Chart Industries, Inc. Receives Full Notice to Proceed for Venture Global’s Plaquemines Phase 1 LNG Export Terminal Project

Rhea-AI Summary

Chart Industries (NYSE: GTLS) has received the full notice to proceed for producing cold boxes and heat exchangers for Venture Global's 10 MTPA Plaquemines Phase 1 LNG export terminal. This comes with a significant equipment order worth $136 million from Baker Hughes, allowing Chart to start recognizing revenue in 2022 with staggered deliveries.

Forward-looking statements indicate anticipated revenue growth, although potential risks, including supply chain challenges and market acceptance, may impact performance.

Positive

• Received full notice to proceed for Plaquemines Phase 1 LNG project.
• Secured a $136 million equipment order from Baker Hughes.
• Expected revenue recognition from 2022 over a staggered timeline.

Negative

• Risks related to supply chain challenges and raw material volatility.
• Market acceptance of new clean energy products remains uncertain.
• Potential impact from COVID-19 uncertainties.

ATLANTA, March 01, 2022 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) has received full notice to proceed (“FNTP”) for the production of cold boxes and brazed aluminum heat exchangers for Venture Global’s 10 MTPA Plaquemines Phase 1 liquefied natural gas (LNG) export terminal project.

In conjunction with the FNTP, Chart booked the full equipment order of $136 million for the Plaquemines project from Baker Hughes (NASDAQ: BKR). Chart will begin recognizing revenue on this project in 2022 with a multi-year staggered delivery schedule.

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 significance of the full notice to proceed for GTLS?

The full notice to proceed allows GTLS to start producing equipment for a major LNG export terminal, signaling strong business growth.

How much revenue is GTLS expecting from the Plaquemines project?

GTLS anticipates recognizing $136 million in revenue from the equipment order for the Plaquemines project.

When will GTLS start recognizing revenue from the latest project?

GTLS will begin recognizing revenue from the Plaquemines project in 2022.

What are the risks mentioned in the GTLS press release?

Risks include supply chain challenges, raw material price volatility, and uncertainties due to COVID-19.