Roth MKM expects CNX Resources (CNX) shares to have a “slight positive reaction vs. peers today” after the U.S. Treasury Department and IRS announced rules for claiming 45V tax credits for hydrogen production, noting that it appears as though hydrogen made from coal mine methane will be eligible. While CNX has not yet committed to fully participate as a feedstock provider for a hydrogen project at this time, CNX has announced a collaboration with a private company called KeyState Energy in which commercial quantities of hydrogen may be produced in the future if the Treasury rules allowed a pathway for ultra-low carbon intensity fugitive coal mine methane to receive 45V tax credits, the analyst noted. Roth has a Neutral rating and $35 price target on CNX Resources shares.
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