Industrial gas giant Air Products & Chemicals Inc. (APD) has inked an agreement with FirstElement Fuel, Inc. to supply hydrogen and technology to the latter’s 19 hydrogen fueling stations that are to be set up in California in 2015. Air Products’ hydrogen stations will be available to commoners at a time when car makers are gearing up for the launch of fuel cell vehicles in the California market in 2015.
Air Products will supply the SmartFuel hydrogen fueling stations to FirstElement Fuel after its success in winning multiple grants through the California Energy Commission's (“CEC”) hydrogen fueling program.
According to Ed Kiczek, global business director – Hydrogen Energy Systems at Air Products, the hydrogen fueling station is quite compact and cost-effective technology that can be easily installed at existing retail gasoline fueling stations. Moreover, this will be the second of three hydrogen stations to be launched by Air Products in the retail market.
Air Products’ SmartFuel stations will be used in all the 19 stations providing hydrogen fuel at 700 bar (10,000 psi). Moreover, SmartFuel stations would also include the related technology referenced in the SAE J2601 hydrogen fueling contract. Additionally, Air Products has access and global permits to many SmartFuel station technologies which are compact and expandable. These stations will also include the improved consumer-friendly retail hydrogen fuel dispenser manufactured by Air Products in synchronicity with Bennett Pump Co.
Air Products has a good track record in the fueling industry owing to its superior technology and continuous innovation, which in turn, makes it a natural choice for FirstElement Fuel. Additionally, Air Products already operates in 9 existing SmartFuel stations in the state apart from the upcoming network of 19 FirstElement Fuel stations for fueling cars.
Air Products is striving to open nine more fueling stations from previous CEC grants, displaying its first hydrogen station product line. Moreover, it also has three hydrogen-powered forklift fueling stations in the state. Air Products’ hydrogen fueling technology is expected to be placed in nearly 40 locations in California with the latest addition.
Air Products currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks worth considering in the chemical space include Valhi, Inc. (VHI), LyondellBasell Industries N.V. (LYB) and Akzo Nobel NV (AKZOY). While Valhi sports a Zacks Rank #1 (Strong Buy), Akzo Nobel and LyondellBasell each carry a Zacks Rank #2 (Buy).
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