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Chart Industries expands liquid hydrogen and LNG business

Published by , Senior Editor
Hydrocarbon Engineering,

Chart Industries Inc. has completed the previously announced divestiture of its cryobiological products business to Cryoport Inc. for US$320 million in cash.

On 30 September 2020, Chart and Plug Power Inc. executed a master supply agreement for Chart to supply liquid hydrogen storage and transport equipment to Plug and its subsidiaries. In conjunction with the agreement, Chart received US$7.8 million of equipment orders from Plug that are booked in 3Q20.

Plug Power is the established leader within the hydrogen economy – using 40 tpd of liquid hydrogen. Plug Power is well-positioned in the industry with capabilities in generation, liquefaction and distribution of hydrogen fuel.

In a statement, Chart also confirmed that it is close to executing a formal joint development agreement and entity with one of its key hydrogen customers which will focus on developing first-of-a-kind liquid hydrogen fuelling 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 its customer’s multi-station infrastructure in the US for the expansion of fuel cell vehicles.

Chart also confirmed that its ISO containers for LNG applications continue to see increasing and heightened demand, with the 30 September 2020 receipt of its second leasing order from New Fortress Energy for ISO containers totalling US$7.7 million.

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