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AIR PRODUCTS AND CHEMICALS, INC.

(APD)
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Air Products and Chemicals : Supports China's 'Hydrogen into Ten Thousand Homes' Demonstration Project; Company Commissions Its First Hydrogen Fueling Demonstration Station in Shandong Province to Fuel Buses and Trucks for Green Transportation

08/13/2021 | 11:02am EDT

Air Products (NYSE:APD), a world-leading supplier of hydrogen and hydrogen for mobility solutions, today announced it has commissioned its first hydrogen fueling station in Shandong Province for fueling buses and trucks to support China's 'Hydrogen into Ten Thousand Homes' demonstration project and green transportation. The company has accelerated several hydrogen production and application projects in the province in support of this national project.

The 'Hydrogen into Ten Thousand Homes' demonstration project is a high-level project initiated by China'sMinistry of Science and Technology in cooperation with Shandong provincial government to promote the comprehensive utilization of hydrogen energy and demonstrate hydrogen applications in industrial parks, community buildings and transportation to create a hydrogen-powered society.

Air Products' first state-of-the-art hydrogen fueling station in Shandong China can fuel bus and truck fleets.

Built, owned and operated by Air Products, and a joint effort with the local government, the station located in Huantai County of Zibo City is the company's first and also one of the first hydrogen fueling stations in Shandong. It is built to world-class standards and equipped with the company's patented fueling technology and two state-of-the-art dispensers, with hydrogen energy supplied by the company's production facility in Zibo. The station can fuel several fleets of public buses and trucks used for logistics.

'Shandong has a strategic roadmap with clear targets for hydrogen development. As a leader in hydrogen and hydrogen for mobility, Air Products is honored to contribute our expertise, technologies and end-to-end solutions to this strategic demonstration project that will greatly drive the development of hydrogen energy in the province and across the country,' said Saw Choon Seong, Air Products China president. 'We are committed to continuing to support China's 14th Five-Year Plan and '30*60' decarbonization goal to drive sustainable development, together with local governments, our customers and partners.'

Shandong has unique advantages in hydrogen energy resources and has established a complete hydrogen industry value chain covering production, storage, transportation and applications for future development. The provincial government has laid out a ten-year plan to realize breakthrough developments of the hydrogen energy industry and build a 'China hydrogen Valley' and 'Oriental hydrogen Island.' Shandong is the first and currently the only province selected by the central government to implement the 'Hydrogen into Ten Thousand Homes' demonstration project. To accelerate the deployment of this project, the provincial government recently held an international collaboration promotion event and invited 18 leading multinational companies including Air Products and over 20 local players in the hydrogen energy industry to exchange ideas.

Air Products has more than 60 years of hydrogen experience and an extensive patent portfolio in hydrogen dispensing technology. The company has been involved in over 250 hydrogen fueling projects in 20 countries and its fueling technology is used in over 1,500,000 hydrogen fills per year.

As one of the first multinational gas companies to enter China, Air Products has been supporting the social and economic development of the country since 1987. The company has participated in several hydrogen demonstration projects, including the 2008 Beijing Olympic Games, 2010 Asian Games, 2011 Shenzhen Universiade and the upcoming 2022 Beijing Winter Olympics, to drive the use of this clean energy. The company has also been involved in several hydrogen fueling station pilot projects, including Shandong Province's first stationary hydrogen fueling station with both 35Mpa and 70Mpa fueling. In Shandong, Air Products has established a strong position since its first investment in 1995, with several operating entities, production facilities, hydrogen fueling station projects and engineering design capability.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of nearly $65 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements: This release contains '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 expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

Media Contacts:

Jessica Cheng | +852 9302 5597

Brian Malina | +1 610 481 3898

Investor Contact:

Simon Moore | +1 610 481 7461

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 10 118 M - -
Net income 2021 2 029 M - -
Net Debt 2021 2 897 M - -
P/E ratio 2021 32,0x
Yield 2021 1,97%
Capitalization 64 793 M 64 793 M -
EV / Sales 2021 6,69x
EV / Sales 2022 6,32x
Nbr of Employees 19 138
Free-Float 88,5%
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Number of Analysts 27
Last Close Price 292,70 $
Average target price 316,17 $
Spread / Average Target 8,02%
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Managers and Directors
Seifollah Ghasemi Chairman, President & Chief Executive Officer
Melissa Schaeffer Chief Financial Officer & Senior Vice President
Brian Galovich Chief Information Officer & Senior VP
Samir J. Serhan Chief Operating Officer
Chadwick C. Deaton Lead Independent Director
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