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HomeMarketAir Products and AES to build $4 bln hydrogen production plant powered...

Air Products and AES to build $4 bln hydrogen production plant powered by wind and solar power

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Air Products
APD,
+1.12%
and AES Corp.
AES,
-0.53%
said Thursday they plan to build, own and operate a $4 billion hydrogen production facility in Wilbarger County, Texas. With plans to go into operation by 2027, the plant will “serve a growing demand for zero-carbon intensity fuels for the mobility market as well as other industrial markets,” the companies said. The project includes 1.4 gigawatts of wind and solar power generation, along with electrolyzer capacity. It will produce more than 200 metric tons per day of green hydrogen and avoid more than 50 million metric tons of carbon dioxide. It would be the largest green hydrogen facility in the U.S., the companies said. Air Products and AES will jointly and equally own the renewable energy and electrolyzer assets, the companies said. Air Products will serve as the exclusive off-taker and marketer of the green hydrogen under a 30-year contract. Shares of AES are up 15.1% in 2022 while Air Products stock is up 3.7% for the year. The S&P 500
SPX,
-0.19%
is down 17.5% in 2022.

Credit: marketwatch.com

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