Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
Microsoft Loses Ground On Deal With Exergi
May 08, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) Palantir's Stock Falls 10% On Weak Guidance Is Cloudflare Stock a Buy After Crashing Last Week? Hour Loop Weakens on Q1 Numbers Payments Firm Block Adds To Bitcoin Stake Warning: Beware of GameStop, Tandem Diabetes, and More Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, May 7, 2024 Microsoft Loses Ground on Deal with Exergi Microsoft (NASDAQ:MSFT) shares fall slightly Tuesday, after"Mr. Softee" signed a deal to permanently remove 3.3 million metric tons of carbon dioxide with Swedish energy company Stockholm Exergi.
The contract with Microsoft is the world's largest carbon removal deal to date, Stockholm Exergi said in a statement. Delivery of the carbon removal certificates to Microsoft are planned to begin in 2028 and will continue for a decade, according to Stockholm Exergi.
The Swedish company, which provides power to the people of Stockholm, plans to build a carbon capture and storage project that will permanently remove 800,000 metric tons of carbon dioxide per year.
Construction on the carbon capture project is scheduled to start in 2025. The contract with Microsoft will help the project move closer to a final investment decision in the fourth quarter of this year, said Anders Egelrud, the CEO of Stockholm Exergi, in the statement.
The carbon capture project will be installed at Stockholm Exergi's biomass power plant, which is the largest of its kind in Europe. The plant burns waste from the forestry industry and paper mills to produce heat and electricity.
Carbon dioxide released from those materials during incineration will be removed from the gas emitted from the plant, liquified for transport and permanently stored underground.
MSFT shares began Tuesday down $1.40 to $412.14.
The contract with Microsoft is the world's largest carbon removal deal to date, Stockholm Exergi said in a statement. Delivery of the carbon removal certificates to Microsoft are planned to begin in 2028 and will continue for a decade, according to Stockholm Exergi.
The Swedish company, which provides power to the people of Stockholm, plans to build a carbon capture and storage project that will permanently remove 800,000 metric tons of carbon dioxide per year.
Construction on the carbon capture project is scheduled to start in 2025. The contract with Microsoft will help the project move closer to a final investment decision in the fourth quarter of this year, said Anders Egelrud, the CEO of Stockholm Exergi, in the statement.
The carbon capture project will be installed at Stockholm Exergi's biomass power plant, which is the largest of its kind in Europe. The plant burns waste from the forestry industry and paper mills to produce heat and electricity.
Carbon dioxide released from those materials during incineration will be removed from the gas emitted from the plant, liquified for transport and permanently stored underground.
MSFT shares began Tuesday down $1.40 to $412.14.
- About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN07052024000212011056ID1108183695
COMTEX_452059638/2604/2024-05-08T07:46:24