LNG

Chart Industries, the US industrial gases company and LNG equipment supplier for liquefaction and storage, has completed a minority investment in German clean-energy firm Cryomotive GmbH.

Chart said its investment amounted to €6.5 million ($7.9M) and offers a contribution to develop Cryomotive’s storage and refuelling technology.

“Cryomotive is a leading green-tech mobility start-up in Germany developing a disruptive clean hydrogen storage and refueling technology platform focused on compressed cold hydrogen and cryogenic high-pressure storage,” explained Chart.

The German company has its headquarters in Grasbrunn, near Munich, in southern Germany.

“Cryogas technology aims to decarbonize long-haul commercial vehicles while keeping the range and fuelling times similar to diesel-powered vehicles and reaching parity in costs of ownership before 2030,” added Chart.

Cryomotive and Chart’s development and supply partnership is aimed at enabling Cryomotive to leverage its proprietary technology jointly with Chart’s established position in the refueling and hydrogen station market.

“This investment in and commercial agreement with Cryomotive adds another option for our customers looking at renewable fuel sources and another near-term application for our liquid hydrogen pump,” stated Jill Evanko, Chart’s Chief Executive and President.

“Cryomotive’s strong hydrogen commercial relationships in Germany, Japan and China, in particular, with vehicle manufacturers, brings us access to more commercial opportunities for our hydrogen equipment,” added Evanko.

As the result of this investment and agreement, Chart is increasing its hydrogen addressable market by $100M to include the application of the liquid hydrogen pump, hydrogen storage tanks and transportation systems specifically on Cryomotive applications in the next five years.

However, Atlanta- Georgia-based Chart remains focused on LNG equipment for regas, storage and processing.

Chart reported record first-quarter orders, contributing to the highest backlog of $934.1M and including orders with 105 new customers with LNG at front and centre.

Orders in the first three months of 2021 amounted to $417.2M and were the highest in the history of the Atlantic, Georgia-based company when excluding Big LNG.

Chart noted among the earnings highlights the $47M order from New Fortress Energy, the LNG-for-power company based in New York, for its “Fast LNG” project, a 1.4 million tonnes per annum liquefier vessel.

Chart additionally saw an expansion of LNG fuel for trucking in Europe and Asia and subsequent demand for Chart equipment. 

US LNG equipment-maker Chart Industries has completed its acquisition of Sustainable Energy Solutions to offer carbon-capture for projects along with its LNG storage, transportation and liquefaction products.

Chart Industries, the US LNG and industrial gases equipment provider, has completed its takeover of Harsco Corp.’s Air-X-Changers business, boosting its offering of air-cooled heat exchangers and industrial fans.