Air Products will cancel its Louisiana Clean Energy Complex project and record up to $2.9 billion in pre-tax charges, writing down assets including the Arizona hydrogen facility. It is finalizing a marketing and distribution deal with Yara to sell renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia.
Air Products will not proceed with its Louisiana Clean Energy Complex, citing expected returns that fail to meet its stringent investment criteria. This decision terminates development of the integrated hydrogen, power and ammonia facility planned to serve Gulf Coast refinery customers.
The company anticipates up to $2.9 billion in pre-tax charges (approximately $2.2 billion after tax) in its fiscal third quarter, primarily to write down LCEC-related assets and cancel contractual commitments. It will also discontinue a zero-carbon liquid hydrogen facility in Casa Grande, Arizona, and other smaller clean energy projects.
Separately, Air Products is finalizing a marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia. This deal will leverage Yara’s global supply chain to sell and deliver ammonia from the world’s first large-scale renewable ammonia plant.
