Air Products and Chemicals, Inc. (APD Quick QuoteAPD - Free Report) has announced that it has been chosen as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet by Edmonton International Airport.

Air Products will deploy a mobile refueler at the airport to provide hydrogen for the Toyota Mirai hydrogen fuel cell vehicle fleet. The airport will begin with a fleet of five hydrogen fuel cell vehicles for employee usage, with ambitions to grow the fleet to as many as 100 cars to act as an airport taxi service. The vehicles' fueling will begin next week. Air Products has direct operational experience with more than 250 hydrogen filling station projects in 20 countries. Its technologies are used in more than 1.5 million fuelling operations per year.

The new Edmonton station, which will be operational in 2025, will have two hydrogen refueling lanes and dispensers for heavy-duty vehicles, such as commercial and municipal trucks, as well as Air Products' own truck fleet. Furthermore, the station will contain two fuelling stations for light-duty hydrogen fuel cell vehicles. The hydrogen refueling station is partially funded by Natural Resources Canada's Zero Emission Vehicle Infrastructure Program.

Air Products' efficient mobile fuelers will contribute to the use of hydrogen as an emissions-free transportation fuel as permanent hydrogen infrastructure is established in Western Canada. The firm demonstrated plans earlier this year to construct Edmonton's first commercial-scale hydrogen refueling station. The multi-modal station will cater to heavy-duty and light-duty vehicles and will be built near Air Products' net-zero hydrogen energy complex in Edmonton.

Shares of APD have gained 32.7% over the past year compared with a 18.2% rise of its industry.

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Air Products expects full-year fiscal 2023 adjusted earnings per share of $11.30-$11.50, indicating 10-12% year-over-year growth. For the third quarter of fiscal 2023, the company expects adjusted earnings per share in the range of $2.85-$2.95, suggesting a rise of 10-14% from the year-ago quarter.

Zacks Rank & Other Key Picks

Air Products currently carries a Zacks Rank #2 (Buy).

Other top-ranked stocks to consider in the basic materials space include Carpenter Technology Corporation (CRS Quick QuoteCRS - Free Report) , Silvercorp Metals Inc. (SVM Quick QuoteSVM - Free Report) and PPG Industries Inc. (PPG Quick QuotePPG - Free Report) .

CRS currently carries a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for current-year earnings for CRS is currently pegged at $1.04, implying year-over-year growth of 6.3%. It has a trailing four-quarter earnings surprise of roughly 198.1%, on average. The stock has gained around 112.2% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Silvercorp Metals currently carries a Zacks Rank #1. The consensus estimate for current fiscal-year earnings for Silvercorp is currently pegged at 27 cents, suggesting year-over-year growth of 28.6%. The stock has jumped roughly 32.7% in the past year.

PPG Industries currently carries a Zacks Rank #1. The Zacks Consensus Estimate for PPG's current-year earnings has been revised 0.7% upward over the past 60 days. PPG Industries’ earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 6.8%, on average. PPG shares have gained around 31.9% in a year.