Air Products Wins Over $130 Million in NASA Contracts to Supply Liquid Hydrogen to Kennedy Space Center, Cape Canaveral Space Force Station and Other NASA Facilities

Rhea-AI Summary

On March 27, 2023, Air Products (NYSE: APD) announced securing contracts worth over $130 million from NASA for liquid hydrogen supply to several locations, including the Kennedy Space Center and Cape Canaveral Space Force Station.

The multi-year contract, valued at approximately $75 million, is already in effect, while another exceeds $57 million. Air Products has a long-standing relationship with NASA and plans significant investments, including $15 billion for clean energy projects globally.

Fiscal 2022 sales reached $12.7 billion, with a market cap of $65 billion.

Positive

• Secured contracts from NASA worth over $130 million for liquid hydrogen supply.
• Long-standing partnership with NASA, enhancing credibility and potential for future contracts.
• Ongoing commitment to invest $15 billion in clean energy projects.

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• None.

LEHIGH VALLEY, Pa., March 27, 2023 /PRNewswire/ -- Air Products (NYSE:APD), the world's largest producer of hydrogen and a first-mover in energy transition projects, today announced it recently was awarded several supply contracts from NASA totaling more than $130 million to provide liquid hydrogen for several NASA locations including the Kennedy Space Center, Cape Canaveral Space Force Station, and other NASA facilities.

Under one public contract, Air Products will supply NASA liquid hydrogen to support operations at the Kennedy Space Center and nearby Cape Canaveral Space Force Station. The multi-year contract, which is already in effect, includes a maximum value of approximately $75 million.

NASA also awarded Air Products a separate public contract, valued at a maximum value of over $57 million to supply liquid hydrogen to facilities across the agency including NASA's Marshall Space Flight Center in Huntsville, Alabama, and the Stennis Space Center in Bay St. Louis, Mississippi.

NASA uses liquid hydrogen, combined with liquid oxygen, as fuel in cryogenic rocket engines, and hydrogen's unique properties support the development of aeronautics.

"Air Products has a long history of working with NASA, stretching from the very beginning of the United States' (U.S.) space program, to the Apollo 11 moon landing, and to the more recent missions to study Mars," said Francesco Maione, Air Products' President, Americas. "We are proud to provide NASA with the industrial gases they need for their important work and look forward to continuing our many decades-long working relationship with the U.S. space program."

Air Products' working relationship with NASA began in 1957 with the commissioning of an industrial gas plant in Ohio and has since continuously supplied NASA with liquid hydrogen and other industrial gases for advancing the U.S. Space Program. In addition to product supply to space launches, Air Products also has had a long-term relationship with NASA's engine testing program at Stennis Space Center, Johnson Space Center in Texas, as well as Marshall Space Flight Center.

Air Products works across all facets of the hydrogen value chain, including production, distribution, storage and dispensing and has been a pioneer in hydrogen fueling for decades. The Company has announced an industry-leading commitment to invest at least $15 billion for clean energy megaprojects around the world, including a $4.5 billion clean energy complex in Louisiana; a $1.6 billion (CAD) net-zero energy hydrogen energy complex in Edmonton, Alberta, Canada, a multi-billion dollar investment in NEOM, Saudi Arabia in conjunction with ACWA Power and NEOM, to build a world-scale green hydrogen production facility; teaming with World Energy to build a new $2.5 billion major expansion project at World Energy's Sustainable Aviation Fuel production and distribution hub in Paramount, California; and an investment of $500 million to build a green hydrogen production facility in New York that will produce 35 metric tons per day of liquid green hydrogen.

In addition, Air Products has announced additional projects including a $4 billion joint venture with AES to build the largest green hydrogen production facility in the United States in Texas, and a green liquid hydrogen production facility in Arizona that will produce 10 metric tons of green hydrogen a day. The company operates the world's longest hydrogen pipeline system in the U.S. Gulf Coast and is a world-class liquid hydrogen supplier. Air Products has hands-on operating experience with over 250 hydrogen fueling station projects in 20 countries and the company's technologies are used in over 1.5 million fueling operations annually.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally ­provides turbomachinery, membrane systems and cryogenic containers.

The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of about $65 billion. More than 21,000 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 reimagine what's possible to 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.

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SOURCE Air Products