Company’s Energy Efficiency Initiative Supports Korea Government’s National Plan to Improve Energy Consumption
LEHIGH VALLEY, Pa.: Air Products (NYSE: APD) today announced it will install energy storage systems at its industrial gas sites in Gumi City, as well as Onsan and Yongyeon of Ulsan City, South Korea. The adoption of the energy storage technology will enable the company to improve energy efficiency of its production facilities and support the Korean government’s national plan to improve energy consumption.
The energy storage systems are scheduled to come on-stream in the second half of 2018.
Energy storage technologies enhance overall power consumption by capturing and storing excess energy during low demand periods for later use. They can balance and reduce demand from the grid, allowing for carbon emission and air pollutant reductions, and supplement the intermittence of renewable energy sources such as solar and wind.
“Korea is a strategic and important market for Air Products. We have been contributing to the local social and economic development for 45 years and are committed to building a better future for the country,” said Kyo-Yung Kim, president of Air Products Korea. “The implementation of energy storage systems at our sites reinforces our support for the government’s effort to shave peak power demand and Korea’s move towards more sustainable and efficient energy consumption.”
A leading integrated gases supplier, Air Products has been serving the Korea market for 45 years, improving productivity, efficiency, quality and environmental performance for customers from diverse markets, including many of the world’s largest technology companies and industry leaders.
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company’s core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment.
The Company had fiscal 2017 sales of $8.2 billion from continuing operations in 50 countries and has a current market capitalization of about $35 billion. Approximately 15,000 passionate, talented and committed employees from a diversity of backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities and the world. For more information, visit www.airproducts.com.
NOTE: This release may contain 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 reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2017.