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Stock impact report

Baker Hughes, Hydrostor Will Collaborate on CAES Projects [Yahoo! Finance]

Baker Hughes Company (BKR) 
Company Research Source: Yahoo! Finance
deal between the companies, announced January 28, integrates Baker Hughes' technology as part of Hydrostor's core design offering for the latter's advanced compressed air energy storage, or A-CAES, solution. The groups on Wednesday said the deal includes up to 1.4 GW of Baker Hughes equipment orders for Hydrostor's flagship projects. The announcement was made during Baker Hughes annual meeting in Florence, Italy. "Increasing pressure on electric grids is making long-duration energy storage an urgent priority. Hydrostor's innovative approach offers a low-carbon solution to ensure power reliability across a diverse mix of generation resources," said Lorenzo Simonelli, chairman and CEO of Baker Hughes, which is headquartered in Houston, Texas. “We are proud to support Hydrostor with critical technology to accelerate these projects, supporting greater global grid resilience, and enabling sustainable power systems at scale.” “The agreement Hydrostor has signed with Baker Hughes underscores Show less Read more
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