Chart Industries, Inc. SES Cryogenic Carbon Capture™ Technology Selected for Funding from the U.S. Department of Energy
October 07 2021 - 7:30AM
Chart Industries, Inc. (NYSE: GTLS), a leading diversified global
manufacturer of highly engineered equipment for the industrial gas
and clean energy industries, has been notified of its U.S.
Department of Energy (“DOE”) funding award for our Sustainable
Energy Solutions Cryogenic Carbon Capture™ (“CCC”) technology.
With this DOE funding, our team intends to
design, build, commission and operate an engineering-scale
Cryogenic Carbon Capture™ (CCC) process at Central Plains Cement
Company LLC’s cement plant in Sugar Creek, Missouri. Central Plains
Cement Company LLC is a wholly-owned subsidiary of Eagle Materials
Inc. (NYSE: EXP). The project will scale the CCC system to a
capacity of nominally 30 tonnes of CO2 per day with the
intention of demonstrating that the system captures more than 95
percent of the CO2 from the flue gas slip stream and produces
a CO2 stream that is more than 95 percent pure. The DOE
funding for this project is $4,999,875, which was one of the four
largest funding amounts out of the 12 projects included in these
DOE awards (total $45 million) to advance point-source carbon
capture and storage technologies that can capture at least 95% of
carbon dioxide (CO2) emissions generated from natural gas power and
industrial facilities that produce commodities like cement and
steel.
This project deepens our relationship with the
DOE as we have an ongoing project looking at combining carbon
capture with energy storage to enable better adoption of renewables
on the grid and also participate in the H2@SCALE Texas hydrogen
project. In addition to this week’s DOE award notification, in
September 2021 we booked an engineering order for our carbon
capture offering from a publicly traded industrial manufacturing
company producing materials for the heavy construction industry for
a potential U.S. location carbon capture facility.
In addition to the above, our third quarter 2021
carbon capture activity has been robust, with the signing of a
Memorandum of Understanding (“MOU”) with FLSmidth as well as TECO
2030 to cooperate on further CCUS development and application in a
broad set of industries, including industrial, cement and marine.
Additionally, our SES Cryogenic Carbon Capture (CCC) technology was
recognized by researchers at Massachusetts Institute of Technology
(“MIT”) and Exxon as the most competitive CCUS solution, with the
determination that the cost to produce cement and capture CO2 using
our CCC technology is 24% higher than producing cement with no CO2
capture (not accounting for any value for the CO2 being captured),
while other capture technologies range from a 38% increase to a
134% increase in the cost of producing cement and capturing CO2 vs
producing cement with no CO2 capture.
“We are delighted that public and private
entities recognize Chart as a leader in carbon capture technologies
and products,” stated Jill Evanko, Chart’s CEO and President. “We
view this award as well as our third quarter 2021 commercial
activity as meaningful steps and accelerators toward capturing (pun
intended) significant share of our anticipated $6 billion total
addressable market for carbon and direct air capture in 2030.”
The following links to the full announcement
from the DOE: DOE Invests $45 Million to Decarbonize the Natural
Gas Power and Industrial Sectors Using Carbon Capture and Storage |
Department of Energy
For more information about Chart’s SES CCC
capabilities, please contact Andy Baxter (Co-founder of SES and
President of SES within Chart Industries) at
Andrew.baxter@chartindustries.com.
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.
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 Chart’s business plans,
including statements regarding 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 Chart are made based
on management's expectations and beliefs concerning future events
impacting Chart and are subject to uncertainties and factors
relating to Chart’s operations and business environment, all of
which are difficult to predict and many of which are beyond Chart’s
control, that could cause Chart’s actual results to differ
materially from those matters expressed or implied by
forward-looking statements. Factors that could cause Chart’s actual
results to differ materially from those described in the
forward-looking statements include: Chart’s ability to
successfully integrate recent acquisitions and achieve the
anticipated revenue, earnings, accretion and other benefits from
these acquisitions; slower than anticipated growth and market
acceptance of carbon capture and other new clean energy product
offerings; inability to achieve expected pricing increases or
continued volatility in raw materials and supply; risks relating to
the 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, 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
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