According to the company’s website news release on February 3, 2023, Linde (NYSE:LIN; FWB:LIN) announced it had another record year for new small on-site projects during 2022.
Linde signed 52 new small on-site projects for the supply of nitrogen and oxygen, a 21% increase compared with 2021. The increase was largely driven by growing demand for next-generation energy storage, such as lithium-ion batteries. Linde also saw continued strong demand from traditional end markets including electronics, manufacturing, metals and mining.
Small on-site projects use Linde’s proprietary ECOVAR® technology, which is designed to be highly efficient, flexible and reliable while helping customers minimize their environmental impact. The new long-term agreements meet Linde's strict investment criteria and will ultimately deliver steady revenue and contribute to Linde's underlying growth. Most of the projects require investments under $5 million and are separate from the company's quarterly reported project backlog.
“The growth in demand for next-generation lithium-ion batteries for consumer electronics, electric vehicles and other industrial applications has stimulated an impressive increase in activity across the energy storage value chain," said Sanjiv Lamba, Chief Executive Officer, Linde. “Linde’s proprietary ECOVAR® technology means we can help our customers scale up their activity.”
About Linde
Linde is a leading global industrial gases and engineering company with 2021 sales of $31 billion (€26 billion). We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet.
The company serves a variety of end markets including chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions.
For more information about the company and its products and services, please visit www.linde.com.
