure.

The second phase will concentrate on preparing a study to apply the technology in primary aluminum smelters.

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PyroGenesis’ partnership with GE Vernova is poised to advance its mission of cutting emissions in heavy industries.

“We are excited to announce this MOU as a significant step forward in our commitment to electrifying emissions-intensive industries. By forging this partnership, we are not only advancing our strategic goals but also reinforcing our dedication to sustainable practices that align with global efforts to reduce carbon footprints,” said Power Conversion & Storage Business Leader at GE Vernova, Ed Torres.

P. Peter Pascali, the president and CEO of PyroGenesis added that the MOU highlights the advanced electrification needs for PyroGenesis’ plasma torches, which will require multi-megawatt power systems exceeding 10 megawatts.

Testing results from various clients using PyroGenesis’ plasma torches revealed several key benefits including, transitioning to all-electric PyroGenesis plasma torches provides substantial energy savings, with the added bonus of reducing CO2 emissions.

Lower energy consumption enables the construction of smaller furnaces for the same capacity, further reducing project costs and faster metal melting times allow companies to increase production, resulting in up to a 30% boost in output, thereby improving revenue and profitability.

Price Action: GEV shares traded higher by 6.7% at $288.26 at last check Tuesday.

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