US Steel, Equinor & Shell Join Forces For Clean Energy Hub - What's The Benefit?

Akanksha Bakshi
Tue, August 16, 2022

United States Steel Corp (NYSE: X), Equinor ASA (NYSE: EQNR), and Shell PLC's (NYSE: SHEL) Shell US Gas & Power LLC have entered into a non-exclusive Cooperation Agreement to advance a collaborative clean energy hub in the Ohio, West Virginia, Pennsylvania region.

The hub would focus on decarbonization opportunities that feature carbon capture utilization and storage (CCUS) and hydrogen production and utilization.

The hub would generate new jobs, stimulate economic growth, and reduce carbon emissions.

The regional CCUS and hydrogen hub aligns with the U.S. and project partners' ambitions to realize net-zero carbon emissions by 2050.

Equinor and Shell will jointly apply for U.S. Department of Energy funding designated for creating regional clean energy hubs.

U. S. Steel is evaluating its role in the hub, including as a potential funding participant, customer, supplier, or partner.

The parties will engage the local industry, labor, educational institutions, communities, and others, to realize the true potential of a working hub.

Price Action: X shares are trading higher by 2.21% at $24.95, EQNR shares are trading higher by 0.71% at $37.40, and SHEL lower by 0.98% at $52.52 on the last check Tuesday.