MIDLAND, Mich., April 25, 2023 — Dow (NYSE: DOW) announced today it has selected Linde (NYSE: LIN) as its industrial gas partner for the supply of clean hydrogen and nitrogen for its proposed net-zero carbon emissions¹ integrated ethylene cracker and derivatives site in Fort Saskatchewan, Alberta, Canada. Final investment decisions for both the Dow and Linde projects are subject to approval by both companies’ respective Board of Directors and various regulatory agencies. Final investment decisions are expected in fourth quarter this year for a potential startup of phase 1 in 2027.

Under the parties’ framework agreement, Linde will complete the design and engineering for a Linde-owned and operated world-scale air separation and autothermal reformer complex. This complex would be integrated with Linde’s existing operations in Fort Saskatchewan.

“Linde’s partnership is critical in enabling Dow to advance its plans to decarbonize our Fort Saskatchewan site while growing our business,” said Edward Stones, Dow’s business vice president, Energy and Climate. “Our customers are looking to Dow to help lower the carbon footprint of their products, and this is an important step in that direction.”

Dow’s net-zero carbon emissions ethylene cracker and derivatives complex would decarbonize approximately 20 percent of its global ethylene capacity while growing its global polyethylene supply by about 15 percent and supporting approximately $1 billion of EBITDA (earnings before interest, taxes, depreciation and amortization) growth across the value chain by 2030.

The proposed production process at Fort Saskatchewan will convert cracker off-gas into hydrogen as a clean fuel to be used in the ethylene production process and carbon dioxide will be captured onsite to be transported and stored by adjacent third-party carbon storage infrastructure partners.

“The Dow net-zero Fort Saskatchewan project will be a milestone project in global industrial decarbonization,” said Dan Yankowski, senior vice president Americas, Linde. “Linde’s engineering, large project execution and operations expertise, combined with our long-standing relationship, uniquely positions us to support Dow as it takes an important step towards achieving its decarbonization goals.”

Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance leadership to achieve profitable growth and help deliver a sustainable future. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications. Dow operates manufacturing sites in 31 countries and employs approximately 37,800 people. Dow delivered sales of approximately $57 billion in 2022. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow’s contemplated capital and operating projects; Dow’s ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflict between Russia and Ukraine; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems; and risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s subsequent Quarterly Reports on Form 10-Q. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow Inc. and TDCC assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

Linde is a leading global industrial gases and engineering company with 2022 sales of $33 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, decarbonize and protect our planet.

The company serves a variety of end markets such as chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde’s industrial gases and technologies are used in countless applications including production of clean hydrogen and carbon capture systems critical to the energy transition, life-saving medical oxygen and high-purity & specialty gases for electronics. 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.

For further information, please contact:

Kyle Bandlow
989.638.2417
kbandlow@dow.com

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¹ With respect to scope 1 and 2 carbon dioxide emissions.
^®™ Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

SOURCE The Dow Chemical Company”