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Exxon Mobil Corporation (NYSE:XOM) inked a deal with Air Liquide (OTC:AIQUF) to produce low-carbon hydrogen and low-carbon ammonia at its Baytown, Texas facility.
In collaboration with Air Liquide, ExxonMobil aims to facilitate the development of a low-carbon hydrogen market along the U.S. Gulf Coast, assisting industrial customers in reducing their carbon footprint.
As per the terms, the deal will allow low-carbon hydrogen to be transported via Air Liquide’s existing pipeline network.
Air Liquide will also construct and operate four Large Modular Air separation units (LMAs) to supply 9,000 metric tons of oxygen and 6,500 metric tons of nitrogen daily, primarily using low-carbon electricity to minimize the project’s carbon footprint.
The final investment decision is contingent upon favorable government policies and obtaining necessary regulatory permits.
Read: Exxon Mobil’s Nigerian Asset Sale To Seplat Nears Completion As Court Case Clears
ExxonMobil’s planned facility is set to become the world’s largest hydrogen production site, generating 1 billion cubic feet of low-carbon hydrogen daily and over 1 million tons of ammonia annually while capturing more than 98% of the associated CO2 emissions.
Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund (NYSE:XLE) and IShares U.S. Energy ETF (NYSE:IYE).
Also Read: Exxon Mobil’s Lawsuit Against Climate Activist Shareholder Arjuna Capital Dismissed By Federal Judge
Price Actions: XOM shares are up 2.94% at $114.02 at the last check on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Del Henderson Jr. via Shutterstock
