Air Products Qudra and Saudi Arabia Railways Sign Memorandum of Understanding to Develop Hydrogen Fueling Stations for Trains in the Kingdom of Saudi Arabia

Air Products Qudra and Saudi Arabia Railways (SAR) today announced the signing of a Memorandum of Understanding (MoU) to collaborate on opportunities to build, own and operate (BOO) hydrogen fueling stations for trains in the Kingdom of Saudi Arabia.

The MoU establishes an engagement for future collaboration between the parties, whereby Air Products Qudra would build multiple hydrogen train fueling stations on a BOO basis for Saudi Arabia Railways. The potential hydrogen train fueling stations would be built along established Riyadh - Al Kharj; Dammam – Jubail; and Ras Al Khair – Jubail, train routes. This would support the Saudi Green Initiative and Vision 2030, which aims to increase the Kingdom's reliance on clean energy, reducing carbon emissions and protecting the environment.

Air Products Qudra's CEO, Ebubekir Koyuncu added: "Hydrogen is essential to the energy transition and is playing a crucial role in creating low carbon, sustainable transportation. We are honored to collaborate with SAR and look forward to developing ways we can deploy our global expertise, experience, and world-class engineering capabilities to support SAR and the Kingdom’s vision.”  

Saudi Arabia is committed to advancing the global fight against climate change, with a targeted roadmap for the delivery of the Saudi Green Initiative targets. Air Products Qudra is honored to be a partner in the Saudi Green Initiative, leading the energy transition to accelerate Vision 2030 for the Kingdom and the Middle East region. 

About Air Products 
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products’ base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.

The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of about $60 billion. Approximately 23,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

About Air Products Qudra
Air Products Qudra is the regional development and investment joint venture (JV) for Middle East between Air Products and Qudra Energy, a subsidiary of Vision Invest. Air Products is a world-leading industrial gases company developing, engineering, building, owning and operating many of the world's largest industrial gas projects; Vision Invest is a leading development and investment Holding Company in the Kingdom of Saudi Arabia, with a diversified portfolio of investments across several sectors such as Utility, Infrastructure, Logistics and Industrial Gases with a global operational investment footprint.

Formed following several years of partnership between its parent companies, Air Products Qudra's mission is to bring world-class technology, on-site solutions, and leading project execution and operational leadership for large-scale energy and environmental projects throughout the Middle East region. For more information visit www.airproductsqudra.com.

Cautionary Note Regarding Forward-Looking Statements: This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.