Chart Industries, Inc. (“Chart”) (Nasdaq: 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 Matrix Service Company
(NASDAQ: MTRX) for the development of standardized hydrogen
solutions in North America, including hydrogen liquefaction plants,
marine bunkering, fueling stations, plant expansions, storage
expansion, spaceship fueling and other hydrogen related facilities.
Matrix Service Company (“Matrix”) is a leading contractor to the
energy and industrial markets across North America. Through its
subsidiaries, Matrix provides engineering, procurement,
fabrication, and construction (“EPFC”), as well as maintenance and
products to the energy and industrial markets, with specific
experience engineering, procuring and constructing cryogenic and
pressure storage vessels, terminals and related balance of plant
facilities which complements Chart’s extensive hydrogen
liquefaction and equipment offering.
This MOU builds upon the hydrogen strategy of
both companies to continue to expand commercial arrangements,
relationships and geographic diversity thereby utilizing Chart’s
expansive hydrogen equipment and liquefaction offerings by the
producers and end users of hydrogen. Matrix has a 50-plus year
history in providing cryogenic storage and terminal expertise to
multiple industries. Chart has provided hydrogen-specific equipment
to industry for over 50 years, including a very rapid increase in
order activity in 2020. Chart’s hydrogen equipment orders for 2020
were over $38 million, with 60% of the orders received in the
fourth quarter of 2020 which included a first of a kind order for
custom vacuum insulated pipe for multiple liquid hydrogen storage
systems. These hydrogen orders contributed to Chart’s full
year 2020 specialty market orders of $283.6 million, a 16.2%
increase over specialty market orders in the full year of 2019.
With 164 customers working with Chart to serve their hydrogen
equipment needs (up from 30 at the beginning of 2020), this
collaboration with Matrix will be another way for our customers to
achieve their small-scale hydrogen requirements.
Chart and Matrix are working to provide more
cost competitive and scalable ways to increase hydrogen as a key
part of the clean energy transition, drawing on their respective
expertise in the technology and EPFC in cryogenic storage tanks and
terminals. This MOU furthers that effort by having a standardized,
price competitive offering for the turnkey design, equipment
supply, and construction that would have been handled by
subcontractors in North America.
“The combination of Chart equipment and process
with the expertise Matrix brings in process integration, design,
fabrication, construction and installation to create a unique and
cost-effective solution for the North American hydrogen market, in
particular for customers wanting a standardized solution,” stated
Jill Evanko, Chart’s CEO and President. “Matrix also brings access
to larger scale commercial opportunities for Chart equipment in
North America.”
“After years of working on LNG and other
cryogenic projects with Chart, expanding our relationship to
support the evolution and ongoing work we do in hydrogen is a
natural next step as energy companies look to Matrix for
infrastructure solutions that support their strategic transition to
clean energy products and services,” said John R. Hewitt, Matrix
CEO and President. “We look forward to continuing to drive customer
value and collaborating with Chart to improving the cost
competitiveness of hydrogen as a clean energy fuel choice.”
When executing under the MOU, Chart and Matrix
will provide design, equipment and installation. Chart’s included
standard hydrogen offering in the MOU ranges from liquefaction
process and equipment to storage vessels to truck loading to vacuum
insulated piping, and plant controls while Matrix provides process
integration and facility design, as well as all the installation
including storage spheres, site civil work, mechanical equipment,
piping systems, electrical power, control, substation and
distribution.
An exhibit accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9f2cc91-2ad5-44a6-91c4-bb6415e5e257
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 Matrix Service
Company
Founded in 1984, Matrix Service
Company (Nasdaq: MTRX) is parent to a family of companies that
includes Matrix PDM Engineering, Matrix Service Inc.,
Matrix NAC, and Matrix Applied Technologies. Our companies
design, build and maintain infrastructure critical to North
America's energy and industrial markets. Matrix
Service Company is headquartered in Tulsa,
Oklahoma with offices located throughout the United
States and Canada, as well as Sydney,
Australia and Seoul, South Korea. The Company reports its
financial results based on three reportable segments: Utility and
Power Infrastructure, Process and Industrial Facilities, and
Storage and Terminal Solutions.
With a culture driven by its core values of
safety, integrity, stewardship, positive relationships, community
involvement and delivering the best, Matrix is consistently ranked
as a Top 100 Contractor by Engineering-News Record and recognized
as a Great Place to Work®. To learn more about Matrix Service
Company, visit matrixservicecompany.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, CFA |
|
|
Director of Investor Relations |
|
|
832-524-7489 |
|
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wade.suki@chartindustries.com |
|
|
|
Investor Relations Contacts – Matrix
Service Company: |
|
Kevin S. Cavanah |
|
Kellie Smythe |
Matrix Service Company |
|
Matrix Service Company |
Vice President and CFO |
|
Senior Director, Investor Relations |
T: 918-838-8822 |
|
T: 918-359-8267 |
Email: ir@matrixservicecompany.com |
|
Email: ksmythe@matrixservicecompany.com |
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