Chart Industries and Element Resources Partner on Hydrogen Eco-System Deployment
Rhea-AI Summary
Chart Industries (NYSE: GTLS) has announced a partnership with Element Resources to advance the adoption of hydrogen and clean fuels using an 'eco-system' approach. The collaboration aims to build out hydrogen fuel supply, distribution, storage, transportation, and end-user facilities. This partnership follows Chart's selection by Element in March 2024 to supply equipment for the Lancaster Clean Energy Center project, the largest permitted renewable green hydrogen production facility in Lancaster, California.
The partnership leverages Chart's 158+ years of experience in hydrogen-related equipment and Element's expertise in green hydrogen production. Together, they aim to provide customers with a turnkey, full solution offering across the entire gaseous and liquid hydrogen value chain, potentially accelerating the adoption and deployment of hydrogen.
Positive
- Partnership with Element Resources to advance hydrogen adoption
- Selected to supply equipment for Lancaster Clean Energy Center project
- Potential to accelerate hydrogen adoption through turnkey solutions
- Leveraging 158+ years of experience in hydrogen-related equipment
Negative
- None.
Insights
This partnership between Chart Industries and Element Resources marks a significant step in the hydrogen industry's development. Chart's extensive experience in hydrogen-related equipment, combined with Element's focus on green hydrogen production, creates a powerful synergy. The collaboration aims to provide a comprehensive solution across the hydrogen value chain, potentially accelerating market adoption.
From an investor's perspective, this partnership could lead to increased revenue streams for Chart Industries. The company's involvement in multiple aspects of the hydrogen ecosystem - from production to end-user facilities - positions it well to capitalize on the growing demand for clean energy solutions. However, it's important to note that the hydrogen market is still in its early stages and profitability may take time to materialize.
The mention of the Lancaster Clean Energy Center project, described as the largest permitted renewable green hydrogen production facility in Lancaster, California, is particularly noteworthy. This project could serve as a significant reference for future developments, potentially leading to more contracts for Chart Industries in the expanding hydrogen sector.
The partnership between Chart Industries and Element Resources represents a strategic move in the evolving hydrogen economy. By adopting an 'eco-system' approach, they're addressing a important challenge in the hydrogen industry: the need for integrated infrastructure from production to end-use.
This collaboration could potentially lower barriers to hydrogen adoption by providing turnkey solutions. For investors, this means Chart Industries is positioning itself as a one-stop-shop in the hydrogen value chain, which could lead to a competitive advantage and larger market share.
However, it's important to consider the challenges. The hydrogen market is still nascent, with uncertainties around regulation, scalability and cost-effectiveness. While the partnership aims to accelerate adoption, the pace of market growth will depend on factors like government support, technological advancements and overall energy market dynamics.
Investors should monitor key performance indicators such as project pipeline growth, successful deployments and most importantly, the rate of hydrogen adoption in various industries to gauge the long-term success of this partnership.
ATLANTA, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”), a leading global solutions provider to clean energy and industrial gas markets, announces that it is partnering with Element Resources Inc. (“Element”), a leader in green hydrogen production, to advance the utilization and adoption of hydrogen and other clean fuels using an ‘eco-system’ approach by collaborating to build out hydrogen fuel supply, distribution, storage and transportation, end user facilities, and associated services in the hydrogen and clean energy sectors utilizing Chart’s industry leading full solution.
Chart and Element began working together in March of 2024 when Element selected Chart to supply its hydrogen liquefaction plant, hydrogen refrigeration technology, cold box design, associated compression / rotating equipment and heavy duty fueling stations for its Lancaster Clean Energy Center (LCEC) project, a largest renewable green hydrogen permitted production facility located in the City of Lancaster, California (USA).
“Element is looking forward to partnering with Chart as we continue to develop our pipeline of projects and expand existing sites in the future to further develop the hydrogen ecosystem and support industries globally accelerating the adoption of hydrogen and users globally,” stated Steve Meheen, CEO of Element Resources. “Chart, a leader in gaseous fuels and liquified gas technology brings a wealth of capabilities with the wide array of hydrogen facility offerings to support the energy transition which complement Element’s green hydrogen production efforts, supporting our mission to make
“Backed by our 158+ years of experience designing, engineering, and manufacturing hydrogen related equipment, Chart can provide customers with all process technologies and major equipment across the entire gaseous and liquid hydrogen value chain,” stated Jill Evanko, CEO and President of Chart. “Together with Element Resources, we have the potential to accelerate the adoption and deployment of hydrogen by working together to provide customers with a turnkey, full solution offering from hydrogen fuel, storage and transportation to fueling systems and services.”
About Chart Industries, Inc.
Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ – clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.
About Element Resources
Element Resources Inc. is a development company focused on the production of
Investor Relations Contact – Chart Industries:
John Walsh
SVP, Investor and Government Relations
770-721-8899
john.walsh@chartindustries.com
Media Contact – Element Resources:
Avery Barnebey
Chief Financial Officer
abarnebey@elementresources.com
FAQ
What is the purpose of Chart Industries' partnership with Element Resources?
What project did Chart Industries (GTLS) supply equipment for in March 2024?
How might the Chart Industries (GTLS) and Element Resources partnership impact hydrogen adoption?
What experience does Chart Industries (GTLS) bring to the hydrogen sector?
