COMPANY PROFILE / HYDROGEN ENERGY
Air Products
An industrial gas major that calls itself a leading hydrogen supplier: its large clean hydrogen projects have been narrowed to NEOM and Edmonton
Air Products comes up in hydrogen discussions as a company that makes and moves hydrogen in bulk. Supplying hydrogen to refineries and other customers by pipeline is a core business, and the 10-K describes the company as the world's leading supplier of hydrogen (its own assessment). It is also building the NEOM Green Hydrogen Project in Saudi Arabia and the net-zero hydrogen energy complex in Edmonton, Alberta. At the same time, in February 2025 and June 2026 it exited U.S. green liquid hydrogen plants (Massena, Casa Grande) and the Louisiana low-carbon hydrogen and ammonia complex, among others, booking about $6.6 billion of costs in total. This profile concentrates on the hydrogen-related businesses and projects: what is moving, what has stopped and what remains open, as far as primary sources allow.
What this article covers
- Air Products in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the hydrogen field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Air Products in 30 seconds, and where it stands in hydrogen
LEGAL NAMEAir Products and Chemicals, Inc.Founded in 1940; a Delaware corporation
HEADQUARTERSAllentown, Pennsylvania, U.S.R&D facility on the same campus
LISTINGNew York Stock Exchange (APD)Fiscal year ends 30 September
TYPE IN HYDROGENGases & large projectsCore is supplying hydrogen gas; large clean hydrogen projects are being narrowed
SALES (FY2025)$12.0 billionAbout 50 countries; operating loss of $877.0 million (including about $3.7 billion of charges)
EMPLOYEES (30 SEP 2025)About 21,300About 75% outside the U.S.
LARGE PROJECTS UNDER CONSTRUCTIONNEOM / EdmontonBoth planned for 2027 (company and state government statements)
CLEAN HYDROGEN PROJECTS DROPPEDAbout $6.6 billion of cumulative costsExits in February 2025 and June 2026, including Louisiana and Casa Grande
The one thing to grasp first
Air Products is best understood as "an industrial gas company that sells hydrogen in large volumes as one of its main products, and that has both built and stopped large clean hydrogen projects" Our calculation. The 10-K says the hydrogen it produces is primarily gray hydrogen (fossil-based, without carbon capture) Sourced. In clean hydrogen, NEOM (green) and Edmonton (blue, with carbon capture) are under construction, while several projects were exited in 2025 and 2026 Sourced. Whether the two projects under construction come on stream as planned is not yet settled Not yet confirmed.
2. The logo and how the name is written
A note on names: the legal entity is Air Products and Chemicals, Inc., usually shortened to Air Products. The logo image was taken from the company's official website. The large hydrogen projects are the NEOM Green Hydrogen Project (Saudi Arabia) and the Net-Zero Hydrogen Energy Complex (Edmonton) as the company names it; the Government of Alberta lists the latter under a different name (Hydrogen Production and Liquefaction Facility). The NEOM project company is NEOM Green Hydrogen Company (NGHC), a three-party joint venture rather than an Air Products subsidiary.
Official website: https://www.airproducts.com/3. Where the company sits in the hydrogen field
4. Scale
Air Products is one of the world's leading industrial gas companies and is large overall, so company-wide figures are shown briefly here and hydrogen-related figures follow in the next chapter. The fiscal year ends in September, so FY2025 means October 2024 to September 2025.
| Item ($ million) | FY2025 | FY2024 |
|---|---|---|
| Sales | 12,037.3 | 12,100.6 |
| Operating income (loss) | -877.0 | 4,466.1 |
| Net income (loss) | -354.4 | 3,862.4 |
| Adjusted operating income (approx.) | 2,900 | about 2,990 Our calculation |
| R&D expense | 96.3 | 100.2 |
| Capital expenditure (company definition) | 5,064.1 | 5,152.0 |
The FY2025 operating loss reflects about $3.7 billion of business and asset action charges, mainly project exits. FY2024 operating income included a $1.6 billion gain on the sale of the LNG business Sourced. Regional industrial gases account for more than 90% of sales, and on-site supply (large facilities near customers) is about half of sales. In 2026, third-quarter (April to June) sales were $3.16 billion, with an operating loss of $2,097.1 million (including about $2.9 billion of exit charges), adjusted operating income of $810.3 million and nine-month sales of $9,435.3 million Sourced.
A caution
Sales and profit for hydrogen gas are not disclosed as separate figures in the 10-K. Sales are shown by regional segment and by supply mode (on-site, merchant, equipment). The 10-K says about half of regional industrial gas sales are atmospheric gases, but it does not give a hydrogen amount. Adjusted operating income is a non-GAAP measure, and the FY2024 value here is this article's back-calculation from the 10-K's year-on-year change (-3%, -$89.8 million). This article does not estimate the hydrogen share Not yet confirmed.
5. Resources committed to hydrogen
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | About 21,300 employees company-wide (30 September 2025). Hydrogen headcount is not disclosed. R&D sites are Allentown (U.S.), Basingstoke and Carrington (U.K.), Barcelona, Shanghai and Dhahran (Saudi Arabia). About 560 U.S. and about 2,650 foreign patents | Sourced / partly not disclosed |
| Money (R&D and capex) | R&D expense was $96.3 million in FY2025 (company-wide; the hydrogen portion is not disclosed). Capital expenditure was about $5.1 billion in FY2025, driven mainly by clean energy projects including NEOM, Louisiana and Alberta (Canada). The FY2026 outlook is about $3.5 billion (lowered from about $4 billion in the third-quarter release); of the earlier $4 billion, about $1 billion was for traditional industrial gas projects | Sourced / outlook |
| Money (project exit costs) | About $3.6 billion in FY2025 and about $2.9 billion in the third quarter of FY2026. Cumulative to 30 June 2026 is $6,565.8 million (asset write-downs of $5,518.4 million, contract termination and other costs of $1,047.4 million). The accrued liability at the end of June 2026 was $786.7 million. The June 2026 8-K estimated cash spending at no more than $925 million | Sourced |
| Acquisitions, investments, joint ventures, divestments | NEOM is an equal joint venture (NGHC) with NEOM Company and ACWA Power. In Jubail, Saudi Arabia, a 50/50 joint venture with a Saudi Aramco subsidiary (BHIG) is building hydrogen, nitrogen and oxygen plants and pipelines. An impairment was booked on a stake in a Chinese joint venture set up for clean hydrogen infrastructure (FY2025). The sustainable aviation fuel (SAF) expansion agreement with World Energy was terminated (February 2025) | Sourced |
| Universities, research institutes, public funding | The Edmonton project received $475M from the federal and provincial governments (8 November 2022; as listed by the Government of Alberta, with no currency stated). A mobile hydrogen fueler was developed with support from Alberta Innovates' hydrogen program. The 10-K describes funding of and cooperation with university research and government-funded research only in general terms. The company says it expects U.S. clean hydrogen (45V) tax credits for projects where construction has begun or is expected to begin before the phase-out dates | Sourced / no named university found |
Status of key projects
| Project | Location | Scale | Stage | Date and source |
|---|---|---|---|---|
| NEOM Green Hydrogen Project (green hydrogen and ammonia) | NEOM, Saudi Arabia | 600 tonnes of hydrogen per day, up to 1.2 million tonnes of green ammonia per year, more than 2 GW of electrolysis (thyssenkrupp). Project cost $9,046 million (ACWA Power) | Under construction (commissioning planned for 2027) | 10-K (November 2025) and 10-Q (July 2026). The December 2021 release gave a 2026 start of production (references 1, 2, 10, 11) |
| Net-Zero Hydrogen Energy Complex (blue hydrogen, liquid hydrogen) | Edmonton, Alberta, Canada | 1,500 tonnes of hydrogen per day, 3 million tonnes of CO₂ captured per year. Estimated cost $4.6B (state listing) | Under construction (schedule 2022-2027) | State listing and the company's April 2026 release (references 7, 8, 9) |
| Louisiana Clean Energy Complex (low-carbon hydrogen and ammonia) | Louisiana, U.S. | Could not be confirmed | Cancelled (decided 26 June 2026) | The 10-Q says "under construction", while the 8-K refers to no final investment decision unless conditions were met (references 2, 3) |
| Green (zero-carbon) liquid hydrogen facility in Casa Grande | Arizona, U.S. | Could not be confirmed | Cancelled (decided 26 June 2026) | The 10-Q says "under construction" (references 2, 3, 4) |
| Green liquid hydrogen facility in Massena | New York, U.S. | 35 tonnes per day (plan) | Cancelled (24 February 2025) | Reasons: the hydro power supply became ineligible for 45V, and the hydrogen mobility market was slower than expected (reference 6) |
| BHIG (hydrogen, nitrogen and oxygen supply facilities) | Jubail, Saudi Arabia | Could not be confirmed | Under construction | Became a 50/50 joint venture with a Saudi Aramco subsidiary in January 2025 (reference 1) |
A materials engineer's view: materials for moving hydrogen
Air Products does not only make hydrogen; it handles pipelines, liquid hydrogen containers and storage equipment. The 10-K says its Gardner Cryogenics business makes containers for transporting and storing helium and hydrogen, and that steel and aluminum are the principal raw materials of its equipment Sourced. In hydrogen pipelines and high-pressure equipment, hydrogen embrittlement, where hydrogen entering steel reduces its toughness, is a design concern, and for liquid hydrogen containers the toughness of materials at -253°C and insulation are the key issues (general background; the company documents reviewed do not give this level of material specification) Not yet confirmed. NEOM's electrolysis is a stack of 20 MW alkaline water electrolysis modules from thyssenkrupp. For how electrodes, diaphragms and catalysts affect performance, see our explainers on alkaline water electrolysis and electrolyzer stacks and materials.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 1940 | Founded | - |
| July 2020 | Signed an agreement with ACWA Power and NEOM for a green-hydrogen-based ammonia facility | The starting point of the NEOM project |
| 13 December 2021 | Awarded thyssenkrupp Uhde Chlorine Engineers a contract for an electrolysis plant of more than 2 GW; start of production given as 2026 | The electrolyzer supplier is chosen |
| 8 November 2022 | $475M of federal and provincial funding for the Edmonton project (as listed by the Government of Alberta) | Public funding support |
| May 2023 | The NEOM EPC agreement ($6.7 billion) and project financing (about $6.1 billion) were finalized, with Air Products as main contractor and system integrator | Financing for construction |
| January 2025 | BHIG (Jubail) became a 50/50 joint venture with a Saudi Aramco subsidiary and was deconsolidated | Hydrogen supply facilities in Saudi Arabia |
| 24 February 2025 | Exit from three U.S. projects (World Energy SAF expansion, green liquid hydrogen in Massena, a carbon monoxide project in Texas); costs of up to $3.1 billion expected | A review of projects by the new board and CEO |
| FY2025 (full year) | Project exit costs of about $3.6 billion. Two coal gasification plants in China to be marketed for sale | - |
| 26 June 2026 | Decided to exit the Louisiana Clean Energy Complex, Casa Grande and other smaller projects; about $2.9 billion of charges in the third quarter | A second large review |
| 30 June to 30 July 2026 | Finalized a marketing and distribution agreement with Yara for NEOM ammonia | A route to market for NEOM's product |
7. What comes next
NEOMCommissioning planned for 2027First green ammonia deliveries; company outlook (10-K)
EDMONTON2027 (state listing)Construction "well underway" per the company (April 2026)
FY2026 CAPITAL EXPENDITUREAbout $3.5 billionPrevious outlook was about $4 billion; company outlook
FY2026 ADJUSTED EPS$13.39 to $13.49Company outlook (a measure not specific to hydrogen)
The primary sources also describe the following policies Not yet confirmed.
- Direction: the 10-K speaks of a renewed focus on the core industrial gas business while still pursuing energy transition projects that meet the company's return requirements. In 2026 the company again describes growth through traditional industrial gas projects
- Louisiana and Casa Grande assets: to be redeployed to other projects where possible, and exposure under contracts reduced (8-K). Final costs may differ
- NEOM ammonia: to be sold through Yara's global supply chain. Air Products is the sole offtaker under a long-term take-if-tendered agreement
What could not be confirmed
Revenue, profit, headcount and R&D spending for hydrogen gas alone; hydrogen production and sales volumes; the sizes of the Louisiana and Casa Grande projects; the latest construction progress rates for NEOM and Edmonton; the status of any clean hydrogen projects in Europe; and the details of hydrogen offtake contracts for Edmonton other than Imperial. None of these is stated in the 10-K, 10-Q, 8-K filings or official releases reviewed.
8. What the company is aiming for in hydrogen
The table separates what the company says it is aiming for from what this article infers. Inference marks this article's own reading of primary sources.
| What can be read | Primary evidence | Category |
|---|---|---|
| The strategy returns to the core industrial gas business | The 10-K outlook speaks of a "renewed focus on our core industrial gas business". In July 2026 the CEO described a pathway to reduce capital expenditure and grow through traditional industrial gas projects | Sourced |
| Clean hydrogen only where projects meet the company's return criteria | Louisiana was exited because expected returns would not meet its criteria | Sourced |
| Investment in hydrogen mobility will not be widened for now | The Massena exit (2025) and the Casa Grande exit (2026) both cite the slow hydrogen mobility market among their reasons | Sourced (reasons) / Inference (future policy) |
| NEOM is to be completed as the first large green project, with its product sold worldwide | The marketing and distribution agreement with Yara; the company calls it the world's first large-scale renewable ammonia plant | Sourced |
| Edmonton is to supply hydrogen with carbon capture and liquid hydrogen | ATR with more than 90% carbon capture, a liquid hydrogen facility, and hydrogen for Imperial's Strathcona refinery | Sourced (plan) / Inference (future expansion) |
One inference, explained in more detail
The reading that "clean hydrogen is being narrowed to a few high-return projects" rests on what the exit reasons have in common. Massena (February 2025) cited the hydro power supply becoming ineligible for 45V and the slow mobility market; Louisiana (June 2026) cited expected returns below the company's criteria; Casa Grande cited challenging commercial conditions, project-specific economics and the slow mobility market Sourced. None of them points to a failure of technology; the stated reasons are demand, policy and returns, while the company continues the two projects under construction. Whether the exited projects return in another form cannot be confirmed; the company also states that its project review is ongoing Not yet confirmed.
9. Map of partnerships in hydrogen
Air Products' hydrogen relationships include the NEOM three-party joint venture (ACWA Power and NEOM Company), the electrolyzer supplier thyssenkrupp, the ammonia marketer Yara, Saudi Aramco and Imperial in Canada Sourced. At NEOM one company holds several roles: three parties own the venture in equal shares, Air Products is the main EPC contractor, and it is also the sole offtaker of the product (10-K). Government funding for the Edmonton project and support for a mobile hydrogen fueler are also confirmed in primary sources. The 2025 and 2026 exits ended contracts with counterparties such as World Energy.
10. Technologies, products and services
Air Products' hydrogen-related activities are supplying hydrogen gas, large clean hydrogen projects and hydrogen-related equipment. Performance figures are the company's statements, shown with their conditions and scale.
| Item | What company documents say | Conditions, scale, source |
|---|---|---|
| Hydrogen gas supply (gray hydrogen) | Hydrogen produced by purifying by-product streams from chemical and petrochemical plants and by steam methane reforming (SMR) of natural gas, delivered to refineries and others by pipeline. On-site supply is mostly under 15- to 20-year contracts | As described in the 10-K. Production and sales volumes are not disclosed. The company calls itself a leading hydrogen supplier (its own assessment) |
| NEOM (green hydrogen and ammonia) | Electrolysis of water with renewable power makes hydrogen, which is combined with nitrogen into green ammonia. Air Products takes the product | Scale: 600 tonnes of hydrogen per day, up to 1.2 million tonnes of ammonia per year (ACWA Power). Commissioning planned for 2027 |
| Edmonton (blue hydrogen, liquid hydrogen) | Hydrogen by autothermal reforming (ATR) with more than 90% of the CO₂ captured and stored underground. Includes a hydrogen-fired power unit and a liquid hydrogen facility | Scale: 1,500 tonnes of hydrogen per day, 3 million tonnes of CO₂ captured per year (state listing). The capture rate of more than 90% is the company's stated value, with no conditions given. Under construction |
| Hydrogen-related equipment | Containers for transporting and storing liquid hydrogen and helium (Gardner Cryogenics), turboexpanders (Rotoflow) and air separation equipment | Equipment sales are under 10% of sales (10-K) |
| For hydrogen mobility | A mobile liquid-to-gaseous hydrogen fueler (developed with support from Alberta Innovates). Large mobility-related projects, however, continue to be exited | Company release of April 2026. The slow build-up of the market is a stated reason for the exits (8-K) |
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Repeated project reviews | Multiple projects were exited in February 2025 and June 2026, with cumulative costs of $6,565.8 million. The company says its review is ongoing | Sourced |
| Building before buyers are fixed | The 10-K says its large clean hydrogen projects are being built before offtake agreements are finalized for a substantial share of expected output, which creates uncertainty over demand and price | Sourced |
| NEOM completion and performance | Planned for 2027. As EPC contractor Air Products carries performance guarantees of up to about $0.8 billion (expiring November 2028). The December 2021 release gave 2026 for the start of production, so the timing has moved later | Sourced |
| Dependence on policy | The U.S. 45V hydrogen credit was cited in the Massena exit. The 10-K says a reversal or reduction of incentives could threaten clean hydrogen projects | Sourced (company statement) |
| Hydrogen mobility market | The company itself cites the slow build-up of hydrogen mobility among the reasons for its 2025 and 2026 exits | Sourced |
| Capital burden and financing | NEOM project financing of about $6.1 billion (with $5.5 billion borrowed). Total debt was $17.7 billion at the end of September 2025. Capital expenditure is expected to fall to about $3.5 billion in FY2026 | Sourced / outlook |
| Stage descriptions differ between documents | The Louisiana project is described as "under construction" in the 10-Q but with reference to no final investment decision unless conditions were met in the 8-K. It is hard to check the actual stage from outside | Sourced |
| Handling and regulation of hydrogen | Hydrogen pipelines and equipment are subject to laws and standards. The 10-K lists pipeline leaks and ruptures, fires and explosions among operational hazards. This article is not handling advice | Sourced (company statement) |
12. Glossary
- Gray hydrogen
- Hydrogen made from fossil fuels without carbon capture. See our explainer on hydrogen colors and carbon intensity.
- Blue / green hydrogen
- Blue is fossil-based with carbon capture; green is made by electrolysis with renewable power. Definitions vary by who is speaking.
- Autothermal reforming (ATR)
- A hydrogen production method that uses oxygen and supplies its own reaction heat. The CO₂ is concentrated, which makes it easier to capture (company description).
- On-site supply
- Supplying gas under a long-term contract from a plant built near the customer. About half of Air Products' sales.
- Take-if-tendered
- A contract under which the buyer takes product the seller offers. NEOM's output is taken this way.
- EPC
- Engineering, procurement and construction. Air Products is the main contractor for NEOM.
- 45V
- The U.S. tax credit for clean hydrogen production. The company cited the loss of eligibility for hydro power as a reason for the Massena exit.
- SAF
- Sustainable aviation fuel. The expansion with World Energy was ended.
- LCEC
- Louisiana Clean Energy Complex, the low-carbon hydrogen and ammonia complex exited in June 2026.
- VIE (variable interest entity)
- An entity whose control is determined by economic ties beyond voting rights. Air Products consolidates the NEOM joint venture.
13. References
- Air Products Form 10-K for the year ended 30 September 2025 (filed 20 November 2025). Business overview, how hydrogen is produced, sales and results, headcount, R&D, capital expenditure, accounting for the NEOM joint venture, project exit costs and risk factors. https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm
- Air Products Form 10-Q for the third quarter ended 30 June 2026 (filed 30 July 2026). The 2026 project exits and their costs, NEOM financing and capital expenditure. https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm
- Air Products Form 8-K dated 26 June 2026 (Item 2.06, material impairments). The decision to exit Louisiana, Casa Grande (Arizona) and other projects, and the stated reasons. https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956d8k.htm
- Air Products Press release of 30 June 2026 (Exhibit 99.1 to the 8-K). The decision not to proceed with the Louisiana project and the finalizing of the ammonia marketing agreement with Yara. https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956dex991.htm
- Air Products Press release "Air Products Reports Fiscal 2026 Third Quarter Results" (30 July 2026; Exhibit 99.1 to an 8-K). Results, full-year outlook, capital expenditure outlook and the finalized Yara agreement. https://www.sec.gov/Archives/edgar/data/2969/000000296926000034/exhibit99130jun26.htm
- Air Products Form 8-K dated 24 February 2025 (Item 2.06). Exit from three U.S. projects (World Energy, Massena and a carbon monoxide project in Texas). https://www.sec.gov/Archives/edgar/data/2969/000119312525033509/d830166d8k.htm
- Government of Alberta Alberta Major Projects, "Air Products Hydrogen Production and Liquefaction Facility". Size, stage, schedule, estimated cost and government funding for the Edmonton project. https://majorprojects.alberta.ca/details/Air-Products-Hydrogen-Production-and-Liquefaction-Facility/4461
- Air Products Company website, "Canada Net-Zero Hydrogen Energy Complex". The Edmonton project's process (autothermal reforming with carbon capture) and construction status. https://www.airproducts.com/energy-transition/canada-net-zero-hydrogen-energy-complex
- Air Products News release of 16 April 2026 (announcement of its presence at the Canadian Hydrogen Convention). Existing Alberta facilities, the statement that construction of the Edmonton complex is well underway, and Alberta Innovates support. https://www.airproducts.com/company/news-center/2026/04/0417-air-products-industrial-decarbonization-solutions-canadian-hydrogen-convention
- ACWA Power Company website, "NEOM Green Hydrogen Project". Size, project cost, ownership share and schedule of NEOM. https://www.acwapower.com/en/what-we-do/projects/neom-green-hydrogen-project/
- Air Products News release of 13 December 2021 (electrolysis plant awarded to thyssenkrupp Uhde Chlorine Engineers). https://www.airproducts.com/company/news-center/2021/12/1213-air-products-awards-thyssenkrupp-uhde-chlorine-engineers-contract-for-neom
- Air Products Company website (source of the logo image). https://www.airproducts.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name (Air Products and Chemicals, Inc.), founded in 1940, Delaware corporation, head office (Allentown, Pennsylvania), NYSE listing (APD), fiscal year-end (30 September) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm Reference 3 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956d8k.htm |
| FY2025 sales of $12,037.3 million (prior year $12,100.6 million), operating loss of $877.0 million (including about $3.7 billion of business and asset action charges), net loss of $354.4 million, adjusted operating income of about $2.9 billion | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| About 21,300 employees (30 September 2025), R&D expense of $96.3 million, about 560 U.S. and about 2,650 foreign patents | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| Regional industrial gases are more than 90% of sales, on-site supply is about half of sales, and hydrogen is produced primarily as gray hydrogen (fossil-based) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| Third-quarter FY2026 (April-June) sales of $3,161.0 million, operating loss of $2,097.1 million, adjusted operating income of $810.3 million; nine-month sales of $9,435.3 million | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm Reference 5 https://www.sec.gov/Archives/edgar/data/2969/000000296926000034/exhibit99130jun26.htm |
| Capital expenditure: about $5.1 billion in FY2025; outlook of about $3.5 billion for FY2026 (changed from about $4 billion in the third-quarter release) | Not yet confirmed | Company outlook. Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm Reference 5 https://www.sec.gov/Archives/edgar/data/2969/000000296926000034/exhibit99130jun26.htm |
| February 2025 exit from three U.S. projects (World Energy SAF expansion, a 35 tonne/day green liquid hydrogen plant in Massena, and a carbon monoxide project in Texas) and the reasons given (the hydro power supply no longer eligible for the 45V credit, slower hydrogen mobility market) | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/2969/000119312525033509/d830166d8k.htm |
| FY2025 project exit costs of about $3.6 billion (about $2.4 billion for three U.S. projects, about $755 million for smaller projects, about $425 million impairment of two coal gasification plants in China) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| June 2026 exit from the Louisiana Clean Energy Complex, the green hydrogen facility in Casa Grande (Arizona) and smaller projects; third-quarter charge of $2.9 billion ($2.2 billion after tax) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm Reference 3 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956d8k.htm Reference 4 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956dex991.htm |
| Reasons for the exits: Louisiana - expected returns would not meet the company's criteria; Casa Grande and others - challenging commercial conditions, project-specific economics and slower development in markets, largely hydrogen for mobility | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956d8k.htm Reference 4 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956dex991.htm |
| Cumulative project exit charges of $6,565.8 million through 30 June 2026 ($3,658.4 million for FY2025 decisions, $2,907.4 million for FY2026 decisions) and an accrued liability of $786.7 million at 30 June 2026 | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm |
| How the Louisiana project's stage is described: the 10-Q says "a clean energy complex under construction", while the 8-K says it had previously disclosed it would make no final investment decision unless conditions were met | Sourced | The two primary sources describe the stage differently. This article could not determine which is more accurate. Reference 2 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm Reference 3 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956d8k.htm |
| NEOM Green Hydrogen Company (NGHC) is owned in equal shares by NEOM, ACWA Power and Air Products and is consolidated by Air Products. $6.7 billion EPC agreement, about $6.1 billion of project financing (about 69% of the project), $5.5 billion borrowed at the end of June 2026 | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm Reference 2 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm |
| Air Products is the sole offtaker for NEOM's green ammonia under a long-term take-if-tendered agreement | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm Reference 2 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm |
| NEOM scale (600 tonnes of hydrogen per day, up to 1.2 million tonnes of green ammonia per year, about 4 GW of renewable power, project cost of $9,046 million) and the 2027 commissioning | Sourced | Size and cost are as given on the co-owner ACWA Power's official website. Reference 10 https://www.acwapower.com/en/what-we-do/projects/neom-green-hydrogen-project/ |
| NEOM electrolysis: thyssenkrupp, more than 2 GW of alkaline water electrolysis (20 MW modules); agreement signed in July 2020 and electrolysis ordered in December 2021; the 2021 release gave a 2026 start of production | Sourced | Reference 11 https://www.airproducts.com/company/news-center/2021/12/1213-air-products-awards-thyssenkrupp-uhde-chlorine-engineers-contract-for-neom |
| FY2024 adjusted operating income of about $2.99 billion | Our calculation | Our calculation: back-calculated from the 10-K's "about $2.9 billion, down 3% (-$89.8 million)". |
| The company states that NEOM will come onstream and deliver green ammonia in 2027 (FY2025 10-K); the July 2026 10-Q says the project is nearing completion | Not yet confirmed | Company outlook. Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm Reference 2 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm |
| Marketing and distribution agreement with Yara for NEOM ammonia, finalized | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956dex991.htm Reference 5 https://www.sec.gov/Archives/edgar/data/2969/000000296926000034/exhibit99130jun26.htm |
| NEOM-related performance guarantee of up to about $0.8 billion as EPC contractor (expiring November 2028) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| Edmonton project: 1,500 tonnes of hydrogen per day, 3 million tonnes of CO₂ captured per year, stage "Under Construction", schedule 2022-2027, estimated cost $4.6B, $475M of government funding (8 November 2022) | Sourced | As listed by the Government of Alberta; no currency is stated. Reference 7 https://majorprojects.alberta.ca/details/Air-Products-Hydrogen-Production-and-Liquefaction-Facility/4461 |
| Edmonton uses autothermal reforming (ATR) with more than 90% carbon capture, a hydrogen-fired power unit and a liquid hydrogen facility; construction is "well underway" (April 2026) | Sourced | The capture rate is the company's stated value. Reference 8 https://www.airproducts.com/energy-transition/canada-net-zero-hydrogen-energy-complex Reference 9 https://www.airproducts.com/company/news-center/2026/04/0417-air-products-industrial-decarbonization-solutions-canadian-hydrogen-convention |
| Hydrogen from the Edmonton project to be supplied to Imperial's Strathcona refinery | Sourced | Reference 7 https://majorprojects.alberta.ca/details/Air-Products-Hydrogen-Production-and-Liquefaction-Facility/4461 Reference 8 https://www.airproducts.com/energy-transition/canada-net-zero-hydrogen-energy-complex |
| Blue Hydrogen Industrial Gases Company (BHIG): a 50/50 joint venture with a Saudi Aramco subsidiary, building hydrogen, nitrogen and oxygen plants and pipelines in Jubail | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| Mobile liquid-to-gaseous hydrogen fueler developed with support from Alberta Innovates | Sourced | Reference 9 https://www.airproducts.com/company/news-center/2026/04/0417-air-products-industrial-decarbonization-solutions-canadian-hydrogen-convention |
| Research sites (Allentown, the U.K., Barcelona, Shanghai, Dhahran) and cooperation with universities and government-funded research | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| Revenue, profit, headcount and R&D spending for hydrogen alone | Not yet confirmed | No hydrogen-only breakdown in the 10-K. This article does not estimate it. Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| Final status of clean hydrogen projects other than Edmonton and NEOM (for example European projects) | Not yet confirmed | Not stated in the documents reviewed. Could not be confirmed. Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm |
| General explanation of gas pipelines, cryogenic containers and hydrogen embrittlement | Our calculation | Commentary (general background; kept separate from what the company documents state). |
| The framing "most of its hydrogen comes from the existing industrial gas business; large clean hydrogen projects have been narrowed" | Our calculation | This article's framing, interpreted from the sales structure and exit statements (references 1-6). |
| The four company types and the example company names | Our calculation | This article's classification; example companies are drawn from this series. |
| The reading that clean hydrogen is being narrowed to a few high-return projects with the core gas business as the axis | Inference | This article's interpretation of the outlook, exit reasons and the CEO's comment. Reference 1 https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm Reference 5 https://www.sec.gov/Archives/edgar/data/2969/000000296926000034/exhibit99130jun26.htm |
| The reading that it will not expand hydrogen mobility investment for now | Inference | This article's interpretation of the 2025 and 2026 exit reasons. Reference 3 https://www.sec.gov/Archives/edgar/data/2969/000119312526289427/d97956d8k.htm Reference 6 https://www.sec.gov/Archives/edgar/data/2969/000119312525033509/d830166d8k.htm |
Last updated 8 October 2026 / Troy Technical
Every figure in this article comes from Air Products' filings with the U.S. Securities and Exchange Commission and official releases, and from the official pages of the Government of Alberta and ACWA Power. No research-firm estimates or press-based figures have been used. The company's outlooks, targets and performance values are the company's own statements and have not been independently verified. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. Handling hydrogen is subject to laws and standards, and this article is not handling advice.