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SCHNEIDER ELECTRIC SE

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Schneider Electric, Engie to Partner on Green-Hydrogen Storage

01/21/2022 | 05:42am EDT

By Ed Frankl


Schneider Electric SE and Engie SA's natural-gas storage subsidiary Storengy said Friday that they have agreed to partner in developing underground green-hydrogen storage.

The French electrical company said it will provide expertise in automation solutions, process instrumentation, gas analysis and energy distribution to Storengy, the companies said in a statement.

The partnership will start with a 13 million-euro ($14.7 million) large-scale green-hydrogen storage project in salt caverns, known as HyPSTER, at Etrez in eastern France, the companies said.

No financial details of the partnership were provided.

Green hydrogen is produced using renewable sources, rather than fossil fuels, and seen as crucial in cutting emissions from highly polluting industries.


Write to Ed Frankl at edward.frankl@dowjones.com


(END) Dow Jones Newswires

01-21-22 0542ET

Stocks mentioned in the article
ChangeLast1st jan.
ENGIE 2.39% 11.632 Real-time Quote.-10.62%
GREEN HYDROGEN SYSTEMS A/S 5.47% 17.34 Delayed Quote.-49.52%
S&P GSCI NATURAL GAS INDEX 1.91% 382.9947 Real-time Quote.108.18%
SCHNEIDER ELECTRIC SE -1.44% 127.62 Real-time Quote.-26.00%
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Financials
Sales 2022 32 143 M 33 440 M 33 440 M
Net income 2022 3 592 M 3 737 M 3 737 M
Net Debt 2022 6 397 M 6 656 M 6 656 M
P/E ratio 2022 20,1x
Yield 2022 2,42%
Capitalization 70 942 M 73 805 M 73 805 M
EV / Sales 2022 2,41x
EV / Sales 2023 2,21x
Nbr of Employees 128 000
Free-Float 93,9%
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Number of Analysts 22
Last Close Price 127,62 €
Average target price 167,26 €
Spread / Average Target 31,1%
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Managers and Directors
Jean-Pascal Tricoire Chairman & Chief Executive Officer
Hilary Maxson Chief Financial Officer & Executive Vice President
Premraj Krishnakutty Vice President-Research & Development
Léo Apotheker Director
Linda I. Knoll Independent Director
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