Shell and Norsk Hydro team up for green hydrogen

Royal Dutch Shell (LON:RDSa) is trading up 0.39% at 19.92 

Royal Dutch Shell (LON:RDSa) and Norsk Hydro (OTC:NHYDY) are looking into jointly producing hydrogen from renewable electricity in a push to decarbonise their own operations as well as supply heavy industry and transport customers, Hydro said on Tuesday.

The Anglo-Dutch oil giant and the Norwegian aluminium maker’s green hydrogen unit, Hydro Havrand, have signed a memorandum of understanding (MoU) and begun initial work to identify opportunities to produce and supply renewable hydrogen.

So-called green hydrogen is a zero-carbon gas made by electrolysis using renewable power to split water into hydrogen and oxygen, increasingly promoted as a way to decarbonise emissions-intensive industry and transport sectors reliant on fossil fuel.

Shell and Hydro will initially identify which European locations are best suited to produce renewable hydrogen for the companies’ own consumption as well as for the broader market, and expand into other locations at a later stage.

“We are looking at potential locations where we both have operations and we have potential to use hydrogen in our existing facilities,” Per Christian Eriksen, head of Hydro Havrand, told Reuters.

On technical fronts Royal Dutch Shell (LON:RDSa) RSI stood at 33.45 and currently stock is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Royal Dutch Shell (LON:RDSa) – BUY: 19.91, TARGET: 20.11, STOP LOSS : 19.71

About Author

Related posts

Leave a Reply