Air Products (NYSE:APD) has successfully completed the construction of its first retail hydrogen fueling station in Tokyo, Japan, in collaboration with Nippon Steel & Sumkin Pipeline & Engineering Co. Ltd. (“NSPE”). The plant will receive its gas supply from JX Nippon Oil & Energy, one of Japan’s top developers of hydrogen fueling stations, under a contract with NSPE.
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Air Products and NSPE began their alliance in Feb 2014, signing an agreement to jointly work on Japan’s developing infrastructure market for hydrogen fueling. NSPE has provided engineering for varied energy related plants including pipelines, natural gas and LNG for over 50 years. It looks to continue supplying safe and reliable hydrogen for fueling, in partnership with Air Products.
While the first station has been constructed, another station, located in Hokkaido, Japan, is scheduled to be completed in Sep 2016. The company, operating under its wholly-owned subsidiary, Air Products Japan, stated there are several more stations in the pipeline.
Air Products, using its SmartFuel hydrogen fueling station technology at the Tokyo location, provided its expertise on infrastructure engineering and design. NSPE, on the other hand, provided engineering and construction alongside adapting the technology for the Japanese market. The completed station has passed all standard tests and started supplying hydrogen regularly to vehicles.
Air Products’ patented technology at the stations provides 70 Mpa (10,000 psi) according to JPEC (Japan Petroleum Energy Center) S0003, and is also SAE (Society of Automotive Engineers) J2601 fueling protocol capable. Recently, the company has supplied and fueled hydrogen buses in London as well as those used in the Beijing 2008 Olympic Games. It also fueled Boeing’s (NYSE:BA) unmanned Phantom Eye.
Air Products saw double-digit EPS growth for the seventh consecutive quarter in the second quarter of 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.
Air Products expects earnings from continuing operations in the third quarter of fiscal 2016 to be higher than the prior-year quarter by 13–16%. The company raised the earnings guidance for fiscal 2016 from $7.25−$7.50 to $7.40−$7.55 per share. However, it lowered its capital expenditure guidance by $0.1 billion to $1.2 billion.
Air Products currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include Akzo Nobel N.V. (OTC:AKZOY) and BASF SE (NYSE:BA) , both sporting a Zacks Rank #1 (Strong Buy).
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