© ABorysowski / Shutterstock.com
More than 12 months of attempted de-risking have left industrial gas major Air Products with a near $3bn write-down after confirming it would not press ahead with its troubled 1,700-tonne-per-day blue hydrogen and ammonia project in Louisiana, US.
Alongside Louisiana, it said it would “discontinue” a zero-carbon liquid hydrogen facility in Arizona and other smaller clean energy projects.
In doing so, the move effectively spells the end of high-capital clean hydrogen developments envisaged by the company’s former CEO Seifi Ghasemi, who was ousted last February by investors for precisely those ventures.
On the one hand, the decision hardly comes as a shock. Eduardo Menezes was installed as CEO to steady the ship and bring Air Products back to its historic strategy of targeted, high-return project investments.
Already have an account?
Unlock full access to hundreds of features at the forefront
of the industrial gas sector with a gasworld subscription
