Yahoo Finance Yara (YARIY) Unveils Renewable Hydrogen Plant at Heroya
Yara International ASA YARIY has officially opened its renewable hydrogen plant in Heroya, Norway. Yara is manufacturing renewable hydrogen and ammonia, and it has already delivered the first tons of fertilizer derived from renewable ammonia produced at this plant. This is a significant achievement for Yara and the decarbonization of the food value chain, shipping fuel and other energy-intensive industries, the company noted.
The 24 MW renewable hydrogen plant was inaugurated in Heroya Industrial Park, the largest of its kind in Europe. The hydrogen is created using water electrolysis and renewable energy, substituting natural gas as a feedstock and reducing CO2 emissions by 41,000 tons per year at the site.
This is a groundbreaking effort that demonstrates Yara's commitment to feeding the globe sustainably while also protecting the environment. The company has delivered the first tons of low-carbon footprint fertilizers to Lantmannen, demonstrating the need for collaboration across the entire food value chain in decarbonization efforts.
The low-carbon footprint fertilizers produced and delivered will be part of a new portfolio known as Yara Climate Choice. These will benefit crops while also helping to decarbonize the food value chain and mitigate climate impact. In addition to fertilizers made using water electrolysis and renewable energy, Yara's portfolio will include fertilizers based on low-carbon ammonia produced through carbon capture storage (CCS).
Yara and Northern Lights inked a binding CO2 transit and storage deal in 2023, making it the world's first cross-border CCS agreement in operation. Yara plans to cut its yearly CO2 emissions from ammonia production at Yara Sluiskil by 800,000 tons. Yara is also considering one or two large-scale low-carbon ammonia manufacturing projects with CCS in the United States.
Shares of Yara have lost 16.7% over the past year compared with a 14.3% decline of its industry.
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Zacks Rank & Key Picks
Yara currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the basic materials space include ATI Inc. ATI, Carpenter Technology Corporation CRS and Ecolab Inc. ECL.
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Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.1%. The company’s shares have soared 101.4% in the past year.
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