New Fortress Energy’s stock shoots toward a record after announcing new hydrogen project

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Shares of New Fortress Energy LLC shot up 6.5% toward a record high, after the clean energy company announced it was partnering with General Electric Co. part of a new hydrogen project. Evercore ISI analyst Sean Morgan said that project marks “the first concrete step” taken by New Fortress’s new green hydrogen division, known as “Zero.” Long Ridge Energy Terminal in Ohio is working with New Fortress and GE on its plans to transition its 485 megawatt combined-cycle power plant to run on carbon-free hydrogen, with commercial operations planned for November 2021. “The announcement marks the first tangible proof that [New Fortress] is making progress on its pledge to transition from low-carbon [liquid natural gas] to no-carbon renewable green hydrogen by 2030,” Morgan wrote in a note to clients. He reiterated his outperform rating on New Fortress and stock price target of $48. The stock, which closed at a record $48.28 on Oct. 7, has more than tripled (up 214.0%) year to date, while the S&P 500 has gained 8.6%.
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