Leading manufacturer of motion & control technologies and systems, Parker-Hannifin Corporation PH, has recently been selected by Alevo Group to support one of the largest energy storage deployments in North America. However, shares of Parker-Hannifin went down by about 0.27%, during the regular trading session on Jun 19, probably on broader market concerns.
Coming to the news, Parker-Hannifin will aid Alevo in transferring energy from the GridBank battery modules to the utility grid. Initially, Parker-Hannifin’s Global Energy Grid Tie Division will offer thermal management systems, power conversion systems and battery container control to various key independent system operators across U.S. and Canada. This will facilitate in considerably augmenting the network efficiencies and decreasing the emissions.
Through this contract Parker-Hannifin will assist Alevo in offering 200 MW energy storage to the North American wholesale energy market as per the latter’s deal with Customized Energy Solutions in January. As a matter of fact, Alevo is one of the leading global Energy Service Providers and possesses proficiency in offering grid-scale electricity via innovative battery technology and GridBanks.
We believe the abovementioned transaction depicts Parker-Hannifin’s expertise in supplying revolutionary power-conversion technology for battery energy storage. Of late, the company has been committed towards investing in breakthrough technologies to enhance its offerings in core sectors.
Last week, Parker-Hannifin’s Aerospace business unit cracked major deals to deploy its products in the leading airlines. Such contracts are likely to strengthen this Zacks Rank #4 (Sell) stock’s market position and drive its earnings in the quarters ahead.
Better-ranked stocks in the sector include EnPro Industries, Inc. NPO, Kaman Corp. KAMN and Luxfer Holdings PLC LXFR. All three stocks carry a Zacks Rank #2 (Buy).
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