The massive write-down covers asset impairments and the costs associated with terminating project contracts, according to the Lehigh Valley-based firm. While the Louisiana facility is off the table, the company maintains its presence in the state, where it continues to operate 18 industrial gas sites and an existing hydrogen pipeline network. Investors reacted positively to the news, sending shares up 7.6% to $292 in premarket trading.

Beyond Louisiana, the company is shuttering a zero-carbon liquid hydrogen plant in Casa Grande, Arizona, alongside several smaller clean-energy distribution initiatives. Management pointed to difficult commercial conditions and slower development cycles in specific markets as the primary drivers for these cancellations. Simultaneously, the company confirmed it has finalized a marketing agreement with Yara to distribute renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia, signaling a shift toward more established international partnerships.