Chart Industries (GTLS) Books Order for Helium Liquefaction

June 14, 2021 6:38 AM EDT

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Chart Industries, Inc. (NYSE: GTLS), a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries, has booked an order for a helium liquefaction large scale Helium plant for one of the largest independent oil and gas producers in Russia. The scope of our supply for the helium plant includes equipment supply for the plant, commissioning and start-up. Keeping with our strategy, we do not have construction responsibility for the project. This project reflects the combination of Cryo Technologies (which Chart acquired in February 2021) and Chart capabilities, bringing the best of both of our liquefaction engineering expertise together and Chart’s capabilities in precooling, brazed aluminum heat exchangers and cold box fabrication.

This plant will be the second of its kind, and Cryo Technologies provided this customer’s first helium plant. Equipment deliveries are anticipated to be complete by the end of 2022, with expected completion of commissioning and startup 12 months later. The majority of milestone payments will be invoiced in 2021 and this is included in our prior guidance as we shared that we had received the Letter of Intent in mid-April 2021 for this project (now it is a bookable order).

“This significant helium liquefaction win is our third hydrogen/helium liquefier order year-to-date 2021 and demonstrates the leading market position of our and Cryo Technologies’ combined liquefaction technologies and capabilities,” stated Jill Evanko, Chart’s CEO and President. “Our hydrogen/helium commercial liquefaction bidding pipeline remains very active and we expect this trend to increase throughout the second half of 2021.”

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