Chart Industries Expands Liquid Hydrogen and LNG Business with Strategic Agreements
October 01 2020 - 11:38AM
Chart Industries, Inc. (“Chart”) (NASDAQ: GTLS) today completed the
previously announced divestiture of its cryobiological products
business (MVE Biological Products) to Cryoport, Inc. (“Cryoport”)
(NASDAQ: CYRX) for $320 million in cash.
On September 30, 2020, Chart and Plug Power Inc.
(NASDAQ: PLUG) executed a master supply agreement for Chart to
supply liquid hydrogen storage and transport equipment to Plug and
its subsidiaries. We are excited about this agreement between
two strong and experienced companies in the hydrogen value
chain. In conjunction with the agreement, Chart received $7.8
million of equipment orders from Plug that are booked in the third
quarter of 2020.
Plug Power is the established leader within the
hydrogen economy – using 40 tons of liquid hydrogen per day.
Plug Power is well-positioned in the industry with
capabilities in generation, liquefaction and distribution of
hydrogen fuel, complementing its industry-leading position in the
design, construction, and operation of more than 100
customer-facing hydrogen fueling stations.
Additionally, we are hours away from executing a
formal joint development agreement and entity with one of our key
hydrogen customers which will focus on developing first-of-a-kind
liquid hydrogen fueling applications. This agreement builds upon
Chart’s 50 plus years of experience designing and manufacturing
hydrogen equipment for storage, transport and power applications as
well as our customer’s multi-station infrastructure in the United
States for the expansion of fuel cell vehicles. Timing this
agreement with the California Energy Commission’s September 2020
grant funding for multi-year, multiple hydrogen fueling stations,
the future of a scalable fueling infrastructure is accelerating and
quite bright (pun intended!).
And not to be overlooked, our ISO containers for
LNG applications continue to see increasing and heightened demand,
with the September 30, 2020 receipt of our second leasing order
from New Fortress Energy (NASDAQ: NFE) for ISO containers totaling
$7.7 million. The first order of a similar size was booked in July
2020, and we look forward to our continued relationship with New
Fortress as they execute their vision. As a reminder, we see double
digit near-term growth in our repair, service and leasing business,
and continue to expect growing demand for LNG equipment for
infrastructure.
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.
For more information, click here:
http://ir.chartindustries.com/
Supplemental Presentation:
http://ml.globenewswire.com/Resource/Download/f6f91bf0-2cb0-4c42-80a2-7b10dde19023
Investor Relations
Contact:
Wade Suki, CFA |
Director of Investor
Relations |
832-524-7489 |
wade.suki@chartindustries.com |
CryoPort (NASDAQ:CYRX)
Historical Stock Chart
From Aug 2024 to Sep 2024
CryoPort (NASDAQ:CYRX)
Historical Stock Chart
From Sep 2023 to Sep 2024