Chart wins US small-scale terminal gig as LNG fueling orders surge
US LNG equipment maker Chart Industries saw a record quarterly intake of orders in the fueling segment as it also won a contract to build a small-scale terminal.
The company said that June was the strongest month this year and it included a $13.3 million LNG terminal order from a US utility.
In its financial report on Thursday, Chart did not reveal any additional info regarding the small-scale contract.
The company reported second-quarter profit of $20.1 million, compared to $14.4 million last year.
Orders stood at $267.6 million with $125.1 million just in June, it said.
June also saw an increasing demand for its HLNG vehicle tanks, contributing to a record order quarter for fueling stations.
LNG tank orders for road trucking applications increased to over $25 million.
Chart says this marked a “significant rebound” after nearly two months of customer shutdowns due to the Covid-19 pandemic.
Furthermore, Chart booked 22 LNG fueling station orders outside the US, the highest quarterly number in its history.
This brings the first-half orders for fueling stations to 36, compared to last year’s 23, it said.
Commenting the results, Chart’s chief executive Jill Evanko said the clean energy transition was well underway helped by multiple countries issuing new regulations and stimulus packages.
These are pushing towards the switch to alternative fuels such as LNG, hydrogen, biogas and energy storage amongst other renewables.
She added that “LNG is certainly the most mature of the fuels in the transition” coupled with the accelerating hydrogen demand.