LEHIGH VALLEY, Pa., Oct. 13, 2016
LEHIGH VALLEY, Pa., Oct. 13, 2016 /PRNewswire/ -- Air Products (NYSE: APD) and the National Institute of Clean-and-Low-Carbon Energy (NICE) today announced the signing of a Memorandum of Understanding (MOU) that outlays a collaborative effort to potentially work together on hydrogen fueling projects in China. The MOU was signed today by representatives of both companies during a ceremony at the opening of NICE America Research, Inc. in California.
NICE, a research and development institute affiliated with the Shenhua Group of Beijing, Peoples Republic of China, has been devoted to the research and development of hydrogen technologies and is interested in developing the hydrogen refueling business in China with major global partners. Air Products has extensive hydrogen fueling experience in the United States and globally, is the largest hydrogen supplier in the world, and also has a leading global position in the hydrogen fueling and infrastructure market.
The companies agree in the MOU to jointly explore hydrogen fueling projects, and to identify low cost hydrogen production and distribution solutions for each project.
"We are looking forward to collaborating with NICE in establishing a business structure to support the development of a hydrogen fueling business in China. We believe both parties to this MOU have strengths, that when combined in a focused approach, can be successful in this developing market," said Marie Ffolkes, President, Americas – Industrial Gases at Air Products.
Commenting on the MOU, Dr. Chang Wei, CEO of NICE, said, "We are pleased to work with Air Products in furthering our hydrogen energy business, and we are very impressed by Air Products' vast experience and tangible results in this area. This MOU formalizes our intentions and sets both parties in the direction of mutual benefits and success."
Additionally, beyond hydrogen fueling projects during the term of the MOU, a longer-term relationship to explore other opportunities will be considered. "We believe there are great opportunities in China on large projects in which our expertise in large scale oxygen production could be an asset and we look forward to examining these opportunities," said Wilbur Mok, President, Asia – Industrial Gases at Air Products.
Air Products, the leading global supplier of hydrogen to refineries to assist in producing cleaner burning transportation fuels, has vast experience in the hydrogen fueling industry. In fact, several sites today for certain hydrogen fueling applications are fueling at rates of over 75,000 refills per year. Use of the company's fueling technology is increasing and is over 1,000,000 hydrogen fills per year. The company has been involved in over 200 hydrogen fueling projects in the United States and 20 countries worldwide including China. Cars, trucks, vans, buses, scooters, forklifts, locomotives, planes, cell towers, material handling equipment, and even submarines have been fueled with trend-setting Air Products' technologies.
Air Products has more than 50 years of hydrogen experience and an extensive patent portfolio with over 50 patents in hydrogen dispensing technology. Air Products provides liquid and gaseous hydrogen and a variety of enabling devices and protocols for fuel dispensing at varied pressures. Hydrogen for these stations can be delivered to a site via truck or pipeline, produced by natural gas reformation, biomass conversion, or by electrolysis, including electrolysis that is solar and wind driven.
About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company's core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment. The company's Performance Materials Division serves the polyurethanes, cleaning and coatings, and adhesives industries.
The company had fiscal 2015 sales of $9.9 billion and has a current market capitalization of approximately $30 billion. Approximately 17,000 employees in 50 countries strive to make Air Products the world's safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.
Founded in 2009, the National Institute of Clean-and-Low-Carbon Energy (NICE) is the corporate research arm for Shenhua Group, one of the largest energy companies in the world. NICE is focused on making Shenhua's businesses more competitive through innovation, while simultaneously delivering transformational technologies in support of Shenhua's drive to transform itself into a world-class clean energy company.
NICE has grown to over 350 employees, with locations in Beijing, China and California, United States. NICE technologists are currently working in strategic areas, including clean coal conversion and utilization, coal-derived materials, coal-to-chemical catalysis, hydrogen energy and applications, distributed energy systems, and advanced water treatment processes. With a majority holding advanced degrees in a range of scientific fields, the NICE team is positioned to deliver world-class fundamental science, clean energy technologies, and tangible business impacts. For more information, visit www.nicenergy.com.
NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2015.
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SOURCE Air Products