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Chart Industries, Inc. (NYSE: GTLS) is a global leader in the design, engineering, and manufacturing of highly engineered cryogenic equipment used in the industrial gas and liquefied natural gas (LNG) industries. The company’s product portfolio includes solutions for the separation, storage, and distribution of oxygen, nitrogen, and noble gases, as well as natural gas processing and liquefaction.
Core Business: Chart Industries specializes in cryogenics, playing a crucial role in the liquid gas supply chain. Its products are essential for the separation of gases from the air and the liquefaction of natural gas. The company’s distribution and storage solutions are critical for the delivery and end-use of liquid gases across various industries, including energy, healthcare, and life sciences.
Key Products and Brands: Chart's MVE® brand is the gold standard for biological storage systems, used for cryogenic preservation of human and animal tissues. The CAIRE® and AirSep® brands lead in providing respiratory products for home healthcare. Additionally, Chart has recently expanded its offerings to include specialty products in hydrogen, biofuels, cannabis, and water treatment sectors.
Recent Achievements: In early 2023, Chart Industries acquired Howden, significantly doubling the company's size and enhancing its capabilities in cryogenic solutions. The company also opened its “Teddy 2” facility in Theodore, Alabama, to manufacture the world’s largest cryogenic tanks and contribute to local job creation and economic development.
Major Collaborations and Projects: Chart has partnered with GasLog LNG Services Ltd. to develop a commercial-scale liquid hydrogen (LH2) supply chain, leveraging GasLog's liquid hydrogen vessel developments and Chart's extensive cryogenic experience. The company is also supporting Repsol’s €657 million expansion of its Sines industrial complex in Portugal with cutting-edge hydrogen compression solutions.
Financial Condition and Governance: Chart Industries recently increased its revolving credit facility from $1.0 billion to $1.25 billion, extending its maturity to April 2029. The company maintains strong financial health and is committed to achieving a targeted leverage ratio of 2.0-2.5X net leverage. Chart is also dedicated to environmental, social, and corporate governance (ESG) excellence, with 64 global manufacturing locations and over 50 service centers worldwide.
Conclusion: Chart Industries continues to innovate and expand its footprint in clean energy and industrial gas markets. Its comprehensive product and solution portfolio, combined with strategic collaborations and robust financial strategy, positions it as a key player in the cryogenics and clean energy sectors.
Hyzon Motors and Chart Industries have announced a partnership aimed at developing a liquid hydrogen-powered heavy-duty commercial vehicle with a range of up to 1,000 miles. This collaboration seeks to revolutionize long-haul trucking by utilizing liquid hydrogen, which offers a denser, lighter storage alternative compared to gaseous storage. The project aims to reduce hydrogen infrastructure costs and the number of refueling stations needed, paving the way for a hydrogen-based transport industry and potentially impacting aviation and marine transport as well.
Hyzon Motors and Chart Industries (NYSE: GTLS) have partnered to develop a liquid hydrogen-powered heavy-duty commercial vehicle targeting a range of up to 1,000 miles. This innovation aims to overcome storage limitations of gaseous hydrogen, allowing for greater payload capacity and fewer refueling stations. The collaboration leverages Chart’s expertise in liquid hydrogen equipment and Hyzon’s hydrogen fuel cell technology, streamlining infrastructure needs and potentially transforming hydrogen transport in trucking, aviation, and other sectors.
Chart Industries (GTLS) announced the acquisition of L.A. Turbine for $80 million in cash. This acquisition enhances Chart's capabilities in turboexpander design and manufacturing, crucial for applications such as hydrogen liquefaction and carbon capture. L.A. Turbine's expertise is expected to contribute significantly to Chart’s financial growth, with projected revenue increases of $40-$50 million and an EPS boost of $0.20-$0.30 in 2022. The total addressable market for Chart's specialty products expands by $350 million, highlighting the strategic importance of this acquisition.
Chart Industries, Inc. (GTLS) will hold a conference call on July 22, 2021, at 9:30 a.m. ET to discuss its Q2 2021 financial results, which will be released before market opening that day. Participants can join via telephone or access the call through a webcast on the investor relations site. A replay will also be available following the call. Chart Industries is a leading manufacturer in the Energy and Industrial Gas markets, providing essential equipment for the clean energy transition.
Chart Industries (GTLS) has secured a significant order for a large-scale helium liquefaction plant from a top independent oil and gas producer in Russia. The order includes equipment supply, commissioning, and startup, with the project reflecting the synergy of Chart's capabilities and recent acquisition of Cryo Technologies. Equipment deliveries are expected by the end of 2022, and commissioning is set for 2023. This order marks the third hydrogen/helium liquefier secured by Chart in 2021, indicating a robust market presence.
TECO 2030 ASA and Chart Industries (GTLS) have signed a three-year Memorandum of Understanding to develop onboard carbon capture solutions for ships using Cryogenic Carbon Capture technology. This collaboration aims to enable ships to capture and store CO2 emissions, helping the maritime industry comply with environmental legislation and achieve decarbonization goals set by the International Maritime Organization (IMO). The captured CO2 can be stored or utilized in various industries, promoting sustainability in shipping.
Chart Industries (GTLS) has completed a $5 million minority investment in Earthly Labs, a leader in small-scale carbon capture technology. This partnership includes a commercial Memorandum of Understanding to enhance Earthly Labs' CO2 capture capabilities, particularly for craft breweries and other industrial users. Chart's investment aims to increase the carbon capture market size from $600 million to $800 million, driven by demand for affordable CCUS solutions. The collaboration is expected to accelerate innovation and growth in the carbon capture sector.
Chart Industries (GTLS) announced a €6.5 million minority investment in Cryomotive GmbH, a green-tech startup focusing on clean hydrogen storage and refueling technology. This strategic partnership includes a commercial agreement aimed at leveraging Cryomotive’s proprietary CcH2 CRYOGAS technology to decarbonize long-haul commercial vehicles. The global market for fuel cell-powered vehicles is projected to exceed 700,000 units by 2035 in Europe and China. Chart's investment increases its addressable market for hydrogen applications by $100 million over the next five years.
Chart Industries (GTLS) announces a Development and Commercial MOU with ABB to enhance modular solutions in clean energy and water treatment sectors. This partnership will focus on developing standard modular controls for hydrogen and natural gas liquefaction plants, carbon capture plants, and more. The collaboration aims to reduce costs and risks in emerging segments. Both companies emphasize sustainability and innovation, with Chart leveraging ABB's expertise in automation and power supply to advance their technology offerings.
Chart Industries (GTLS) reported a strong Q1 2021, with record orders of $417.2 million and a backlog of $934.1 million. Diluted earnings per share surged to $0.63, a 950% increase from Q1 2020. The company expects full-year revenue between $1.36 billion and $1.41 billion, reflecting organic and inorganic growth, including significant investments in hydrogen and carbon capture technologies. Key segments like Repair, Service & Leasing and Specialty Products accounted for 41.1% of total net sales. The gross margin reached 29.1%, the highest in four years.
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