Babcock & Wilcox and Chart Industries to Collaborate on Hydrogen Innovation Utilizing B&W’s Brightloop™ Technology
December 01 2022 - 6:45PM
Babcock & Wilcox (B&W) (NYSE: BW) announced today that it
has entered into an agreement with Chart Industries, Inc. (NYSE:
GTLS) to collaborate on the further deployment of B&W’s
BrightLoopTM hydrogen generation technology, utilizing Chart’s
integrated hydrogen liquefaction and cryogenic carbon capture
equipment and expertise. Together, this solution provides economic
generation of low-carbon hydrogen and supplies cost-effective,
transportable forms of liquid hydrogen and carbon dioxide.
B&W and Chart will also work together to
develop sales and marketing strategies for potential commercial
hydrogen and carbon capture customers and projects.
“This collaboration agreement with Chart offers
tremendous opportunity to further deploy B&W’s advanced
BrightLoop technology,” said Kenneth Young, Chairman and Chief
Executive Officer, B&W. “Chart is recognized as an industry
leader in liquefaction of CO2 and hydrogen, and their expertise
will complement B&W’s proven chemical looping technology as we
work together to identify new opportunities to grow our respective
businesses.”
“Low-carbon intensity hydrogen is already
playing a key role in the global effort to reduce emissions and
combat climate change,” Young said. “We’re excited to use our
technologies and expertise to help customers across the power and
industrial markets achieve their greenhouse gas and emissions
reduction targets.”
"We are excited to partner with B&W to
accelerate further progress in the growing hydrogen economy, in
particular, for bringing more efficient and scalable solutions,”
said Jill Evanko, Chart’s CEO and President. “The combination of
our respective companies’ hydrogen, CO2 and chemical technology
expertise is expected to bring more innovative and cost-effective
offerings to customers looking to low-carbon intensity hydrogen to
help achieve their carbon emission reduction goals.”
B&W's flexible BrightLoop technology – part
of its ClimateBright™ suite of decarbonization and hydrogen
technologies – is applicable to a wide range of feedstock, product
outputs and applications for industries and utilities. The
BrightLoop system is scalable and can convert a wide range of
fuels, including natural gas, coal, petroleum coke (petcoke),
methane, biomass, biogas, and other industrial process off-gases
and materials into hydrogen, syngas and steam for power, process
and heating while also isolating CO2 for storage or use.
Chart’s state-of-the-art, efficient hydrogen
liquefaction process technology and equipment solutions allow for
produced hydrogen gas to be more effectively stored and transported
much longer distances as a dense liquid, using Chart storage tanks,
trailers, ISO containers, and rail cars. Chart’s Sustainable Energy
Solutions (SES) cryogenic carbon capture (CCC) technology removes
CO2 from flue gas and supplies liquid CO2 ready for transport via
trailer or pipeline to storage or utilization. The refrigeration
for both hydrogen liquefaction and CCC can be combined to decrease
capital and operating costs.
Forward-Looking Statements
Chart cautions that this release contains
forward-looking statements, including, without limitation,
statements relating to an agreement to collaborate with Chart on
the further deployment of B&W’s BrightLoop hydrogen generation
technology, utilizing Chart’s integrated hydrogen liquefaction and
cryogenic carbon capture equipment and expertise. These
forward-looking statements are based on Chart’s management’s
current expectations and assumptions and involve a number of risks
and uncertainties. For a more complete discussion of these risk
factors, see our filings with the Securities and Exchange
Commission, including our most recent annual report on Form 10-K.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements,
such as slower than anticipated growth and market acceptance of
these technologies and solutions or unanticipated challenges with
the timing or technical specifications underlying the development
of the technologies and solutions. Chart gives no assurance that
the agreement will achieve its expectations.
If one or more of these risks or other risks
materialize, actual results may vary materially from those
expressed. Chart cautions readers not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this release, and Chart does not undertake any obligation to
update or revise any forward-looking statement, except to the
extent required by applicable law.
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
manufacturing locations from the United States to China, 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 Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock &
Wilcox Enterprises, Inc. is a leader in energy and environmental
products and services for power and industrial markets worldwide.
To learn more, visit www.babcock.com.
Contact:
Greg ShewfeltVice President, Finance, Chart Industries,
Inc.678-865-9141greg.shewfelt@chartindustries.com
Chart Industries (NYSE:GTLS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Chart Industries (NYSE:GTLS)
Historical Stock Chart
From Sep 2023 to Sep 2024