Chart Industries, Inc. Receives Additional Limited Notice to Proceed for Cheniere’s Corpus Christi Stage Three LNG Export Terminal Project
Chart Industries (NYSE: GTLS) announced it has received a limited notice to proceed for its IPMSR® process and equipment for Cheniere’s Corpus Christi Stage Three LNG project. This includes a $47.5 million order from Bechtel, with revenue recognition starting in 2022 and a staggered delivery schedule.
The announcement highlights Chart's ongoing role in the liquefied natural gas market, amidst potential risks from global supply chain challenges and market acceptance issues for clean energy products.
- Received a $47.5 million order from Bechtel for the Corpus Christi Stage Three LNG project.
- Expecting to recognize revenue from the project starting in 2022.
- Potential supply chain challenges may impact future operations.
- Uncertainties regarding market acceptance of new clean energy product offerings.
ATLANTA, March 07, 2022 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) has received additional limited notice to proceed (“LNTP”) for their IPMSR® process and equipment activities to be used in Cheniere’s Corpus Christi Stage Three liquefied natural gas (LNG) export terminal project.
In conjunction with the LNTP, Chart booked an order of
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, margins, earnings, performance or outlook, business or industry 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," “indicators”, “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 new clean energy product offerings; inability to achieve expected pricing increases or continued supply chain challenges including volatility in raw materials and supply; risks relating to the outbreak and continued uncertainty associated with the coronavirus (COVID-19 and its variant(s)) 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.
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 manufacturing locations from the United States to China, 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.
For more information, click here:
http://ir.chartindustries.com/
Investor Relations Contact:
Wade Suki, CFA
Director of Investor Relations
832-524-7489
wade.suki@chartindustries.com
FAQ
What is the recent order value received by Chart Industries for the Cheniere project?
When will Chart Industries start recognizing revenue from the Bechtel order?
What is the importance of the IPMSR® process for Chart Industries?
What potential risks does Chart Industries face regarding its clean energy products?
