General Electric Company (NYSE:GE) signed a memorandum of understanding (MoU) with Cenergi SEA Sdn Bhd (Cenergi), a wholly owned subsidiary of Khazanah Nasional Berhad (Khazanah), to collaborate in spurring the development of the biogas industry in Malaysia.
GE and Cenergi have been working together since 2013 with Cenergi running GE’s Jenbacher gas engines using its palm oil mill effluent (POME) in its biogas projects. Cenergi has a combined generating capacity of 4,388 kilowatts, involving four units of Jenbacher gas engines for power export to the national grid.
As part of its growth plans, Cenergi strives to position itself as a Centre of Excellence for biogas power plants in Malaysia.
This collaboration will allow GE and Cenergi to further increase Cenergi’s knowledge and expertise in handling the Jenbacher units it owns and operates through knowledge sharing and technician training. This will enable Cenergi to further improve the efficiency of its biogas plants and deliver better results to its customers.
“It is our hope that this collaboration will encourage the adoption of biogas to power solutions for palm oil mills in Malaysia as well as increase the renewable energy contribution to the country’s energy generation mix,” said Azli Mohamed, chief operating officer, GE Malaysia.
“We believe that this relationship with GE will provide us with the knowledge to further improve our customer offering and enable us to firmly establish ourselves as a key player in the biogas market. We foresee this collaboration to be the beginning of a mutually beneficial relationship between us and GE,” said Ezham Khalid, chief operating officer of Cenergi.
Signing the MoU on behalf of GE was Azli Mohamed and Daniel Icasiano, Distributed Power leader, GE ASEAN, while Cenergi was represented by Ezham Abdul Khalid and Loh Tzu Anne, board member, Cenergi, and director, Khazanah.
Also present to witness the signing ceremony were John G. Rice, vice chairman, GE; Wouter V. Wersch, president & CEO, GE ASEAN; Zainul Rahim Mohd Zain, chairman, Cenergi; and Ahmad Farouk Mohamed, board member, Cenergi, and executive director, Khazanah. (Original Source)
Shares of General Electric are currently trading at $31.58, down $0.21 or -0.64%. GE has a 1-year high of $32.05 and a 1-year low of $19.37. The stock’s 50-day moving average is $30.01 and its 200-day moving average is $28.83.
On the ratings front, GE has been the subject of a number of recent research reports. In a report issued on March 16, Credit Suisse analyst Julian Mitchell reiterated a Buy rating on GE, with a price target of $34, which implies an upside of 7.0% from current levels. Separately, on March 15, UBS’s Shannon O’Callaghan reiterated a Buy rating on the stock and has a price target of $32.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Julian Mitchell and Shannon O’Callaghan have a total average return of 10.4% and 16.5% respectively. Mitchell has a success rate of 71.2% and is ranked #318 out of 3775 analysts, while O’Callaghan has a success rate of 79.3% and is ranked #65.
Overall, 3 research analysts have assigned a Hold rating and 8 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $31.71 which is -0.3% under where the stock closed yesterday.