| Increased Funding For Hydrogen Fuel Cell Research and Development Key to Progress
LEHIGH VALLEY, Pa. (February 6, 2002)—Air Products and Chemicals, Inc. (NYSE:APD), the world's largest supplier of merchant hydrogen, today expressed strong support for President George W. Bush's announced budget proposal to invest in and develop technologies such as hydrogen-based fuel cells. The President's proposed budget, which also includes new tax credits for the purchase of certain hybrid and fuel cell vehicles, was released to the public yesterday.
"The timing is right for the United States to be putting research and development resources into hydrogen as a fuel source. Every day, millions of pounds of hydrogen are safely used by hundreds of industries throughout our country and globally. The potential use of hydrogen as a method for delivering energy for both stationary and mobile applications is real. Hydrogen is a fuel source that is abundant, efficient, renewable, and non-polluting," said John P. Jones, III, Air Products' Chairman and Chief Executive Officer.
Before hydrogen can be made widely available to consumers for fuel cell use, infrastructure issues must be addressed. Jones said the Bush Administration's commitment to increased funding for the nation's hydrogen program will help solve these challenges, and accelerate the emergence of broad fuel cell use. "Our country has the opportunity to take a leadership role in the development and commercialization of the global hydrogen economy. Utilizing hydrogen as a fuel source has many benefits ranging from environmental, to the domestic economy in making the U.S. more competitive internationally, and at the same time increasing U.S. energy self-sufficiency," Jones said. The President's proposed budget specifically notes that development of hydrogen-based fuel cells will reduce reliance on imported oil.
Air Products has made the safe production, storage and handling of hydrogen its business for over 50 years. An industry leader in hydrogen safety engineering and global leader in hydrogen production and distribution, Air Products is the sole provider of liquid hydrogen for America's Space Shuttle missions. Air Products' hydrogen market experience as a commercial developer, supplier, and operator of turnkey hydrogen on-site plants dates back to the 1950s and today includes over 1,200 hydrogen installations and 340 miles of hydrogen pipeline systems worldwide.
Air Products has been in the forefront of developing hydrogen fueling stations for clean transportation applications, and the technologies and systems for hydrogen purification, generation and handling. Air Products is a participant in numerous hydrogen energy demonstration projects in the U.S. and Europe to bring low-cost distributed hydrogen production technologies to the marketplace, and to promote the development of hydrogen energy applications. More information on Air Products' hydrogen fuel cell activities can be found at our hydrogen fuel cells website.
Air Products and Chemicals, Inc. (www.airproducts.com) is the world's only combined gases and chemicals company. Founded more than 60 years ago, the business has annual revenues of $5.7 billion and operations in 30 countries. Air Products is a market leader in the global electronics and chemical processing industries, and a long-standing innovator in many industrial markets, including coatings, adhesives and polyurethanes. The company distinguishes itself through its 18,000 employees around the world, who build lasting relationships with their customers and communities based on understanding, integrity and passion. |
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