General Electric Company (NYSE:GE) announced it will supply its Procera* water filtration equipment package for a seawater desalination plant expansion project in Hato on the Caribbean island of Bonaire. The desalination plant is responsible for providing clean drinking water for the entire island, which is located about 80 kilometers north of Venezuela.
The project is an expansion of Water and Energy Company Bonaire’s (WEB) current desalination plant, which GE operates for the island’s water and electric utility under a “build, own, operate” contract. The new, permanent facility will supply 1,600 cubic meters a day of desalinated water to meet the growing clean water needs for the island’s residents and business. Bonaire is a special municipality governed by the Netherlands.
“Our goal is to become self-sufficient with drinking water production and to support the growing needs of residential and business customers on the island,” said Alfredo Koolman, CEO, WEB Bonaire. “We selected GE because of its desalination technology expertise and its familiarity with our existing operation. This project moves us closer to eventually having the capability of owning and operating our own desalination facility.”
GE designs and manufactures complete desalination solutions and provides customers with integrated, high-quality and consistent systems.
GE will provide a comprehensive Procera seawater solution, including six multimedia filters, two SeaPRO-84 seawater reverse osmosis (RO) units, two modified PRO-150-NA brackish water RO units together with an MCC and PLC Control System. Comprehensive system training also will be provided to WEB staff. GE’s skid-mounted equipment allows for ease of installation and the ability to move the units should a new desalination plant be developed by WEB in the future. It is a robust system design to ensure equipment longevity.
To help improve equipment durability, GE’s Procera solutions start with pretreatment components that protect membrane desalination systems by removing suspended solids and impurities. After careful analysis of an operator’s source water and conservation needs, modular desalination systems are then fitted to their applications.
“We are pleased to offer our advanced reverse osmosis membrane solution to help WEB Bonaire expand its desalination plant to meet the island’s future clean water requirements,” said Yuvbir Singh, general manager, engineered systems—water and process technologies for GE Power & Water. “With clean water more precious than ever around the world, our solutions can deliver reliable supplies of fresh water from just about any salt water source, including seawater.”
The expanded desalination facility is expected to be commissioned in August 2015 and is part of WEB Bonaire’s ongoing efforts to modernize the island’s power and water infrastructure. (Original Source)
Shares of General Electric shares are currently trading at $26.35, up $0.08 or 0.30%. GE has a 1-year high of $28.68 and a 1-year low of $23.41. The stock’s 50-day moving average is $26.97 and its 200-day moving average is $25.72.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on June 26, William Blair analyst Nicholas Heymann reiterated a Hold rating on GE, with a price target of $30, which represents a potential upside of 14.2% from where the stock is currently trading. Separately, on June 18, Deutsche Bank’s John G. Inch maintained a Hold rating on the stock and has a price target of $29.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and John G. Inch have a total average return of -3.9% and 12.8% respectively. Heymann has a success rate of 25.0% and is ranked #2964 out of 3694 analysts, while Inch has a success rate of 83.3% and is ranked #780.
The street is mostly Bullish on GE stock. Out of 7 analysts who cover the stock, 4 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $33.00, which implies an upside of 25.6% from current levels.