In a press release released on Tuesday, Chart Industries, Inc. announced acquisition of the Cryogenic Gas Technologies, Inc., the global leader in gas processing and distribution at an exchanged cash of USD 55 million.
Through the historic partnership, both the companies are looking forward to multiplying their capabilities and expertise in the design and installation of Hydrogen and Helium liquefaction technologies. As stated by the Chart officials, the investment has been followed by multiple demands arising for Hydrogen liquefication and processing needs with the world’s increasing shift towards Hydrogen as a fuel. Both the companies have worked closely for nearly 20 years and are looking forward to offering advanced technologies and fabrication methods in super insulation, vacuum system and gas leak detection systems, all of which are the essential conditions for producing supreme quality and highly efficient Hydrogen and Helium liquefaction systems.
Chart’s CEO and President stated in the document, “Cryo’s world class, differentiated cryogenic engineering expertise, global project experience in Hydrogen and Helium liquefaction coupled with their process technologies, brazed aluminum heat exchanger and cold box manufacturing capabilities creates the only multi-molecule full-solution liquefaction and equipment offering in the world.” This investment is expected to contribute approximately USD 30 million to Chart’s 2021 revenue outlook and open up the Helium market to the company’s portfolio by providing access to large Helium liquefaction projects.
While Chart is a renowned global brand for the design and manufacturing cryogenic equipment used across the entire liquid gas supply chain, Cryo Technology is a global leader in designing customized process systems to separate, purify, refrigerate, liquefy and distribute high value industrial gases such as Hydrogen, Helium, Argon and hydrocarbons with expertise for fabricating cold boxes for Hydrogen and Helium use.
As per ChemAnalyst,” The move is likely to benefit both the players to get a strong hold in the global Hydrogen market which is anticipated to play a significant role in the coming decades. The global Hydrogen demand is likely to increase tenfold by 2050 and hence Chart is likely to have a large-scale positive business through this acquisition.”