Cheniere Achieves First LNG at the Corpus Christi Stage 3 Project

Rhea-AI Summary

Chart Industries (NYSE: GTLS) has announced that Cheniere Energy (NYSE: LNG) achieved its first LNG production from Train 1 of the Corpus Christi Stage 3 Liquefaction Project. Chart is supporting the project with its IPSMR® process technology for LNG Liquefaction and associated equipment. The commissioning process is ongoing, with substantial completion expected by the end of Q1 2025, which is more than six months ahead of the guaranteed completion date. Upon completion, Bechtel will transfer control of the train to Cheniere.

Positive

• Project completion expected over 6 months ahead of schedule
• Successfully deployed IPSMR® technology in major LNG project
• Strategic partnership with industry leader Cheniere Energy

Negative

• None.

Insights

LNG Infrastructure Expert

<p>The early completion of Cheniere's Corpus Christi Stage 3 Train 1 represents a major milestone for both Cheniere and Chart Industries. Chart's proprietary IPSMR® technology is proving instrumental in expanding U.S. LNG export capacity. <b>The six-month acceleration</b> in completion timeline demonstrates exceptional project execution and validates Chart's technological capabilities.</p><p>This development strengthens Chart's position in the growing LNG infrastructure market. The successful implementation at such a major facility enhances the company's credibility for future LNG projects globally. Chart's IPSMR® technology offers competitive advantages in efficiency and reliability, which are important as global LNG demand continues to rise, particularly in Europe and Asia.</p><p>For investors, this accelerated timeline suggests potential earlier revenue recognition from the project. More importantly, it positions Chart favorably for upcoming LNG infrastructure projects, as successful early completion of such complex installations typically leads to follow-on orders and enhanced industry reputation.</p>

Energy Market Analyst

<p>The early commissioning of CCL Stage 3 Train 1 carries significant implications for the broader LNG market dynamics. This acceleration in timeline is particularly notable given the current global energy landscape. The facility's earlier-than-expected operational status will help meet the surging global LNG demand, especially from European buyers seeking alternatives to pipeline gas.</p><p>For Chart Industries, this showcase of technological excellence through their IPSMR® process technology strengthens their competitive moat in the LNG equipment sector. The <b>successful early completion</b> demonstrates the reliability and efficiency of Chart's solutions, which is important as the industry faces pressure to accelerate new LNG capacity development.</p><p>This achievement could accelerate Chart's future contract wins, particularly as multiple LNG projects are in various planning stages globally. The company's demonstrated ability to deliver ahead of schedule on major projects enhances its value proposition to potential customers.</p>

ATLANTA, Dec. 31, 2024 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”) congratulates Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) on achieving their first liquefied natural gas (“LNG”) production from the first train (“Train 1”) of the Cheniere’s Corpus Christi Stage 3 Liquefaction Project (“CCL Stage 3”).

Chart is pleased to support the CCL Stage 3 project and Cheniere and Bechtel Energy, Inc. (“Bechtel”) with our IPSMR® process technology for LNG Liquefaction and associated equipment.

The commissioning process continues, and Cheniere expects substantial completion of Train 1 to be achieved at the end of the first quarter of 2025, over six months ahead of the guaranteed completion date. Upon substantial completion, Bechtel will transfer care, custody and control of the completed train to Cheniere.

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 Relations Contact – Chart Industries:

John Walsh
SVP, Investor and Government Relations
770-721-8899
john.walsh@chartindustries.com

This press release was published by a CLEAR® Verified individual.

FAQ

When will Cheniere's Corpus Christi Stage 3 Train 1 reach substantial completion?

Train 1 is expected to reach substantial completion by the end of the first quarter of 2025, more than six months ahead of the guaranteed completion date.

What technology is Chart Industries (GTLS) providing for the Corpus Christi Stage 3 project?

Chart Industries is providing their IPSMR® process technology for LNG Liquefaction and associated equipment.

How far ahead of schedule is the Corpus Christi Stage 3 Train 1 project?

The project is running more than six months ahead of its guaranteed completion date.

Who will operate Train 1 after its completion at Corpus Christi Stage 3?

After substantial completion, Bechtel will transfer care, custody, and control of Train 1 to Cheniere Energy.