Air Products Acquires Harvest Energy Technology to Enhance Global Hydrogen Product Offerings
August 20 2008 - 10:00AM
PR Newswire (US)
LEHIGH VALLEY, Pa., Aug. 20 /PRNewswire-FirstCall/ -- Air Products
(NYSE:APD) today announced it has acquired Harvest Energy
Technology, Inc., a leader in the development of hydrogen
generation technology for industrial and energy applications, to
enhance its overall global hydrogen product offerings. Terms of the
deal for the company based in Sun Valley, California are not being
disclosed. "This acquisition enables Air Products to offer a
cost-effective generated hydrogen solution to augment our current
gaseous tube trailer and liquid hydrogen tanker offerings," says
Robert Dixon, senior vice president and general manager, Merchant
Gases at Air Products. "This new hydrogen generation offering
rounds out our merchant gases portfolio and enables us to better
serve our customers globally." "We have worked with Harvest on
several hydrogen fueling projects for smaller scale systems. The
combination of Air Products' hydrogen pressure swing adsorption
capabilities with Harvest's reformer technology provides the lowest
cost hydrogen available for the merchant market in this production
range. Beyond fueling stations, we have already identified several
global industrial applications for the system's capabilities,
enhancing our offerings to the steel, glass, metals processing, and
photovoltaic markets," said David Guro, the generated gases global
product manager for Hydrogen Generation and Purification at Air
Products. Guro added, "This highly packaged on-site hydrogen
generation technology allows for easy field installation and is an
important addition to the Air Products portfolio of hydrogen
delivery options." Air Products has teamed with Harvest's
patent-protected on-site reformer technology previously for two
United States Department of Energy hydrogen energy station and
vehicle fueling projects. The demonstration projects located in Las
Vegas, Nevada, and in State College, Pennsylvania at The
Pennsylvania State University, provided optimal testing grounds for
the successful combination of the two companies' technologies and
also provided early insight to potential industrial system
applications. "We are pleased to join a company who is a leader in
the supply of hydrogen for industrial and energy applications,"
said Dr. David Warren, chief executive officer of Harvest. "Our
team is looking forward to executing new projects and further
developing larger and more cost-effective hydrogen generators."
Harvest's employees will join Air Products and work from their
existing California location. Since 1998, Harvest had delivered
over 20 fuel processors to clients located throughout the world and
has gained unparalleled experience in the design, fabrication and
operation of shop-fabricated, automated steam methane reformer
hydrogen generators. Harvest partnered with leading companies to
commercialize hydrogen technology for industrial use,
transportation and stationary power applications. Air Products
(NYSE:APD) serves customers in industrial, energy, technology and
healthcare markets worldwide with a unique portfolio of atmospheric
gases, process and specialty gases, performance materials, and
equipment and services. Founded in 1940, Air Products has built
leading positions in key growth markets such as semiconductor
materials, refinery hydrogen, home healthcare services, natural gas
liquefaction, and advanced coatings and adhesives. The company is
recognized for its innovative culture, operational excellence and
commitment to safety and the environment. Air Products has annual
revenues of $10 billion, operations in over 40 countries, and
22,000 employees around the globe. For more information, visit
http://www.airproducts.com/. ***NOTE: This release may contain
forward-looking statements. Actual results could vary materially,
due to changes in current expectations. DATASOURCE: Air Products
CONTACT: Media Inquiries: Art George, +1-610-481-1340, , or
Investor Inquiries: Nelson Squires, +1-610-481-7461, , both of Air
Products Web site: http://www.airproducts.com/
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