By Sabela Ojea

Shares of AES rose after the company said it is part of two Regional Clean Hydrogen Hubs that are set to receive up to $2.4 billion in grant funding from the U.S. Department of Energy.

The shares were up 4.1% Monday at $13.70.

On Friday, the utility and power-generation company said it would participate in the development and scaling of a California renewable clean hydrogen energy systems hub that was allocated up to $1.2 billion and the HyVelocity hub in the Gulf Coast of Texas and Louisiana set to receive up to $1.2 billion.

Through those hubs, AES expects to secure funding for new hydrogen projects, which it will own and operate in those regions, along with associated renewables, the company said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 16, 2023 12:53 ET (16:53 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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