Air Products Wins Deals to Support Growth of New Energy Vehicle Industry in China

Air Products (NYSE:APD), a world-leading industrial gases company, today announced it has recently been awarded multiple contracts by several top new energy vehicle (NEV) manufacturers in China to support their fast-paced expansion. Air Products’ reliable and high-quality industrial gases, advanced applications technologies, and deep industry and operational expertise will help customers improve their productivity, product quality, efficiency, and sustainability to meet increasing demand amid the industry boom.

Fueled by environmental trends and government policies, NEVs have become the main development direction of the global automotive industry and an important engine for the sustainable growth. Domestic and international demands for China’s NEVs, which include battery-electric vehicles, plug-in hybrids, and fuel-cell electric vehicles, has been growing rapidly.

The contracts awarded to Air Products involve collaborating with the largest Chinese NEV producers with manufacturing bases in strategic locations. As part of the contracts, Air Products will provide: 

• High-quality liquid nitrogen and services for China’s largest NEV manufacturer for producing new NEV models in Xi’an, Shaanxi province. 

• Multiple industrial gases for an established automobile manufacturer in Huzhou, Zhejiang province, including argon, nitrogen, oxygen and gas mixtures for several production processes such as welding, coating, and quality testing. 

• Integrated solutions for an emerging NEV manufacturer in Beijing, including argon for aluminum melting, gas station design and construction, and other related services. 

“Sustainability is our growth strategy at Air Products. Our latest wins in the NEV industry align with our commitment to China’s ‘3060 dual carbon’ goals and energy transition, as well as the company’s Higher Purpose to solve energy and environmental challenges facing the planet,” said Saw Choon Seong, China president at Air Products. “We are excited to support China’s automotive industry, especially NEV manufacturing, which is undergoing a new phase of high-quality development. We will continue to work closely with our customers and the industry to support their domestic and international growth through our safe, reliable supply, and innovative and sustainable solutions.” 

Serving the China market for over 35 years, Air Products has a strong commitment to the country’s sustainable development. Its core industrial gases, which are supplied through a reliable network backed by more than 200 production facilities nationwide, enable diverse industries to improve productivity and reduce energy consumption and emissions. Its integrated gases solutions, innovative carbon capture and utilization, and hydrogen energy technologies help chemical parks enhance environmental performance in a more economical way. The Company has also participated in several significant clean energy demonstration projects, including the 2008 Beijing Olympic Games and 2022 Beijing Winter Olympics, and is building the country’s first world-class commercial liquid hydrogen production facility in Haiyan, Zhejiang province to support the energy transition. 

About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products’ base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally provides turbomachinery, membrane systems and cryogenic containers.

The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of over $65 billion. More than 21,000 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 reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

Air Products’ 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 and other factors disclosed in our filings with the Securities and Exchange Commission. 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.