Energy giant Air Products is canceling a $500 million “green” hydrogen project in New York, dealing a blow to an industry that was the center of former President Joe Biden’s climate strategy.
The company has now exited all of its major U.S. green hydrogen projects, according to a recent earnings presentation.
Air Products had intended to build a facility in Massena, New York, to produce green hydrogen using hydroelectricity. The company not only canceled that project Monday but also exited from a second green hydrogen project intended to feed North America’s largest sustainable aviation fuel facility in California.
The decision “will strengthen our backlog and focus company resources on projects that drive value for [company] shareholders,” Eduardo Menezes, CEO of Air Products, said in a statement.
