Air Products and Chemicals, Inc. (APD - Free Report) inked a cooperation agreement with Thyssenkrupp Uhde Chlorine Engineers to develop projects supplying green hydrogen.
Per the agreement, the two companies will use their complementary technology, engineering and project execution expertise to develop projects.
Notably, Thyssenkrupp will provide engineering, equipment and technical services for water electrolysis plants, which Air Products will build, own and operate.
Through the collaboration, Thyssenkrupp will support Air Products' development of green hydrogen, which can be used for sustainable transportation, chemicals and power generation segments.
Per Air Products’ management, the cooperation agreement with Thyssenkrupp is a vital element of its value chain in developing, building, owning, and operating world-scale projects and supplying green hydrogen for mobility, energy and industrial applications.
As part of the partnership, Air Products and Thyssenkrupp are expected to deploy economic green hydrogen plants in the gigawatt size.
Air Products’ shares have gained 9% in the past year against the industry’s 12.3% decline.
In April, the company withdrew its earnings guidance for 2020 due to the unknown duration and impacts of the coronavirus pandemic. It also did not provide earnings guidance for the fiscal third quarter due to uncertainties. Air Products expects declines in the Americas and EMEA merchant volumes to sustain in the fiscal third quarter.
Air Products and Chemicals, Inc. Price and Consensus
Zacks Rank & Other Stocks to Consider
The company currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are AngloGold Ashanti Limited (AU - Free Report) , Sandstorm Gold Ltd (SAND - Free Report) and Harmony Gold Mining Company Limited (HMY - Free Report) .
AngloGold has a projected earnings growth rate of 109.9% for the current year. The company’s shares have surged around 62% in a year. It currently has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Sandstorm Gold has a projected earnings growth rate of 55.6% for the current year. The stock has gained around 77% in a year. It currently has a Zacks Rank of 2.
Harmony Gold has an expected earnings growth rate of 264.3% for 2020. The company’s shares have gained 99.1% in the past year. It is presently a Zacks #2 Ranked player.
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