Chart Industries Announces the Grand Opening of Its Jumbo Cryogenic Tank Manufacturing Facility in Theodore, Alabama
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Insights
The opening of Chart Industries' new Teddy 2 facility in Theodore, Alabama, represents a strategic expansion in the company's manufacturing capabilities, particularly in the cryogenic tank market. The ability to produce the largest shop-built cryogenic tanks, up to 1,700 cubic meters, is a significant competitive advantage. This development is expected to cater to the growing demand in various sectors, including aerospace, marine power and clean energy, which are increasingly focusing on decarbonization.
The direct access to waterways and railways may enhance logistical efficiency and reduce transportation costs for customers. These operational improvements can potentially lead to margin enhancements and contribute positively to the company's financial performance. Furthermore, the creation of nearly 100 new jobs aligns with broader economic growth objectives and may improve local consumer spending, indirectly benefiting other businesses in the region.
The emphasis on clean energy and industrial gas markets aligns with global trends towards sustainability and energy transition. Chart Industries' focus on manufacturing cryogenic tanks for hydrogen and LNG storage positions the company favorably within the energy sector. As governments and industries invest in infrastructure to support hydrogen as a fuel and LNG as a transition energy source, the demand for large-scale storage solutions is likely to increase.
Investors should note the potential long-term benefits of this facility, which may increase Chart's market share in the cryogenic tank industry. The company's ability to offer unique shop-built tanks of this size could attract new customers and partnerships within the aerospace and clean energy sectors. Over time, this could lead to a diversified revenue stream and reduce dependence on traditional energy markets.
The impact of the Teddy 2 facility extends beyond Chart Industries' internal metrics and into the broader local economic landscape of Theodore, Alabama. The creation of new jobs can stimulate local economic activity and contribute to a more skilled workforce. Additionally, Governor Kay Ivey's remarks underscore the state's commitment to fostering advanced manufacturing capabilities, which may attract further investment and development in the region.
From an economic development perspective, Chart's expansion could serve as a catalyst for additional industrial growth in the area, potentially leading to increased property values, improved infrastructure and greater regional prominence in the high-tech manufacturing sector.
ATLANTA, March 28, 2024 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”), a leading global solutions provider to clean energy and industrial gas markets, celebrates the grand opening of its “Teddy 2” facility, named as such because it is Chart’s second manufacturing facility in Theodore, Alabama. This plant will manufacture the world’s largest shop-built cryogenic tanks up to 1,700 cubic meter cryogenic storage vessels. The tanks manufactured at this site will be used for propellant storage for the aerospace industry, hydrogen and LNG storage for marine and power, gas by rail, and for many other applications in the sciences and decarbonization industries. The Teddy 2 facility has direct access to waterways and railways, providing customers with lower freight costs and faster transportation to site.
This expansion also contributes significantly to local job creation and economic development efforts for the state of Alabama.
“We’re thrilled to officially expand our presence in Theodore, Alabama with our ability to offer the world’s only shop-built cryogenic tanks of this scale, up to and including 1,700 cubic meters,” said Jill Evanko, CEO and President of Chart Industries. “This expansion further supports our customers through increased capacity and scale as well as lower freight costs and shorter lead times. We look forward to continuing to hire from the strong, skilled workforce in Alabama.”
“Today’s ribbon cutting celebrates a valued and continued partnership in Mobile County and the state of Alabama,” said Alabama Governor, Kay Ivey. “Chart Industries recognizes both the strength of local engineering expertise as well as our advanced manufacturing and workforce capabilities. We’re looking forward to Chart’s expansion in south Alabama, creating nearly 100 new jobs for our region.”
“We are thrilled for Chart Industries' expansion in Theodore,” said Mobile Chamber President and CEO, Bradley Byrne. “With the capacity to fabricate the world's largest shop-built cryogenic tanks, Chart’s Teddy 2 facility brings significant job creation and economic development for Mobile County. Chart's investment not only highlights our skilled workforce, but it positions Mobile as a hub for innovation in aerospace, maritime, and clean energy industries.”
About Chart Industries, Inc.
Chart Industries, Inc. is an independent global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ - clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. 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 64 global manufacturing locations and over 50 service centers 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.
Contact:
John Walsh
VP, Investor Relations
1-770-721-8899
john.walsh@chartindustries.com
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