Air Products to Exit Clean Energy Projects, Record $2.9 Billion Charge

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announced it will exit several clean energy projects, including the Louisiana Clean Energy Complex and the Casa Grande Project in Arizona, due to unmet financial return expectations and challenging market conditions. The company expects to record a pre-tax charge of up to $2.9 billion in its fiscal 2026 third quarter, primarily to write down assets and terminate contractual commitments. Cash expenditures related to these charges are currently estimated not to exceed $925 million. The company also announced it is finalizing a marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia.

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About Air Products and Chemicals Inc.

Air Products and Chemicals Inc. is a prominent player in the industrial gases sector, providing essential products that serve a myriad of industries worldwide. This global entity specializes in offering atmospheric gases, process, and specialty gases, equipment, and related services to a diverse range of clients, including those in energy, transportation, and technology sectors. Notably, Air Products is a leader in supplying hydrogen and helium solutions, which are critical for refining, aerospace, and electronics manufacturing. The company's liquid hydrogen production plays a significant role in advancing clean energy solutions, such as hydrogen fuel cells for vehicles. Founded in 1940 and headquartered in Allentown, Pennsylvania, Air Products maintains a significant presence in over 50 countries. Its commitment to sustainability and innovation makes it a vital contributor to the global shift towards greener industrial processes and cleaner energy solutions. By maintaining a robust infrastructure of production and distribution, Air Products ensures the secure and efficient delivery of vital industrial gases, underscoring its critical role in numerous sectors that depend on reliable and sustainable supply chains.