Chart Industries to Provide Hydrogen Compression Solutions to Repsol’s Alba Project for its Sines Refinery in Portugal
Rhea-AI Summary
Chart Industries (NYSE: GTLS) will supply its Howden hydrogen compression solutions for Repsol’s €657 million expansion of the Sines industrial complex in Portugal. This project, which includes new Polypropylene and Polyethylene plants, aims to produce 100% recyclable high-value materials using solar-powered green hydrogen. Scheduled for operation in 2025, it represents the largest industrial investment in Portugal in the past decade and aligns with Repsol's goal of achieving net-zero emissions by 2050. Chart will provide two diaphragm compressors to ensure reliable, contamination-free, high-pressure hydrogen delivery.
Positive
- Chart Industries secures a contract to supply hydrogen compression for Repsol's €657 million Sines project.
- Repsol's project aligns with achieving net-zero emissions by 2050, supporting Chart’s commitment to sustainable energy.
- The Sines project is the largest industrial investment in Portugal in the past decade.
- Chart’s compressors will deliver reliable, high-pressure hydrogen, ensuring efficiency and contamination-free operations.
Negative
- No immediate financial impact or revenue figures disclosed for Chart Industries from this contract.
- Potential long-term risks if the project faces delays or fails to meet its operational start date in 2025.
News Market Reaction – GTLS
On the day this news was published, GTLS gained 2.89%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ATLANTA, May 28, 2024 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”), a global leader in clean energy and industrial gas solutions, has been chosen to supply its cutting-edge Howden hydrogen compression solutions to support Repsol’s
Repsol’s expansion project at its Sines facility is a strategic move towards achieving
Chart will supply two diaphragm compressors, ensuring reliable, contamination-free, high-pressure hydrogen delivery for the process. The Alba Project, slated for operation in 2025, will be the largest industrial investment in Portugal in the past decade, elevating Repsol’s Sines Industrial Complex to one of the most advanced in Europe.
"We are proud to support Repsol on this transformative project," said Jill Evanko, CEO of Chart Industries. "Our hydrogen compression solutions represent our commitment to sustainable and efficient energy solutions, and we look forward to supporting Repsol's vision for a greener future."
About Chart Industries
Chart Industries, Inc. is an independent 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.
Investor Contact:
John Walsh
VP, Investor Relations
1-770-721-8899
john.walsh@chartindustries.com
FAQ
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