Chart Industries’ IPSMR® Process Technology Delivers First LNG at New Fortress Energy’s Fast LNG Project

Rhea-AI Summary

Chart Industries, Inc. (NYSE: GTLS) announces the successful delivery of First LNG at New Fortress Energy's (NFE) Fast LNG project in Altamira, Mexico, using Chart's IPSMR® process technology. This milestone establishes FLNG as the fastest large-scale LNG project ever developed. NFE's proprietary Fast LNG design combines Chart's modular liquefaction technology with offshore infrastructure, enabling faster deployment than traditional facilities.

The project has a production capacity of 1.4 MTPA in a single train, equivalent to approximately 70 TBtus. This development positions NFE as a fully integrated leader in the global LNG market and will supply low-cost, clean LNG to NFE's downstream terminal customers. Chart Industries provided critical equipment, including brazed aluminum heat exchangers, cold boxes, and air coolers for the project.

Positive

• Successful delivery of First LNG at New Fortress Energy's Fast LNG project
• Establishment of FLNG as the fastest large-scale LNG project ever developed
• Production capacity of 1.4 MTPA in a single train (approximately 70 TBtus)
• Strengthened partnership between Chart Industries and New Fortress Energy

Negative

• None.

Energy Market Analyst

The successful delivery of the first LNG using Chart Industries’ IPSMR® technology at New Fortress Energy's Fast LNG project is a significant milestone in the energy market. The deployment of this modular and efficient liquefaction process can substantially reduce the time to market for LNG projects, which is particularly important in an environment where energy demand and supply dynamics are rapidly shifting. This technological advancement can potentially disrupt traditional LNG project timelines, making it a key point of interest for investors looking at rapid deployment capabilities in the LNG sector.

Financial Analyst

From a financial perspective, this milestone showcases Chart Industries' innovative capabilities and strengthens its market position in the clean energy space. The ability to deliver faster and more cost-effective solutions can lead to increased demand for Chart's technologies, translating to potential revenue growth. For New Fortress Energy, achieving first LNG with their Fast LNG project not only solidifies their market presence but also adds a reliable, low-cost supply source, which could enhance their financial performance. Investors should monitor future projects leveraging this technology, which could offer lucrative investment opportunities.

Tech Expert

The integration of Chart Industries' IPSMR® technology with New Fortress Energy's innovative Fast LNG design represents a breakthrough in LNG project execution. This technology leverages modularity and flexibility, enabling quicker and more efficient setup compared to traditional methods. This could lead to significant reductions in both capital and operational expenditures. For investors, this means that companies adopting such technologies may achieve quicker returns on investment and greater operational efficiency. Understanding the technical prowess behind these innovations is important for assessing their long-term impact on the industry.

ATLANTA, July 22, 2024 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”), a leading global solutions provider to clean energy and industrial gas markets, announces that its Integrated Pre-Cooled Single Mixed Refrigerant (“IPSMR®”) process technology delivered First LNG at New Fortress Energy Inc.’s (NASDAQ: NFE) (“NFE”) initial Fast LNG (“FLNG”) asset located offshore Altamira, Mexico. With this significant milestone, FLNG establishes itself as the fastest large-scale LNG project ever developed.

NFE’s proprietary Fast LNG design is the first of its kind, pairing the latest advancements in Chart’s modular liquefaction technology with jack up rigs or similar offshore infrastructure to enable a faster deployment schedule than traditional liquefaction facilities. With a production capacity of 1.4 MTPA in a single train, or approximately 70 TBtus, FLNG will play a pivotal role in supplying low-cost, clean LNG to NFE’s downstream terminal customers.

“We appreciate our long-standing partnership with Chart Industries who played a pivotal role in our offshore development in Altamira,” said Wes Edens, Chairman and CEO of New Fortress Energy. “First LNG represents a transformative moment for NFE and the industry as a whole, and reaffirms our position as a fully integrated leader in the global LNG market.”

“We are proud to support NFE and the industry with our modular liquefaction technology and all mission critical equipment, including brazed aluminum heat exchangers, cold boxes and air coolers,” stated Jill Evanko, Chart’s CEO and President. “We congratulate NFE for this success of First LNG, and we look forward to further supporting the industry with our modular, adaptable, resilient and cost-effective technology and products.”

About Chart Industries

Chart Industries, Inc. is a 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.

Investor Contact:

John Walsh
VP, Investor Relations
1-770-721-8899
john.walsh@chartindustries.com

FAQ

What is the production capacity of New Fortress Energy's Fast LNG project using Chart Industries' IPSMR® technology?

The Fast LNG project has a production capacity of 1.4 MTPA (million tonnes per annum) in a single train, which is approximately equivalent to 70 TBtus (trillion British thermal units).

Where is the New Fortress Energy Fast LNG project using Chart Industries' (GTLS) technology located?

The Fast LNG project using Chart Industries' IPSMR® technology is located offshore Altamira, Mexico.

What equipment did Chart Industries (GTLS) provide for the New Fortress Energy Fast LNG project?

Chart Industries provided critical equipment for the Fast LNG project, including brazed aluminum heat exchangers, cold boxes, and air coolers, along with their IPSMR® process technology.

How does New Fortress Energy's Fast LNG design differ from traditional LNG facilities?

New Fortress Energy's proprietary Fast LNG design combines Chart Industries' modular liquefaction technology with jack up rigs or similar offshore infrastructure, enabling faster deployment than traditional liquefaction facilities.