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BASF (BASFY) Partners ENGIE for Sustainable Biomethane Supply
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BASF SE (BASFY - Free Report) and ENGIE signed a seven-year Biomethane Purchase Agreement (BPA), in which ENGIE will supply BASF with 2.7 to 3 terawatt hours of biomethane over the contract period.
BASF will use certified biomethane sites in Ludwigshafen, Germany, and Antwerp, Belgium, as a sustainable alternative to fossil raw materials in its manufacturing processes. This effort is part of BASF's strategy to reduce carbon footprint and advance its sustainable transformation. The biomethane allocation to end products is certified by a globally recognized third-party scheme known as the Biomass Balance approach.
This agreement and using biomethane will allow BASF to expand its product portfolio with items with lower or zero Product Carbon Footprints (PCF), benefiting customers in industries such as automotive, packaging and detergents.
BASF and ENGIE have a longstanding collaboration. They are integrating alternative feedstocks like biomethane at the beginning of their value chains as they progress toward a circular economy. This agreement ensures a long-term supply of biomethane at competitive prices, with BASF expressing compatibility with ENGIE as a reliable partner.
The partnership between ENGIE and BASF marks a green chemistry success story. Following the historic Power Purchase Agreement signed in 2021, ENGIE is optimistic about supporting BASF's biomethane initiatives. With ENGIE's biomethane portfolio expanding, this agreement aligns with its goal of selling 30 terawatt hours of biomethane annually by 2030. With Europe's aim to produce 35 billion cubic meters by 2030, it expects significant growth in BPAs.
Biomethane, a renewable gas, is produced through the fermentation of organic waste from households, agriculture, or industry and significantly reduces greenhouse gas emissions compared to fossil resources.
In the past year, BASF’s shares have moved up 2.4% versus the industry’s 9% fall in the same period.
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.35, indicating a year-over-year rise of 282%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 93% in the past year.
The Zacks Consensus Estimate for FSTR’s current-year earnings is pegged at $1.72, indicating a year-over-year rise of 1223%. FSTR’s earnings estimates have gone up 61% in the last 60 days. The stock has rallied 57.1% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59, indicating a rise of 26.5% from the year-ago levels. ECL beat the consensus estimate in each of the last four quarters, the average earnings surprise being 1.3%. The stock has rallied nearly 28.3% in the past year.
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BASF (BASFY) Partners ENGIE for Sustainable Biomethane Supply
BASF SE (BASFY - Free Report) and ENGIE signed a seven-year Biomethane Purchase Agreement (BPA), in which ENGIE will supply BASF with 2.7 to 3 terawatt hours of biomethane over the contract period.
BASF will use certified biomethane sites in Ludwigshafen, Germany, and Antwerp, Belgium, as a sustainable alternative to fossil raw materials in its manufacturing processes. This effort is part of BASF's strategy to reduce carbon footprint and advance its sustainable transformation. The biomethane allocation to end products is certified by a globally recognized third-party scheme known as the Biomass Balance approach.
This agreement and using biomethane will allow BASF to expand its product portfolio with items with lower or zero Product Carbon Footprints (PCF), benefiting customers in industries such as automotive, packaging and detergents.
BASF and ENGIE have a longstanding collaboration. They are integrating alternative feedstocks like biomethane at the beginning of their value chains as they progress toward a circular economy. This agreement ensures a long-term supply of biomethane at competitive prices, with BASF expressing compatibility with ENGIE as a reliable partner.
The partnership between ENGIE and BASF marks a green chemistry success story. Following the historic Power Purchase Agreement signed in 2021, ENGIE is optimistic about supporting BASF's biomethane initiatives. With ENGIE's biomethane portfolio expanding, this agreement aligns with its goal of selling 30 terawatt hours of biomethane annually by 2030. With Europe's aim to produce 35 billion cubic meters by 2030, it expects significant growth in BPAs.
Biomethane, a renewable gas, is produced through the fermentation of organic waste from households, agriculture, or industry and significantly reduces greenhouse gas emissions compared to fossil resources.
In the past year, BASF’s shares have moved up 2.4% versus the industry’s 9% fall in the same period.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
BASF currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , L.B. Foster Company (FSTR - Free Report) and Ecolab Inc. (ECL - Free Report) . Carpenter Technology and L.B. Foster sports a Zacks Rank #1 (Strong Buy) and Ecolab carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.35, indicating a year-over-year rise of 282%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 93% in the past year.
The Zacks Consensus Estimate for FSTR’s current-year earnings is pegged at $1.72, indicating a year-over-year rise of 1223%. FSTR’s earnings estimates have gone up 61% in the last 60 days. The stock has rallied 57.1% in the past year.
The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59, indicating a rise of 26.5% from the year-ago levels. ECL beat the consensus estimate in each of the last four quarters, the average earnings surprise being 1.3%. The stock has rallied nearly 28.3% in the past year.