Chart Industries and ABB Execute Commercial and Development Agreement For Standardizing Control Packages and Instrumentation in Chart’s Modular Offerings

Company Release - 5/7/2021

ATLANTA and HOUSTON, May 07, 2021 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (“Chart”) (NYSE: GTLS), a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries today signed a Development and Commercial Memorandum of Understanding (“MOU”) with ABB, Inc. (“ABB”) (NYSE: ABB), a leading global technology company providing control system and electrical equipment to support Chart’s modular offerings for liquefied natural gas, hydrogen, biogas, water treatment and CO2 Capture projects.

Chart and ABB have complementary offerings and share a passion for clean energy, water and industrial applications. Our partnership is modularizing solutions in key emerging segments to drive down cost and minimize risks. As part of the MOU, ABB will develop standard modular controls, automation, power supply and telecoms solutions for (but not limited to) the following Chart offerings:

  • Hydrogen and natural gas liquefaction plants where there is significant electrical content
  • Transform Materials’ plants, a sustainable chemical company with a patented net-carbon-negative process to cost-effectively produce high purity acetylene and hydrogen
  • BlueInGreen water treatment dissolution skids
  • Carbon capture plants

“The combination of our extensive process technology and equipment offering for standardized, modular, and short lead-time small-scale solutions will be further bolstered by this work with ABB, whose long history and experience in instrumentation, controls, power supply and automation technologies will help bring our offering to the next level,” stated Jill Evanko, Chart’s CEO and President.

Brandon Spencer, President of ABB Energy Industries added “Sustainability is at the center of our collaboration with Chart Industries. Our partnership brings together Chart Industries’ process knowledge and technology with ABB’s extensive experience in automation and power, resulting in innovative solutions and reduced cost. Ultimately, our goal is to support the commercial viability of these emerging segments.”

About Chart Industries, Inc.

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets.  Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair.  Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers.  With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities.  To learn more, visit www.chartindustries.com.

About ABB, Inc.

ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com

FORWARD-LOOKING STATEMENTS

Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include statements concerning the Company’s business plans, including statements regarding pending acquisitions, completed acquisitions, cost synergies and efficiency savings, objectives, future orders, revenues, margins, earnings or performance, liquidity and cash flow, capital expenditures, business trends, governmental initiatives, including executive orders and other information that is not historical in nature.  Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "expects," "anticipates," "believes," "projects," "forecasts," “outlook,” “guidance,” "continue," “target,” or the negative of such terms or comparable terminology.

Forward-looking statements contained in this press release or in other statements made by the Company are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control, that could cause the Company's actual results to differ materially from those matters expressed or implied by forward-looking statements.  Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements include: the Company’s ability to successfully integrate recent acquisitions and achieve the anticipated revenue, earnings, accretion and other benefits from these acquisitions; risks relating to the recent outbreak and continued uncertainty associated with the coronavirus (COVID-19) and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recent Annual Report on Form 10-K filed with the SEC and Quarterly Reports on Form 10-Q, which should be reviewed carefully.  The Company undertakes no obligation to update or revise any forward-looking statement.

For more information, click here:

http://ir.chartindustries.com/

Investor Relations Contact – Chart Industries:

Wade Suki, CFA
Director of Investor Relations
832-524-7489
wade.suki@chartindustries.com

Media Contact –ABB:

Tori Brown
tori.brown@admiralassociates.co.uk
+447847626247


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Source: Chart Industries, Inc.