Chart Industries, Inc. Receives Initial Brazed Aluminum Heat Exchangers and Cold Boxes Order for Venture Global’s Plaquemines Phase 2 LNG Export Terminal Project

Rhea-AI Summary

Chart Industries (NYSE: GTLS) announced an order worth $45 million for six brazed aluminum heat exchanger assemblies and cold boxes for the Plaquemines Phase 2 LNG export terminal project, managed by Venture Global. This order marks the initial phase of a larger project expected to include a total of 18 assemblies. The company’s capacity to fulfill this order could strengthen its position in the clean energy sector, addressing critical market demands for liquefied natural gas.

Positive

• Received a $45 million order for six BAHX assemblies and cold boxes.
• Order is part of a larger project expected to total 18 assemblies, indicating future revenue potential.
• Strengthens position in the clean energy market, specifically in LNG.

Negative

• Potential risks associated with supply chain volatility and pricing challenges.
• Dependence on successful integration of recent acquisitions for anticipated growth.

ATLANTA, March 29, 2022 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) has received an order for the production of six brazed aluminum heat exchanger assemblies (“BAHX”) and cold boxes for Venture Global’s 10 MTPA Plaquemines Phase 2 liquefied natural gas (LNG) export terminal project.

Chart booked the equipment order of $45 million from Baker Hughes (NASDAQ: BKR). This order is for the first six BAHX assemblies and cold boxes of the anticipated 18 BAHX assemblies and cold boxes for the full Plaquemines Phase 2 facility.

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 $45 million order received by GTLS?

The order signifies a substantial revenue opportunity for Chart Industries, enhancing its portfolio in the liquefied natural gas sector.

How many heat exchanger assemblies is Chart Industries expected to produce for the Plaquemines Phase 2 project?

Chart Industries is expected to produce a total of 18 brazed aluminum heat exchanger assemblies for the Plaquemines Phase 2 project.

What impact could the order have on GTLS's future revenue?

This order could positively impact Chart Industries' future revenue, contributing significantly to its sales from clean energy projects.

What are the risks mentioned in the press release regarding GTLS's business outlook?

The risks include supply chain challenges, pricing pressures, and the need for successful integration of recent acquisitions to achieve expected growth.