Once again, Linde has expanded its estimate for clean-energy investment opportunities as a trickle becomes a stream.
The industrial gas company now sees more than $50 billion in projects over the next decade, whether that’s hydrogen-fuel, blue ammonia fertiliser, or methanol as an energy carrier. It added $20 billion to its earlier estimate for just the US, to account for projects in Europe, the UK and the Middle East.
The industrial gas company had already outlined scope for $30 billion in investments in the US alone. It’s adding a further $20 billion to that earlier figure to account for activity in the Middle East, mainland Europe and the UK. Australia and Asia are a little bit behind the curve.
Linde alone has more than 200 projects in development, CEO Sanjib Lamba said today on a call.
The lion share of investment opportunities — around 60% — stem from industrial customers looking to decarbonise. Dow this week announced it has turned to Linde to supply clean hydrogen and nitrogen for its net-zero Scope 1 and Scope 2 ethylene cracker.
Linde’s customers also include crop-nutrient maker OCI, which is building a 1.1 Mtpa blue ammonia site in Texas. Along with competitors like LSB Industries, fertiliser companies are doubling up as energy players as ammonia and methanol can be used as carriers for hydrogen. The energy market accounts for about 30% of the $50 billion in expected investment opportunities, followed by mobility at 10%.
Over the next 2-3 years, Lamba expects to make a call on some $9-10 billion in investment projects, some more advanced than others.
He’s in no doubt the backlog will continue to grow.
Blink and you’ll miss the next projection.