The Chicago Entrepreneur

: Air Products stock falls after confirming it abandoned coal-to-methanol project that it invested $2 billion in 3 years ago, to focus on blue and green hydrogen

Air Products & Chemicals Inc. APD said Thursday that it has withdrawn from the coal-to-methanol Bengalon project in Indonesia, so it can focus energy-transition projects. The industrial gases company had said in May 2020 that it invested $2 billion in the project. The stock fell 3.1% in Thursday’s regular session to $266.94, the lowest close since Nov. 3. “The financial landscape for blue and green hydrogen projects has significantly changed in the last year, driving increasing opportunities for Air Products to invest in these energy transition projects around the world,” the company said in a statement, which it said was made in response to media reports. “As a result, the Company has decided to redeploy its financial resources on such energy transition opportunities.” Air Products said it remains “committed” to its industrial gas business in Indonesia. The stock has dropped 14.5% over the past three months, while the Materials Select Sector SPDR exchange-traded fund XLB has slipped 3.0% and the S&P 500 SPX has gained 2.7%.

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