PARIS--(BUSINESS WIRE)--Regulatory News:
Air Liquide (OTC:AIQUY) (Paris:AI) and Dow renewed their industrial gas supply agreement in Stade, one of the largest chemical production sites in Lower Saxony, Germany. In this context, Air Liquide will supply industrial gases under a long-term agreement and invest close to 40 million euros in the modernisation of its assets, enabling operational efficiency and reducing CO2 emissions.
As part of the agreement, Air Liquide will modernize its existing production assets - two Air Separation Units (ASU) as well as one Partial Oxidation plant (POX)1, to which it will add a new CO2 recycling solution. This will enable a circular use of the CO2 produced, leading to around 15% increase in energy efficiency and reducing the emissions by around 15,000 tonnes/year, which represents 80% of direct CO2 emissions of the Air Liquide site. The modernization of these assets will be completed in 2024. Air Liquide has been supplying industrial gases to Dow in Stade, Germany, for more than 20 years.
Emilie Mouren-Renouard, member of Air Liquide's Executive Committee and Chief Executive Officer of the Europe Industries Hub, said: In view of the climate imperative, the necessary industrial transformation will require not only ground-breaking greenfield projects but also step-by-step modifications and modernisation of existing plants. This is why, as part of our long term renewal of the supply agreement with Dow, we have decided to invest close to 40 millions euros to modernize our assets in Stade. The solution implemented will apply CO2 recycling to an existing production facility, enabling us to improve energy efficiency and reduce CO2 emissions at the same time. This investment is in line with Air Liquide's ADVANCE strategic plan, which includes the objective of reducing the Group's carbon emissions by one-third by 2035.
A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 73 countries with approximately 67,100 employees and serves more than 3.9 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide's scientific territory and have been at the core of the company's activities since its creation in 1902.
Taking action today while preparing the future is at the heart of Air Liquide's strategy. With ADVANCE, its strategic plan for 2025, Air Liquide is targeting a global performance, combining financial and extra-financial dimensions. Positioned on new markets, the Group benefits from major assets such as its business model combining resilience and strength, its ability to innovate and its technological expertise. The Group develops solutions contributing to climate and the energy transition”particularly with hydrogen”and takes action to progress in areas of healthcare, digital and high technologies.
Air Liquide's revenue amounted to more than 29.9 billion euros in 2022. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, CAC 40 ESG, EURO STOXX 50, FTSE4Good and DJSI Europe indexes.
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1Partial oxidation (POX) is a mature process in which natural gas, for instance, is mixed with a limited amount of oxygen, creating syngas, as a feedstock for multiple applications.
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Source: Air Liquide