Welcome to our dedicated page for Chart Industries news (Ticker: GTLS), a resource for investors and traders seeking the latest updates and insights on Chart Industries stock.
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.
Chart Industries (GTLS) has expanded its partnership with McPhy Energy and Larsen & Toubro (L&T) to enhance opportunities in the green hydrogen market. L&T will manufacture electrolyzers based on McPhy’s technology, including a Gigawatt-scale facility. Chart and McPhy have a commercial MOU for hydrogen production processes. This collaboration aims to strengthen the hydrogen economy in India, leveraging Chart's capabilities in hydrogen compression and McPhy's electrolyzer technology. Both Chart and L&T are positioned to lead in the growing hydrogen market, reflecting a significant step towards decarbonization efforts in India.
Chart Industries (GTLS) and Nikola Corporation (NKLA) announced a strategic collaboration to develop hydrogen infrastructure solutions, including liquid hydrogen storage tanks and modular refueling stations. This partnership aims to support Nikola's efforts in deploying hydrogen electric vehicles, bolstering zero-emission transportation. Nikola has placed orders for various hydrogen storage and refueling equipment to facilitate its vehicle deployment, which is designed to help decarbonize the transport sector. The new solutions promise lower capital investment and operational costs, making it easier for smaller fleets to adopt hydrogen technology.
Chart Industries completed the acquisition of Howden for approximately $4.4 billion, enhancing its offerings in industrial gas, LNG, hydrogen, and carbon capture.
This strategic move aims to create a differentiated product range and is expected to generate $175 million in annualized cost synergies and $150 million in commercial synergies within the first year. Chart's 2023 guidance reflects these changes, with a projected increased geographic footprint spanning over 35 countries.
Despite strong demand in early 2023, Chart is pursuing divestitures of two product lines, with completion anticipated by mid-2023.
Chart Industries (NYSE: GTLS) and ZEV Stations, Co. have signed a Memorandum of Understanding (MoU) to collaboratively develop multimodal hydrogen stations in the U.S. utilizing Chart's equipment. The initiative aims to optimize fueling for heavy-duty vehicles, combining both gaseous and liquid hydrogen standards at a single station, capable of filling up to 8 kg per minute. Chart will provide liquid hydrogen fuel station equipment, benefiting from nearly 60 years of experience in hydrogen manufacturing. The partnership focuses on accelerating the transition to hydrogen as a clean fuel alternative while enhancing operational efficiency.
Chart Industries is set to present at the Bank of America Global Industrials Conference on March 21, 2023, at 12:15 p.m. GMT (8:15 a.m. ET). The presentation will be led by Jill Evanko, President and CEO. Investors can access a live webcast of the event on Chart’s investor information website. Chart Industries is a leader in manufacturing equipment for clean energy, industrial gas, and diversified specialty markets, committed to excellence in environmental, social, and corporate governance (ESG). The company operates over 25 manufacturing locations globally, providing technology for liquefied natural gas, hydrogen, and CO2 capture.
Chart Industries (NYSE: GTLS) has secured all necessary regulatory approvals to complete the acquisition of Howden from KPS Capital Partners, LP. The deal is expected to close soon, pending customary closing conditions. Howden is renowned for its air and gas handling products, and with over 160 years of expertise, it serves diverse global markets. This acquisition aims to enhance operational efficiency and contribute to environmental goals, including decarbonization. Chart will provide updated financial guidance for the combined entity after closing. Future events include a presentation at the Bank of America Global Industrials Conference on March 21, 2023.
GenH2 and Chart Industries have formed a strategic partnership to enhance global distribution of small-scale hydrogen liquefaction technologies.
This collaboration aims to address the increasing demand for liquid hydrogen amidst supply shortages. GenH2's 1,000 kg/day liquefier will utilize Chart equipment, boosting performance and efficiency.
The integration of GenH2's technology into Chart's existing infrastructure allows for scalable deployment and market expansion. Both companies plan to develop relationships across the hydrogen value chain and pursue new customer opportunities, marking a significant step towards a cleaner energy transition.
Chart Industries reported record financial results for Q4 2022 and full-year 2022, with total orders reaching $2.78 billion—a 65.9% increase from 2021. Q4 orders alone were $525.9 million, marking a 14.1% year-over-year growth. Sales hit a record $1.61 billion for the year, driven by strong demand across all segments despite a 3.9% foreign exchange headwind.
Adjusted EBITDA for Q4 was $97.5 million, with a quarterly adjusted EPS of $1.67. The company anticipates its acquisition of Howden to close within 45 days and reiterated its 2023 sales outlook between $2.10 billion and $2.20 billion.
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