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ATLANTA, June 14, 2021 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS), a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries, has booked an order for a helium liquefaction large scale Helium plant for one of the largest independent oil and gas producers in Russia. The scope of our supply for the helium plant includes equipment supply for the plant, commissioning and start-up. Keeping with our strategy, we do not have construction responsibility for the project. This project reflects the combination of Cryo Technologies (which Chart acquired in February 2021) and Chart capabilities, bringing the best of both of our liquefaction engineering expertise together and Chart’s capabilities in precooling, brazed aluminum heat exchangers and cold box fabrication.
This plant will be the second of its kind, and Cryo Technologies provided this customer’s first helium plant. Equipment deliveries are anticipated to be complete by the end of 2022, with expected completion of commissioning and startup 12 months later. The majority of milestone payments will be invoiced in 2021 and this is included in our prior guidance as we shared that we had received the Letter of Intent in mid-April 2021 for this project (now it is a bookable order).
“This significant helium liquefaction win is our third hydrogen/helium liquefier order year-to-date 2021 and demonstrates the leading market position of our and Cryo Technologies’ combined liquefaction technologies and capabilities,” stated Jill Evanko, Chart’s CEO and President. “Our hydrogen/helium commercial liquefaction bidding pipeline remains very active and we expect this trend to increase throughout the second half of 2021.”
Forward Looking Statements
Certain statements made in this news 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, products and technology. future orders and customer requirements, business trends, 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,” 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); slower than anticipated growth and market acceptance of new clean energy product offerings; 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.
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.
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Investor Relations Contact – Chart Industries:
Wade Suki, CFA
Director of Investor Relations