Air Products and Tatung Forever Energy Sign Power Purchase Agreement for Solar Electricity in Taiwan

News provided by

Aug 28, 2024, 11:00 ET

TAIPEI, Taiwan , Aug. 28, 2024 /PRNewswire/ -- Air Products (NYSE: APD), a world-leading industrial gases company, today announced Air Products San Fu Co. Ltd. has signed a 10-year Power Purchase Agreement (PPA) for solar electricity with Tatung Forever Energy, a subsidiary of Tatung Company, one of Taiwan's leading conglomerates. The strategic renewable energy agreement underscores Air Products' long-term commitment to address climate change and support the decarbonization and sustainable development of Taiwan's industrial gases sector.

Under the PPA, which begins in the fourth quarter of 2024, Air Products San Fu will source a portion of its energy consumption for industrial gases production from a reliable and renewable energy source. The renewable electricity will allow Air Products San Fu to avoid carbon dioxide (CO₂) emissions equivalent to the electricity-related emissions from more than 80,000 households in Taiwan over the duration of the agreement.

"We are excited to collaborate with Tatung Forever Energy as we take a significant step in the transition to green energy. This strategic agreement will enable us to reduce our environmental footprint and help customers in various sectors achieve their sustainability goals," said Paul Yang, president of Air Products San Fu. "As a leading industrial gases player in Taiwan, Air Products San Fu is committed to working closely with the government, customers, and suppliers to accelerate Taiwan's industrial decarbonization and support the roadmap of 'Executive Yuan' towards an innovative industrial ecosystem for green technologies."

Huang Yun-Wei, general manager of Tatung Forever Energy, added, "With international awareness of carbon reduction on the rise, the demand for renewable energy is growing rapidly. We are very glad to cooperate with enterprises like Air Products San Fu on solar electricity and look forward to our further collaboration to achieve carbon neutrality through improved power stability and utilization efficiency."

Air Products has been serving the Taiwan market through Air Products San Fu for over 70 years and established leading positions in key science industry parks with strong pipeline networks to supply its semiconductor and TFT-LCD customers. The company has more than 60 production facilities serving diverse markets, including metal fabrication, glass, electronics, semiconductor, flat panel display, and petrochemicals. Air Products San Fu is the first industrial gases company in Taiwan awarded ISO9002, ISO14000, and ISO17034 certifications.

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 clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.

The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of approximately $60 billion. Approximately 23,000 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 www.airproducts.com or follow us on LinkedIn, X, 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 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.

SOURCE Air Products