Chart Industries and CarbonCure Technologies Announce Agreement for Carbon Dioxide Storage and Transport Equipment

Rhea-AI Summary

Chart Industries (NYSE: GTLS) and CarbonCure Technologies have deepened their collaboration to enhance equipment for liquid carbon dioxide storage and transport. This partnership will utilize Chart's Cryogenic Carbon Capture technology at concrete facilities globally. The agreement aims to support CarbonCure's carbon removal technologies by employing Chart’s cryogenic storage tanks and trailers for CO₂ transport. This initiative seeks to permanently embed captured CO₂ in concrete, significantly reducing the industry's carbon footprint.

Positive

• Collaboration enhances carbon capture technology and storage solutions.
• Utilization of cryogenic storage tanks and trailers for CO₂ transport aligns with sustainability goals.
• Significant potential impact on reducing concrete industry's carbon footprint.

Negative

• None.

ATLANTA, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (“Chart”) (NYSE: GTLS), and CarbonCure Technologies, Inc. (“CarbonCure”) today announced an agreement to further advance collaboration on equipment for the storage and transport of liquid carbon dioxide, in addition to the utilization of Sustainable Energy Solutions’ (“SES”), a division of Chart Industries, Cryogenic Carbon Capture™ technology for deployment at concrete facilities globally.

With this agreement, the two companies will support opportunities for the use of Chart’s cryogenic CO₂ microbulk storage tanks to support CarbonCure’s suite of carbon removal technologies for the concrete industry. Additionally, Chart’s cryogenic trailers may be used to transport liquid CO₂ to the concrete plants of CarbonCure’s concrete producer partners. During the concrete manufacturing process, CarbonCure systems inject captured carbon dioxide into fresh concrete, reclaimed plant water and recycled concrete aggregate where the CO₂ immediately mineralizes and becomes permanently embedded. The CO₂ will never return to the atmosphere even if the concrete is later demolished.

“We are excited to continue our work with CarbonCure and their cutting-edge solutions to transform the concrete industry by reducing the sector’s carbon footprint without sacrificing performance,” said Jill Evanko, President and CEO of Chart Industries. “This agreement formalizes the collaboration that began years ago as we supported CarbonCure in its successful XPRIZE campaign and we look forward to continuing to work with CarbonCure’s talented team.”

“Chart and Sustainable Energy Solutions’ first-class technologies and equipment are vital to the continued growth of the carbon removal, utilization and storage sector,” said Rob Niven, Chair and CEO of CarbonCure Technologies. “We look forward to strengthening our relationship with Chart to increase our impact and expand CO₂ access for our concrete producer partners.”

About Chart Industries, Inc.

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the clean energy and industrial gas markets. The company’s 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. Chart is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com

About CarbonCure

CarbonCure Technologies, a fast-growing carbon dioxide removal tech company, offers a suite of technologies to permanently store captured CO₂ in concrete through carbon mineralization. With more than 650 systems sold across the global concrete industry and a methodology verified by Verra, CarbonCure’s technologies currently save from the atmosphere thousands of metric tons of CO₂ each month—with significant growth and impact, year-over-year. CarbonCure’s cutting-edge research and innovation have garnered global recognition and prestigious titles, most notably Carbon XPRIZE Grand Prize Winner, 2022 CNBC Disruptor 50 List Company and Cleantech 100 Hall of Fame Company. CarbonCure’s investors include Breakthrough Energy Ventures, Amazon, Microsoft, Carbon Direct, and Mitsubishi Corporation. Learn more at www.carboncure.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 objectives, future orders, revenues, business trends, water treatment and clean energy market size and growth opportunities, 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 effectively reduce carbon emissions from industrial sources globally at anticipated costs and energy outputs; 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 its variants) and the conflict between Russia and Ukraine and the other factors discussed in Item 1A (Risk Factors) in Chart’s most recent Annual Report on Form 10-K filed with the SEC, which should be reviewed carefully. Chart undertakes no obligation to update or revise any forward-looking statement.

For more information, click here: http://ir.chartindustries.com/

Chart Industries Investor Relations Contact:

Wade Suki, CFA
Director of Investor Relations
945-225-6803
wade.suki@chartindustries.com

FAQ

What is the significance of the agreement between Chart Industries and CarbonCure Technologies?

The agreement aims to advance collaboration on carbon dioxide storage and transport, enhancing sustainability in the concrete industry.

How will the partnership impact the carbon footprint of the concrete industry?

The partnership aims to utilize captured CO₂ in concrete, aiming to significantly reduce the sector's carbon emissions.

What technologies are being utilized in the Chart and CarbonCure partnership?

Chart's Cryogenic Carbon Capture technology and microbulk storage tanks will be utilized for CO₂ storage and transport.

When was the agreement between Chart Industries and CarbonCure announced?

The agreement was announced on November 1, 2022.

What is the stock symbol for Chart Industries?

The stock symbol for Chart Industries is GTLS.