Air Products to start construction of second liquid hydrogen plant in Rotterdam

Rhea-AI Summary

Air Products (NYSE: APD) has announced plans to construct a second hydrogen liquefaction plant in Rotterdam, The Netherlands, set to double Europe's current liquid hydrogen capacity by 2025. This facility will cater to the growing demand from high-tech industries and support the decarbonization of heavy-duty vehicles as part of Europe's climate neutrality goals by 2050. The project enhances Air Products' hydrogen capabilities in Europe and marks a significant step in the company's commitment to the energy transition.

Positive

• Construction of a second hydrogen liquefaction plant will double liquid hydrogen capacity in Europe.
• The project addresses increased demand from high-tech industries and supports climate neutrality by 2050.
• Strengthens Air Products' position in the hydrogen market in Europe.

Negative

• None.

New plant brings additional liquid hydrogen capacity to Europe

ROTTERDAM, The Netherlands, Sept. 21, 2022 /PRNewswire/ -- Air Products (NYSE: APD) today announced plans to start construction of a second hydrogen liquefaction plant in Rotterdam, the Netherlands. This new source is in addition to the company's existing liquid hydrogen plant in Botlek, the Netherlands. Once operational in 2025, the plant will double Europe's total current liquid hydrogen capacity.

Liquid hydrogen produced at the plant will be used to supply increased demands from high tech industries as well as the mobility market. It will contribute to the decarbonisation of heavy-duty vehicles on Europe's path to climate neutrality by 2050.

Air Products is committed to contribute to the role of hydrogen in the energy transition. This project is an important milestone and a great addition to Air Products' hydrogen capabilities in Europe.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2021 sales of $10.3 billion from operations in over 50 countries and has a current market capitalization of nearly $55 billion. More than 20,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance.  While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021.  Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

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SOURCE Air Products

FAQ

What is the significance of Air Products' new liquid hydrogen plant in Rotterdam?

The new plant will double Europe's current liquid hydrogen capacity and meet growing demand from industries, particularly for decarbonizing heavy-duty vehicles.

When is Air Products' new hydrogen liquefaction plant expected to start operations?

The plant is expected to be operational in 2025.

How does the new plant contribute to climate goals in Europe?

It supports the decarbonization of heavy-duty vehicles, contributing to Europe's aim for climate neutrality by 2050.

What company is behind the construction of the new plant in Rotterdam?

Air Products, traded under the ticker symbol APD, is the company constructing the new hydrogen liquefaction plant.