Air Liquide (OTCPK:AIQUF) (OTCPK:AIQUY) said Friday it expects only two out of six previously awarded hydrogen projects for the U.S. Department of Energy may move forward after President Trump ended funding for clean energy projects.

A beneficiary of the IRA, Air Liquide has been investing big in the U.S. clean energy transition, including a partnership with Exxon Mobile to enhance the production of low-carbon hydrogen and ammonia at the oil major's facility in Baytown, Texas.

TotalEnergies SE and Air Liquide SA plan a €600 million ($628 million) joint venture to produce green hydrogen for the French oil giant’s refinery in the Netherlands, along with a supply deal for its petrochemical plant in Belgium.

TotalEnergies has partnered Air Liquide to advance its 2030 goal of decarbonising the hydrogen used in its European refineries. The collaboration involves the development of two projects in the Netherlands that will produce 45,