Sidd Manjeshwar of Air Products discussed today (Wednesday, Sept. 4) how the Lehigh County-based company plans to move forward with environmentally friendly hydrogen.
He was more guarded on a the company’s transition to a new chief executive officer.
On Aug. 15, Chemical & Engineering News reported that Seifi Ghasemi, 79, was looking for a successor. Manjeshwar said at the Jefferies Industrial Conference that Ghasemi is not going anywhere soon.
Ghasemi has been chairman, CEO and president of the industrial-gas company since 2014.
The Aug. 15 report said that during a conference call with industry analysts, Ghasemi said he intends to continue to lead the company, adding “it is prudent and good practice to have a fully qualified individual who can be my successor.”
The ideal candidate would be a current or former leader of a public company, Chemical & Engineering News reported.
During the Jefferies conference in New York, Manjeshwar noted that the move to clean hydrogen from fossil fuels differs in some respects from earlier energy transitions.
Moves from wood to coal and then oil were driven by the pursuit of cleaner and cheaper energy, he said. In the case of hydrogen, he said public policy will help push the transition along.
In Europe, the regulatory climate promotes the use of clean hydrogen, and in the U.S., the Inflation Reduction Act of 2022 provides subsidies for hydrogen.
Air Products is the world’s largest maker of hydrogen. It makes traditional “grey hydrogen” from natural gas, resulting in carbon emissions that are linked to climate change. It also makes “blue hydrogen,” capturing and storing the emissions, and is investing in “green hydrogen.”
Green hydrogen is made with renewable power that separates water into oxygen and hydrogen, not producing emissions.
Air Products’ goal is to help with “decarbonization” of energy, Manjeshwar said.
“For green hydrogen, you need a ton of land,” he said. Wind and solar power can be used as energy sources for the separation of water, and both require lots of acreage.
“It all comes down to location, location, location,” Manjeshwar said, echoing the old real estate adage.
He said there will be more announcements about Air Products’ progress within the next few months.
Air Products, based in Upper Macungie Township, is traded on the New York Stock Exchange under the ticker symbol APD.
At 11:53 a.m. Wednesday, the price was $275.63, giving the company a market capitalization of $61.3 billion.
Lehigh Valley News Briefs 