Howden and Chart Industries collaborate on delivering advanced hydrogen solutions

Rhea-AI Summary

Chart Industries (NYSE: GTLS) and Howden have entered a Memorandum of Understanding (MOU) to collaborate on advanced hydrogen solutions. The partnership aims to integrate Howden's gas compression systems into Chart's hydrogen offerings, resulting in cost-effective and standardized solutions for customers. This collaboration is expected to enhance global aftermarket support and accelerate the commercialization of hydrogen projects in the coming decade. Both companies emphasize their commitment to customer satisfaction and reducing costs associated with renewable hydrogen development.

Positive

• Partnership with Howden enhances hydrogen solution offerings.
• Cost-effective and standardized solutions aimed at accelerating project development.
• Improved global aftermarket support leveraging both companies' manufacturing capabilities.

Negative

• None.

ATLANTA, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (“Chart” or the “Company”) (NYSE: GTLS) and Howden have signed a Memorandum of Understanding (MOU) as they move forward in collaboration for advanced hydrogen solutions, incorporating Howden gas compression systems into Chart hydrogen offerings.

Howden is a leading global provider of mission critical air and gas handling products, technologies and services across a diverse range of industries, while Chart is a leading global manufacturer of highly engineered equipment, servicing multiple applications in the clean energy and industrial gas markets.

This relationship will result in more cost-effective standardised solutions within an integrated and optimised service offering. This will provide customers with tailored global aftermarket support and will leverage both companies’ manufacturing capabilities to be close to the regional hydrogen projects that are anticipated to move quickly to commercialization this decade.

Ross Shuster, CEO of Howden comments: “We are confident that this collaboration with Chart will bring significant benefits to customers, while also more broadly benefitting the rapidly developing renewable hydrogen industry. We view this collaboration as one means to bring cost-effective, standardised solutions to the market in order to help reduce the time required to develop new projects and to lower costs associated with renewable hydrogen. This cooperation with Chart is a natural one given our common focus on customers, technology and innovation, and our passion for enabling the global clean energy transition.”

Commenting on the partnership, Jill Evanko, CEO of Chart Industries stated, “We are pleased to partner with Howden, a market leader in numerous areas, including gas compression, and a partner that we have worked with for many years. The combination of our offerings are highly complementary which reduces lead-time and unnecessary costs for our customers as hydrogen projects require speed to market and cost competitiveness.”

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 locations from the United States to Asia, 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.

About Howden

Howden is a leading global provider of mission critical air and gas handling products. We enable our customers’ vital processes which advance a more sustainable world. Based in Glasgow, Scotland, Howden has over 160 years of heritage as a world-class application engineering and manufacturing company with a presence in 35 countries. Howden manufactures highly engineered fans, compressors, heat exchangers, steam turbines, and other air and gas handling equipment, and provides service and support to customers around the world in highly diversified end-markets and geographies. Since October 2019, Howden has been a portfolio company of KPS Capital Partners, LP.

For more information: www.howden.com

Investor Relations Contact – Chart Industries:

Wade Suki, CFA
Director of Investor Relations
832-524-7489
wade.suki@chartindustries.com

Investor Relations Contact – Howden:

Catherine Damen
Pagoda PR
+44 (0) 7757 901125
howden@pagodapr.com

FAQ

What is the partnership between Chart Industries and Howden about?

Chart Industries and Howden have signed an MOU to collaborate on advanced hydrogen solutions, integrating Howden's gas compression systems into Chart's offerings.

What benefits are expected from the Chart and Howden collaboration?

The collaboration aims to provide cost-effective and standardized solutions, improving global aftermarket support and accelerating hydrogen project commercialization.

How will the partnership affect the renewable hydrogen industry?

The partnership is expected to lower project development costs and reduce lead times, benefiting the rapidly developing renewable hydrogen industry.

When was the MOU between Chart Industries and Howden announced?

The MOU was announced on December 8, 2021.

What is the stock symbol for Chart Industries?

The stock symbol for Chart Industries is GTLS.