Oil major Exxon announced plans in 2022 to build the plant at its refining and chemical complex in Baytown, Texas, with a goal of producing 1 billion cubic feet per day of so-called blue hydrogen, a clean fuel that produces water when burned.
Potential customers have stayed on the sidelines due to the higher cost of using hydrogen, Woods said, adding that an industrial slowdown and economic uncertainty in Europe have further crimped demand.