Air Products and Chemicals, Inc. (APD - Free Report) announced that it has signed an agreement to provide a technology license that will enable Air Liquide Advanced Technologies U.S. LLC to practice the patented Air Products technology incorporated in the Society of Automotive Engineers (SAE) J2601 hydrogen fueling protocol.
Air Products utilizes the patented hydrogen fueling technology in combination with the J2601 protocol at its own SmartFuel stations and at the ones built for customers. Also, as the hydrogen fueling network in the U.S. and around the world continues to expand, the company plans to include further licenses for its technology. Such hydrogen fueling technology licenses made by the company are available for use around the world under fair, reasonable, and non-discriminatory (FRAND) terms.
Hydrogen fueling is provided at 700 bar (10,000 psi) by SmartFuel stations spread across the world. This novel patented supply system can be deployed anywhere in the U.S. in a cost-efficient manner such that they can be catered to the new markets requiring hydrogen fueling infrastructure.
The use of this fueling technology has been increasing and is already being used in conducting roughly 1,000,000 hydrogen fills a year.
The company recently introduced a new business unit to help hydrogen producers improve productivity and reliability at their own plants.
Air Products recorded higher profits in second-quarter fiscal 2016 (ended Mar 31, 2016), backed by restructuring and self-help measures. Adjusted earnings of $1.82 per share for the quarter beat the Zacks Consensus Estimate, while revenues of $2,271.2 million missed the same. The company reported double-digit EPS growth for the seventh consecutive quarter.
Air Products currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Innophos Holdings Inc (IPHS - Free Report) , Albemarle Corp. (ALB - Free Report) and BASF SE (BASFY - Free Report) , all sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>