S'abonner

Air Products to exit three U.S.-based projects, incurring up to $3.1 billion charge

Air Products announces its exit from three U.S. energy projects, including green hydrogen and sustainable aviation fuel initiatives, expecting a pre-tax charge of up to $3.1 billion in its fiscal 2025 second quarter.

Share:

Air Products has decided to exit three energy projects in the United States. This decision, following a review by the newly appointed board of directors and CEO, is expected to result in a pre-tax charge of up to $3.1 billion in its fiscal 2025 second quarter. The charge will primarily cover asset write-downs and the termination of contractual commitments.

End of partnership with World Energy in California

The first project concerns the termination of the agreement with World Energy for the sustainable aviation fuel expansion project in Paramount, California. Air Products chose to exit due to commercial challenges surrounding the expansion and current operations at the site.

Cancellation of green hydrogen project in New York

The second project to be cancelled is the construction of a 35 metric ton per day green liquid hydrogen production facility in Massena, New York. This decision follows recent regulatory developments that rendered the existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V), as well as slower-than-expected development of the hydrogen mobility market in the region.

Termination of carbon monoxide project in Texas

Finally, Air Products has terminated a project in Texas for the production of carbon monoxide due to unfavourable project economics.

Eduardo Menezes, CEO of Air Products, stated: “The decision to exit these three projects will streamline our portfolio and focus our resources on initiatives that offer better value for our shareholders.”

Estimated costs related to the contract cancellations and other project terminations may differ and will be refined in the company’s fiscal second-quarter earnings release. The company continues to evaluate all its ongoing projects but does not expect any further material cancellations in the near future. Updates on major projects will be provided during the next earnings call.

  • Populaires ​
Nayara modifies payment terms for naphtha export tender following EU sanctions
Europe records record LNG imports since April
Resalta acquires Statkraft’s Croatian platform, strengthening its position in Eastern Europe
Qarlbo Biodiversity to supply 500,000 tonnes of pine to Woodland Biofuels
Framatome secures nuclear fuel contract with ENEC for Barakah plant
Lhyfe raises €2.5mn from citizens to support green hydrogen in Europe
The first European citizen funding campaign dedicated to green hydrogen enabled Lhyfe to collect €2.5mn from nearly 1,200 investors, strengthening the development of new sites in France and Germany.
The Future of Energy Flexibility: The Growing Role of Power-to-Hydrogen-to-Power (PtP) Technology
In the face of renewable energy intermittency, Power-to-Hydrogen-to-Power (PtP) technology could revolutionize energy storage. However, its adoption still depends on cost reduction and efficiency improvements.
South Korea’s YPP to invest up to $3.1B in green hydrogen production in Kazakhstan
South Korean company YPP and Kazakh Invest have signed a framework agreement for the development of a green hydrogen production project in Kazakhstan, with investments potentially reaching $3.1 billion.
HyCC secures Dutch subsidy for its 90 MW H2eron hydrogen project
The Dutch government has granted major funding to HyCC for its H2eron electrolysis project, aimed at producing renewable hydrogen in the Delfzijl industrial zone.
Saudi Arabia signs agreements to export green hydrogen and electricity to Europe
ACWA Power has signed several agreements with European partners to develop a green energy export chain between Saudi Arabia and Europe, as part of the India-Middle East-Europe Economic Corridor project.
Stellantis ends its hydrogen van programme as market outlook remains limited
Manufacturer Stellantis halts production of its hydrogen-powered commercial vehicles, citing a lack of commercial prospects and an insufficient market, according to a statement released by the automotive group.
TNB, Petronas and Terengganu Inc launch green hydrogen hub and hybrid solar in Malaysia
Malaysia reaches a decisive milestone in its energy roadmap with the launch of a hybrid floating hydro-solar project and the first large-scale green hydrogen hub in the state of Terengganu.
Hynamics UK and Hy24 join forces for £300mn green hydrogen project in Fawley
Hynamics UK and Hy24 have signed an exclusive agreement to develop the Fawley Green Hydrogen project, backed by the UK HAR2 scheme, to supply green hydrogen to ExxonMobil's petrochemical complex.
China: Green Light for First Interprovincial Hydrogen Pipeline
China has approved the construction of a strategic pipeline to transport green hydrogen from Inner Mongolia to Beijing, facilitating supply to industrial zones around the capital and boosting a rapidly expanding energy economy.
The European Commission sets regulatory framework for low-carbon hydrogen
The European Commission introduces a greenhouse gas emissions methodology for low-carbon hydrogen, establishing a long-awaited regulatory framework for the sector and paving the way for new industrial investments.
Lhyfe successfully completes first green hydrogen combustion tests in Spain
French company Lhyfe has carried out its first successful green hydrogen combustion tests in Spain, delivering three tonnes over three weeks to the Valencian ceramic industry, opening a new potential alternative to industrial fossil natural gas.
Envision inaugurates the world’s largest green ammonia plant in China
Envision announces the official commissioning of the world's largest green hydrogen and ammonia plant in China, powered by an autonomous renewable energy system and entirely AI-driven, with exports planned from late 2025.
Sumitomo invests in Independence Hydrogen to accelerate production in the United States
Sumitomo Corporation announces a strategic investment in Independence Hydrogen aimed at developing new decentralized hydrogen production and distribution projects in the United States, targeting industrial, logistics and critical infrastructure sectors.
80 Mile increases its stake in Hydrogen Valley to 49% and signs an agreement with Tecnoparco
80 Mile announces that it has increased its stake in Hydrogen Valley to 49% and signed a memorandum of understanding with Tecnoparco for the supply of 40,000 tonnes of biofuel per year, aiming to reduce palm oil dependency.
Green ammonia: South Africa moves to execution phase of its largest project
The Hive Coega project, South Africa’s most ambitious green ammonia initiative, enters its operational phase with the release of tenders for essential infrastructure, marking a major step forward for the country in renewable energy production.
France: Court Approves Sale of McPhy to John Cockerill Hydrogen
The Belfort commercial court has approved the sale of McPhy to John Cockerill Hydrogen, a €600,000 transaction involving majority retention of staff and an industrial project partially funded by European subsidies.
Fresno joins First Public Hydrogen to develop municipal energy capacities
The City of Fresno becomes the latest member of First Public Hydrogen, the first US public authority dedicated to hydrogen development, thus strengthening its energy infrastructure and municipal bus fleet.
Natural hydrogen: France on the verge of redefining its national and European energy strategy
The official confirmation in June 2025 by the French government regarding the detection of significant natural hydrogen reserves in Lorraine, the Pyrenees, and Aquitaine could represent a major strategic turning point for national and European energy sovereignty. However, the technical, economic, and environmental challenges associated with its exploitation might slow its large-scale implementation.
Stanwell withdraws from CQ-H2 hydrogen project in Australia, impact on the sector
Stanwell announces the end of its participation in the Central Queensland Hydrogen Project, a major international hydrogen production initiative, raising questions about the sector's outlook in the region.
Lhyfe obtains the first European RFNBO certification for green hydrogen in France
Lhyfe becomes the first French producer to obtain European RFNBO certification, delivering the first batches of certified hydrogen and opening access to new support mechanisms for the industrial sector.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING