Honeywell International Inc. (NASDAQ:HON) introduced UOP eFining technology to manufacture low-carbon sustainable aviation fuel (SAF). World's leading eFuels company, HIF Global, aims to deploy the new technology to produce eSAF at its second U.S. eFuels facility.
eFuels (or electro fuels) are synthetically produced fuels that can replace traditional fossil fuels. It blends green hydrogen (i.e., hydrogen produced in electrolyzers from renewable energy and water) and carbon dioxide (CO2) to generate eMethanol. The eMethanol can then be transformed into a wide range of sustainable fuels, which includes eSAF, eGasoline and eDiesel.
The company's UOP eFining technology is efficient and produces high-yield eSAF at a lesser cost relative to other comparable technologies. It transforms eMethanol to eSAF reliably and in a large quantity. The Honeywell technology is also capable of reducing greenhouse gas emissions by 88% in comparison to conventional jet fuel1. eSAF is a replacement for traditional jet fuel. The aircraft technology or fuel infrastructure doesn't need to make any changes while using this fuel.

Honeywell International Inc. Price

HIF Global is the first customer to collaborate with Honeywell for manufacturing eSAF using the UOP eFining technology. This eSAF project is likely to be the world's largest eSAF facility and will recycle about 2 million tons of captured CO2 to produce roughly 11,000 barrels per day of eSAF by 2030.

Zacks Rank & Stocks to Consider

HON currently carries a Zacks Rank #3 (Hold). Some better-ranked companies are discussed below:
Ingersoll Rand Inc. (NYSE:IR) presently sports a Zacks Rank #1 (Strong Buy).
IR's earnings surprise in the last four quarters was 12.6%, on average. In the past 60 days, estimates for Ingersoll Rand's 2023 earnings have increased 6%. The stock has rallied 7.2% in the past six months.
Alamo Group Inc. (NYSE:ALG) presently flaunts a Zacks Rank of 1. ALG's earnings surprise in the last four quarters was 17.7%, on average.
In the past 60 days, estimates for Alamo's 2023 earnings have increased 12.7%. The stock has gained 20% in the past six months.
Parker-Hannifin Corp (NYSE:PH) presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 12.4%, on average.
In the past 60 days, estimates for Parker-Hannifin's fiscal 2023 (ending June 2023) earnings have increased 5.3%. The stock has gained 5.9% in the past six months.

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