Chart’s liquid hydrogen and LNG business to grow
Chart Industries, Inc. (Chart) and Plug Power Inc. (PLUG) have executed a master supply agreement for Chart to supply liquid hydrogen storage and transport equipment to Plug and its subsidiaries.
“We are excited about this agreement between two strong and experienced companies in the hydrogen value chain,” Chart said in the release.
In conjunction with the agreement, Chart received $7.8 million of equipment orders from Plug that are booked in the third quarter of 2020.
Plug Power is the established leader within the hydrogen economy – using 40 tons of liquid hydrogen per day. The company is well-positioned in the industry with capabilities in generation, liquefaction and distribution of hydrogen fuel, complementing its industry-leading position in the design, construction, and operation of more than 100 customer-facing hydrogen fueling stations.
“Additionally, we are hours away from executing a formal joint development agreement and entity with one of our key hydrogen customers which will focus on developing first-of-a-kind liquid hydrogen fueling applications,” stated Chart.
This agreement builds upon Chart’s 50 plus years of experience designing and manufacturing hydrogen equipment for storage, transport and power applications as well as Chart ’s multi-station infrastructure in the United States for the expansion of fuel cell vehicles.
Chart also added that their ISO containers for LNG applications continue to see increasing and heightened demand, with the September 30, 2020 receipt of the second leasing order from New Fortress Energy (NFE) for ISO containers totaling $7.7 million.
The first order of a similar size was booked in July 2020. Chart expects to see double digit near-term growth in their repair, service and leasing business, and continues to expect growing demand for LNG equipment for infrastructure.