Drax Group plc ( (GB:DRX) ) just unveiled an update.
Drax Group plc has entered a 20-year joint venture with Power Minerals Limited to develop a facility for processing pulverised fuel ash (PFA) into a low-carbon cement material. This initiative is expected to reduce carbon emissions significantly in the construction industry and generate additional earnings for Drax. The facility, located near Drax Power Station, will start operations by the end of 2026, with an annual production capacity of 400,000 tonnes. This strategic move aligns with Drax’s commitment to reducing carbon emissions and enhancing its role in the UK’s energy security.
More about Drax Group plc
Drax Group plc operates in the energy sector, primarily focusing on renewable power generation. The company is known for its Drax Power Station, which is the UK’s largest source of 24/7 renewable power. Drax is committed to supporting UK energy security with flexible and reliable renewable power generation and system support services. The company is also exploring growth opportunities, including Bioenergy with Carbon Capture and Storage (BECCS) and a data center.
YTD Price Performance: -8.80%
Average Trading Volume: 1,613,663
Technical Sentiment Signal: Sell
Current Market Cap: £2.14B
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