A company building two renewable energy plants in the UK is to quit the business.
Air Products said it will “exit” the energy-from-waste (EfW) business and is looking to “optimise” its assets.
The United States-owned firm was building two plants in the Tees Valley, near Redcar’s SSI steelworks, which closed last year leaving 2,200 workers without jobs.
Air Products halted work on the second plant last year but work on the first site has continued.
A company statement said: “In previous public comments, Air Products’ management has communicated the challenges with the Tees Valley, UK projects.
“Testing and analysis completed during the company’s fiscal second quarter indicated that additional design and operational challenges would require significant time and cost to rectify.
“Consequently, the Board of Directors has decided that it is no longer in the best interest of the company and its shareholders to continue the Tees Valley projects.
“Air Products will work to optimise the cash value of its investments. Exiting the EfW business will allow the company to direct its resources to its core business of industrial gases.”
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