Bank of America has downgraded shares in Air Products to underperform amid heightened uncertainty around the financial viability of three major clean hydrogen projects.
The downgrade will come as a blow to the industrial gas major’s new management, which took over the firm earlier this year, vowing to de-risk the company’s approach to clean hydrogen.
The Bank views the financial viability and timing of the 2.2GW NEOM green hydrogen plant and two blue hydrogen projects in Louisiana and Alberta as particularly risky.
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