Chart Industries : Setting the Standard in Cooling Solutions

We revisit Chart Industries, which is redefining the future of energy and industries with its cool, cutting-edge cryogenic technologies. As it navigates a landscape of expanding global opportunities, the company has a competitive edge with sustainable solutions for a transforming world.

SETTING THE STANDARD IN COOLING SOLUTIONS

Beginning in the mid-19th century with the liquefaction of gases, cryogenics has evolved as a scientific field throughout the 20th century, leading to modern applications in medicine and industry.  

A key player in this sector is Chart Industries (Chart), a global pioneer in the design, engineering, and manufacturing of process technologies and equipment for handling gases and liquids.  

In fact, with domestic locations across the US and a presence on every inhabited continent, the company has established itself as a prominent force in the industry. 

Meanwhile, since we last spoke to Chart, Baker Hughes, a US-based global energy technology company that provides products and services for the oil and gas industry, is set to acquire it, with an enterprise value estimated at $13.6 billion.  

Chart operates manufacturing and service facilities and offers comprehensive product solutions, including aftermarket services and digital support.  

Recognized as a leading authority, the company excels in advanced process technologies and has a unique product portfolio used in every phase of the liquid gas supply chain, including upfront engineering, service, and repair.  

Consequently, its products are used throughout the gas value chain, from production and liquefaction to storage, transportation, and end use.  

CHARTING A PATH TO GROWTH  

Through the acquisition by Baker Hughes, Chart aims to achieve more organic growth, ultimately building on its previous merger with Flowserve Corporation. 

Indeed, since its founding in 1992, the company’s history has been characterized by rapid growth through strategic acquisitions and niche expansion in the industrial process equipment industry.  

Today, it serves a diverse range of industrial and energy markets. 

However, another recent Chart acquisition is Howden, which has broadened its capabilities and enabled it to offer a wider range of products, including compressors, fans, and rotating equipment.  

This strategic move enhances its competitive advantage and positions the company favorably in the evolving energy landscape. 

Known for its cryogenic tanks, vaporizers, cold boxes, and heat exchangers, Chart’s equipment is vital for the production, storage, and end-use of hydrocarbon and industrial gases.  

The company delivers innovative solutions that enhance operational efficiency and sustainability across various applications, placing itself as a vital element in addressing the complex demands of a dynamic landscape. 

Furthermore, Chart specializes in equipment and solutions related to the storage and distribution of cryogenic gases and fluids, with a strong presence in the energy, industrial, and medical sectors, providing essential infrastructure for the production, transportation, and storage of liquefied gases. 

As a global operator, Chart has manufacturing facilities and service centers that enable it to meet a myriad of clients’ needs worldwide. Additionally, the company is committed to advancing its products and services through ongoing R&D, ensuring it remains at the forefront of the industry. 

REVOLUTIONIZING INDUSTRIES  

Cryogenic and compression equipment plays a pivotal role across a variety of industries, facilitating the efficient handling and storage of gases and liquids at extremely low temperatures, especially those plummeting below -150 degrees Celsius.  

This specialized equipment is particularly crucial in processes involving liquefied gases such as liquefied natural gas (LNG) and hydrogen, as well as in carbon dioxide (CO2) capture and in the management of industrial gases such as oxygen and nitrogen.  

Key components of this technology include cryogenic storage tanks, which are designed to safely contain liquefied gases, prevent evaporation, and maintain structural integrity under extreme cold conditions.  

Heat exchangers are another vital component, engineered to transfer thermal energy between fluids without allowing them to mix, maintaining purity and efficiency.  

Meanwhile, compressors play a significant role by increasing the pressure of gaseous substances, ensuring their seamless transport through pipelines. 

In addition, vaporizers are employed to convert liquefied gases back into a gaseous state, enabling energy generation and various industrial applications. Specialized valves and piping systems are meticulously designed to ensure the safe transfer of these fluids, even under the harshest conditions. 

The applications of cryogenic technology span a wide range of sectors. In the energy sector, it is indispensable for the production and transportation of LNG and hydrogen – both of which are key factors in the transition to cleaner energy sources.  

In the healthcare sector, this technology is vital for preserving biological samples and storing medical gases, contributing to advancements in medical research and patient care.  

Moreover, the aerospace industry heavily relies on cryogenic systems, particularly for rocket propulsion, where efficient fuel storage and transfer are critical, and for cooling superconductors used in advanced technologies. 

Recent advancements in cryogenic and compression equipment focus on enhancing efficiency, safety, and sustainability.  

Innovations include improved insulation techniques, advanced materials that withstand extreme conditions, and automated systems that streamline operations.  

As a result, cryogenic and compression equipment has become a cornerstone of modern industries and in the transition toward more sustainable energy practices. 

NEXUS OF CLEAN™ 

Known for its innovative technology and high-quality products, including tanks, heat exchangers, and liquefaction systems, Chart focuses on sustainability and efficiency, positioning itself as a key player in the push towards cleaner energy solutions. 

Through the company’s Nexus of Clean™, the company is not only building a business but also shaping a cleaner future for industries and communities worldwide.  

With a vision to be a global leader in the design, engineering, and manufacturing of cryogenic process  technologies and equipment for the power, water, food, and industrial sectors, Chart is committed to contributing to many of the United Nations Sustainable Development Goals.  

These goals provide a global blueprint for a more peaceful, prosperous, and sustainable future. 

One notable initiative, ChartWater™, aims to enhance water treatment processes, making them more efficient, safer, and environmentally friendly.  

Additionally, Chart’s cryogenic technology plays a crucial role in the energy transition by facilitating the production, storage, and distribution of LNG and hydrogen. 

The company also promotes decent work and economic growth by providing productive employment opportunities worldwide in an environment that values freedom, equality, security, and dignity.  

Responsible consumption and production are also key focuses; many of Chart’s products and solutions enable industries to do more with less, which is a principle that underpins its internal development programs. 

Furthermore, the company is actively pursuing various initiatives to reduce its environmental footprint in the short term and aims to achieve carbon neutrality by 2050.  

As a sustainable company, Chart is dedicated to making a positive impact on the environment and society. 

LEVERAGING EXPERTISE FOR A SUSTAINABLE FUTURE 

Chart has established a formidable competitive edge, rooted in several pivotal factors that significantly strengthen its market presence.  

At the forefront is the company’s exceptional expertise in cryogenic engineering, a niche that poses considerable technical challenges and is characterized by high barriers to entry.  

This specialized proficiency not only distinguishes Chart from its competitors but also cements its reputation in the industry, showcasing an unparalleled depth of knowledge. 

Importantly, the company benefits from a vast installed base of equipment and systems, which generates a continuous stream of revenue through aftermarket services and repairs.  

This model ensures a reliable income flow, allowing it to maintain financial stability and invest in future innovations. 

As a trailblazer in cryogenics and an essential contributor to the global shift towards cleaner energy solutions, the company has a rich history of innovation and a commitment to advancing technology and is well-positioned to tap into the surging demand for efficient gas handling. 

With Baker Hughes’ support, Chart is set to enhance its capabilities further. This partnership enables the development of cutting-edge solutions tailored to the evolving requirements of diverse markets, ultimately ensuring sustained growth while prioritizing environmental sustainability.  

Through its focus on innovation and market responsiveness, Chart is well-equipped to navigate the complexities of today’s energy landscape and contribute significantly to a greener future.