Chart Industries, Inc. (“Chart”) (NYSE: GTLS), a leading
diversified global manufacturer of highly engineered equipment for
the industrial gas and clean energy industries today signed a
Memorandum of Understanding (“MOU”) with Ballard Power Systems
(“Ballard”) (NASDAQ: BLDP; TSX: BLDP), a global leader in fuel cell
power to jointly develop integrated system solutions that include a
fuel cell engine with onboard liquid hydrogen (“LH2”) storage and
vaporization for the transportation industry, with a focus on
heavy-duty applications including buses, trucks, rail and marine
vessels.
Both Ballard and Chart have provided hydrogen
solutions and equipment to industry for multiple decades (nearly
100 years in total), including a very rapid increase in sales
activity in 2020. This collaboration of two industry veterans is
targeted to enable accelerated adoption of hydrogen in heavy-duty
transport applications requiring long range, rapid refueling and
lowest total cost of ownership of the vehicle.
Liquid hydrogen is well-suited for the
transportation industry as its higher density, lower pressure, and
ease of filling via liquid hydrogen pump contribute to the ability
for larger mobile equipment to travel longer distances similar to
what is possible today with diesel fuel. As part of the development
agreement:
- Chart will provide:
- Liquid hydrogen expertise from liquefaction plant to storage,
fueling & on-board tanks
- Extensive truck LNG tank experience
- An existing liquid hydrogen onboard vehicle tank prototype
design
- Fuel to vehicle connection / interface experience
- LH2 test lab in Minnesota, United States
- Ballard will provide:
- Proton exchange membrane (“PEM”) fuel cell technology
expertise
- PEM fuel cell stacks, modules and systems
- Fuel cell mobility experience with over 70m km of vehicle
operation
- Market access to System Integrators and vehicle OEMs
- Fuel cell testing facilities in British Columbia (Canada) and
Denmark
“Given both of our companies’ extensive
experience in the Class 8 long haul truck, bus, rail and marine
areas of transportation as well as hydrogen, this combination of
expertise will create a unique, differentiated and cost effective
solution for transportation customers as the industry moves to
cleaner power,” stated Jill Evanko, Chart’s CEO and President. “We
are proud to partner with Ballard, a global proven and focused
leader in hydrogen.”
Randy MacEwen, Ballard President and CEO added,
“Chart Industries is a strong partner for development of integrated
and optimized hydrogen solutions that include storage of liquid
hydrogen for our fuel cell engines. Together with Chart, we intend
to help simplify customers’ buying decisions, regardless of the
specific Heavy-Duty Motive application being addressed.”
About Chart Industries,
Inc.
Chart Industries, Inc. is a leading independent
global manufacturer of highly engineered equipment servicing
multiple applications in the Energy and Industrial Gas
markets. Our unique product portfolio is used in every phase
of the liquid gas supply chain, including upfront engineering,
service and repair. Being at the forefront of the clean
energy transition, Chart is a leading provider of technology,
equipment and services related to liquefied natural gas, hydrogen,
biogas and CO2 Capture amongst other applications. We are committed
to excellence in environmental, social and corporate governance
(ESG) issues both for our company as well as our customers.
With over 25 global locations from the United States to Asia,
Australia, India, Europe and South America, we maintain
accountability and transparency to our team members, suppliers,
customers and communities. To learn more, visit
www.chartindustries.com.
About Ballard Power Systems
Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to
deliver fuel cell power for a sustainable planet. Ballard
zero-emission PEM fuel cells are enabling electrification of
mobility, including buses, commercial trucks, trains, marine
vessels, passenger cars and forklift trucks. To learn more about
Ballard, please visit www.ballard.com.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning the Company’s business
plans, including statements regarding pending acquisitions,
completed acquisitions, cost synergies and efficiency savings,
objectives, future orders, revenues, margins, earnings or
performance, liquidity and cash flow, capital expenditures,
business trends, governmental initiatives, including executive
orders and other information that is not historical in
nature. Forward-looking statements may be identified by
terminology such as "may," "will," "should," "could," "expects,"
"anticipates," "believes," "projects," "forecasts," “outlook,”
“guidance,” "continue," “target,” or the negative of such terms or
comparable terminology.
Forward-looking statements contained in this
press release or in other statements made by the Company are made
based on management's expectations and beliefs concerning future
events impacting the Company and are subject to uncertainties and
factors relating to the Company's operations and business
environment, all of which are difficult to predict and many of
which are beyond the Company's control, that could cause the
Company's actual results to differ materially from those matters
expressed or implied by forward-looking statements. Factors
that could cause the Company’s actual results to differ materially
from those described in the forward-looking statements
include: the Company’s ability to successfully integrate
recent acquisitions and achieve the anticipated revenue, earnings,
accretion and other benefits from these acquisitions; risks
relating to the recent outbreak and continued uncertainty
associated with the coronavirus (COVID-19) and the other factors
discussed in Item 1A (Risk Factors) in the Company’s most recent
Annual Report on Form 10-K filed with the SEC and Quarterly Reports
on Form 10-Q, which should be reviewed carefully. The Company
undertakes no obligation to update or revise any forward-looking
statement.
For more information, click here:
http://ir.chartindustries.com/
Investor Relations Contact – Chart
Industries:
Wade Suki, CFADirector of Investor
Relations832-524-7489wade.suki@chartindustries.com
Investor Relations Contacts – Ballard
Power Systems:
Guy McAree
+1.604.412.7919Media@ballard.com Investors@ballard.com
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