Economic downturn hits the hydrogen economy

If some governments proudly say that the way out of our economic problems is by investing in new technologies, here's a story that shows that they might not be right. One important player in the so-called "hydrogen economy," Air Products (previous posts), is dealing with the hard times by laying off 1,300 of its workers worldwide. Although the company spots minimal debt, the cuts were planned to lower structural costs and will save Air Products an estimated $50 million in 2009 and $110 million in 2010. Air Products launched its first hydrogen powered bus back in October with much fanfare, as well as a hydrogen fueling station across the pond, in London.

[Source: WFMZ]