Air Products’ venture to build, operate hydrogen station for futuristic Saudi Arabian city NEOM – EQ Mag
An Air Products joint venture will build, own and operate a hydrogen fueling station that will support Saudi Arabia’s plan for a city of the future.
Air Products Qudra, a venture with Qudra Energy, will provide “green hydrogen” for buses and heavy-duty trucks, according to a company statement. The joint venture announced Sunday that it signed an agreement with NEOM, a planned “smart city” in northern Saudi Arabia.
Green hydrogen is produced by electrolysis, the splitting of water into oxygen and hydrogen. The product is deemed green because the process is powered by renewable solar and wind energy. Saudi Arabia has abundant renewable resources in addition to its about 268 billion barrels of oil reserves.
Seifi Ghasemi, the chairman, chief executive and president of Air Products, contends that hydrogen can take the place of fossil fuels in heavy industry and transport. Burning coal and oil generates carbon emissions that are linked to climate change.
Saudi Arabia is investing about $500 billion — a half trillion dollars — into NEOM, according to the planned city’s website. The goals for NEOM include 100% clean energy. Saudi Arabia plans to attract talented people from all over the world to work in the new city.
NEOM is already being built, according to the Saudi website, with a goal of one million residents by 2030 and nine million in 2045.
The agreement announced Sunday was signed with NEOM’s energy, water and hydrogen subsidiary. Financial terms were not disclosed.
“Producing and distributing clean-hydrogen energy solutions for use in heavy-duty fuel cell vehicles, as well as industrial applications and energy storage, is part of our DNA,” Ebubekir Koyuncu, chief executive of Air Products Qudra, said in the statement.
Air Products had $12.7 billion in fiscal 2022 revenue. The Upper Macungie Township-based maker of industrial gases operates in more than 50 countries and has more than 21,000 employees.
Air Products is traded on the New York Stock Exchange under the ticker symbol APD. The closing price Friday was $274.74, but in trading since then, shares have jumped and were at $288.02 at 11:38 a.m. Sunday.
The company’s market capitalization is about $61 billion.
Source: wfmz
