{"id":469007,"date":"2021-03-31T16:08:33","date_gmt":"2021-03-31T20:08:33","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469007"},"modified":"2021-03-31T16:08:33","modified_gmt":"2021-03-31T20:08:33","slug":"chart-industries-acquires-5-ownership-of-transform-materials-and-signs-strategic-commercial-hydrogen-mou","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/chart-industries-acquires-5-ownership-of-transform-materials-and-signs-strategic-commercial-hydrogen-mou\/","title":{"rendered":"Chart Industries Acquires 5% Ownership of Transform Materials and Signs Strategic Commercial Hydrogen MOU"},"content":{"rendered":"
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ATLANTA, March 31, 2021 (GLOBE NEWSWIRE) — Chart Industries Inc. (\u201cChart\u201d) (NSYE: GTLS), a leading global manufacturer of liquefaction and cryogenic equipment serving multiple applications in the clean energy and industrial gas end markets, including hydrogen, today announced the completion of an investment in Transform Materials (\u201cTransform\u201d) in the amount of $25 million for 5% of its equity.<\/p>\n

Transform Materials is a sustainable chemical technology company that uses microwave plasma to convert natural gas into acetylene and hydrogen. Its highly selective, cost-effective, net-carbon-negative process converts the methane in natural gas into high-value products suitable for direct use or downstream reactions.<\/p>\n

“We transform methane into acetylene and hydrogen, critical precursors for the synthesis of high-value chemical end products, without using traditional techniques that form carbon dioxide. That means we can meet important future needs of the petrochemical industry without creating harmful greenhouse gases,” said David Soane Ph.D., Chairman of Transform Materials. “An important benefit of our technology is that it repurposes the carbon that methane\u2014a potent greenhouse gas\u2014contains, so that it doesn\u2019t enter the atmosphere. We saw immediately how Chart\u2019s process chemicals and hydrogen technologies can help us deliver clean, high-purity hydrogen and acetylene to our customers at scale.”<\/p>\n

In conjunction with this strategic investment, Chart and Transform also executed a binding commercial Memorandum of Understanding (\u201cMOU\u201d). The MOU establishes the commercial collaboration and equipment supply arrangements for Chart to supply Transform projects. Transform Materials\u2019 process has already been adopted via a global licensing agreement with DSM Nutritional Products Ltd. (\u201cDSM\u201d), who plans to utilize the patented Transform technology to produce certain vitamins, carotenoids, and nutritional ingredients.<\/p>\n

In addition to DSM, Transform has multiple other commercial pipeline opportunities this year in both North America and Europe. Given this level of interest, Transform expects to begin construction of two or three plants in the next 12 months. The investment and commercial supply agreement with Transform will help facilitate opportunities to expand Chart\u2019s equipment presence both geographically and across global customers, with per-plant potential content in the multi-million dollar range.<\/p>\n

\u201cThis investment in and commercial agreement with Transform Materials is yet another step toward expanding our customers\u2019 options in our high-growth clean-energy markets, in particular hydrogen,\u201d stated Jill Evanko, Chart\u2019s CEO and president. \u201cPerhaps most impactful about Transform\u2019s patented process technology is that there is no oxygen involved in the reaction, so therefore no carbon dioxide (\u201cCO2\u201d) is generated \u2013 the very definition of clean.\u201d<\/p>\n

This investment achieves all of Chart\u2019s criteria for its strategic inorganic investments in clean energy, specialty markets, and repair and service:<\/p>\n