Air Products (NYSE:APD) on Thursday said it plans to invest USD 500 million (EUR 507m) in a liquid green hydrogen plant in the state of New York.
The industrial gases company intends to build, own and operate the facility, which will be capable of producing 35 tonnes of hydrogen a day, at a greenfield site in Massena. The project will also include liquid hydrogen distribution and dispensing operations.
Do you know we have a daily hydrogen newsletter? Subscribe here for free!
The targeted start-up for the facility is 2026/2027. It is expected to supply the mobility market in New York State, as well as other potential industrial markets in the northeastern part of the country.
The initiative is underpinned by 94 MW of low-cost St. Lawrence hydroelectric power that the New York Power Authority (NYPA) board approved to Air Products in July in line with New York State's ambition to become a regional clean energy hydrogen hub.
According to the announcement, the investment has been warranted by market demand along with expected local and state incentives and benefits from the Inflation Reduction Act (IRA).
In addition, Air Products said it is studying the feasibility of developing a hydrogen fueling station network in the US northeast that would include the ability to serve its own trucks. The company aims to convert its global fleet of about 2,000 trucks to hydrogen fuel cell zero-emission vehicles.
(USD 1 = EUR 1.014)