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Tenaris S A : partners with Nel Hydrogen for California hydrogen truck refueling network

11/24/2020 | 01:15pm EDT

PUBLISHED ON 11/24/2020

With its new generation of large vessels for hydrogen storage, Tenaris reached a milestone taking part in the development of a hydrogen truck refueling network in California, the first in the state, which aims to reduce emissions along an area that connects the Port of Los Angeles to a major warehouse complex inland.

Tenaris partnered with Nel Hydrogen, a global company dedicated to the development of hydrogen technologies, supplying high pressure solutions for hydrogen storage to be installed by Shell at Long Beach, CA. The so-called 'Shore to Store' project will scale up in phases. Two new large capacity heavy-duty hydrogen fuel stations - one near the Port of Los Angeles in Wilmington and another in the warehouse center of Ontario - are in the commissioning phase to complete the heavy-duty hydrogen fueling network for the region.

'A very challenging project kicked-off in 2018 when we brought together our solid technical expertise, R&D know-how and vertical production capabilities to develop unique solutions. We are playing a significant role in the hydrogen revolution and are a reliable partner for our customers,' said Michele Della Briotta, Tenaris President in Europe.

Thanks to its vertically-integrated process and the most technologically-advanced line in the world - installed at Tenaris's Italian mill, Dalmine - to manufacture high pressure large vessels, Tenaris can supply the highest quality large vessels assembled on racks, characterized by tight tolerances, large dimensions and capacities of up to 1000 bar.

The project required complex product development due to the hydrogen embrittlement features and the high working pressures to which the material is subjected to. Following a complete, R&D process, Tenaris was able to ensure the ideal technical solution, manufacturing vessels with specifications to enhance fatigue life resistance, while preserving quality and safety.

'In addition to the high performance and reliability of Tenaris's products, during the deployment of this project, we appreciated the on-site customer support provided, in particular for the assistance in the assembly of the large racks for the vessels, which made the difference in assuring high quality levels,' said Kyle McKeown, Product Support & Application Engineering Manager North America at Nel Hydrogen.

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Tenaris SA published this content on 24 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 18:14:02 UTC

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Financials (USD)
Sales 2022 10 294 M - -
Net income 2022 1 734 M - -
Net cash 2022 1 035 M - -
P/E ratio 2022 8,38x
Yield 2022 3,59%
Capitalization 13 848 M 13 848 M -
EV / Sales 2022 1,24x
EV / Sales 2023 1,05x
Nbr of Employees 22 776
Free-Float 39,5%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 11,73 $
Average target price 16,24 $
Spread / Average Target 38,4%
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Managers and Directors
Paolo Rocca Chief Executive Officer
Alicia Mondolo Chief Financial Officer
Marcelo Ramos Chief Technology Officer
Alejandro Lammertyn Chief Digital & Information Officer
Roberto Luis Monti Independent Director