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ATLANTA, June 6, 2019 – Chart Industries, Inc. (NASDAQ: GTLS), the world's largest diversified manufacturer of high-tech equipment for the gas and energy industries, has placed an order of $ 10.4 million for the liquefier, compressor and tank equipment contents as part of a large-scale LNG project in the northeastern United States.
Small scale LNG ("ssLNG") and large-scale LNG markets serve a different set of customers than medium-sized and core export terminal operators. These small liquefaction plants typically have a production capacity of less than 500,000 tonnes per year and serve specific uses such as bunkering at sea, fuel for road transport and energy production in targeted locations. Utility customers are increasingly opting for LNG as a leading-edge solution for advanced pipeline solutions such as the US East Coast. This is a natural solution for geographical areas whose distribution system is growing without being able to add additional capacity.
This trend is illustrated by other recently announced projects in which we have equipment and processes. In the fourth quarter of 2018, we recorded an order of $ 8.4 million for the first LNG project for NiCHe LLC, a joint venture of Dominion Energy / REV LNG. This project, Towanda, consists of a 50,000 gallon nitrogen cycle liquefier in northeastern Pennsylvania. We supply the liquefier and the compressor of the factory, which should produce actively by the end of 2019. We are working with ODIN as CBE for these two projects. ODIN, formerly Northstar Industries, is one of EPC's leading suppliers of LNG and natural gas infrastructure with which Chart has worked several times over the last 25 years of its existence.
The activity in the utility-scale LNG space is not limited to the northeastern United States. Duke Energy, the parent company of Piedmont Natural Gas, continues to advance its LNG strategy. In May 2019, Piedmont Natural Gas announced the start of construction of its one billion cubic feet storage facility, which is expected to be completed in the summer of 2021. 2019, we placed an order with Nikkiso Cosmodyne for the supply of brazed aluminum heat exchangers for a large utility company in the United States. Outside the United States, island LNG offers significant opportunities to stimulate demand for electricity, particularly in the Mediterranean and Southeast Asia.
"Our unique position in supplying liquefaction, storage and transportation equipment and processes over the LNG cycle supports small-scale LNG and utility customers," said Jill Evanko, CEO of Chart Industries. . "We expect this LNG application to grow as utility companies look for alternative, standardized and cost-effective solutions to meet the growing demand for power grids."
Large-scale, small-scale LNG is expected to reach between 75 and 95 million tonnes by 2030. Over the next three years, we estimate that total commercial opportunities will be over $ 650 million for equipment. mapping and their treatment.
Contact:
Jillian Evanko
General manager
630-418-9403
[email protected]
Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the Company's business plans, products and technology, cost synergies and efficiency gains, goals, future goals. orders, product demand and customer requirements, revenue, margins, earnings or performance, cash and cash flow, capital expenditures, business and industry trends, project status and other non-historical information. Forward-looking statements may be identified by terms such as "may", "will", "should", "could", "expects", "anticipates", "believes", "plans", "forecasts" "," prospects, "" Orientation "," continue "or the negative of these terms or comparable terminology.
Forward-looking statements contained in this presentation or in other statements by the Company are based on management's expectations and beliefs regarding future events affecting the Company and are subject to uncertainties and factors related to the business and operations of the Company. economic conditions of the Company. difficult to predict and many of which are beyond the Company's control, which could result in a material difference between the Company's actual results and the items expressed or implied in the forward-looking statements. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements include those described in Section 1A (Risk Factors) of the Company's most recent annual report on Form 10-K filed with the Corporation. SEC, which should be: examined carefully. The Company badumes no obligation to update or revise any forward-looking statements.
Chart Industries, Inc. is an independent global manufacturer and leader in high technology equipment for many applications in the energy and industrial gas market. Our unique product portfolio is used throughout the liquid gas supply chain in the production, storage, distribution and end use of atmospheric, hydrocarbon and industrial gases. Chart has national operations in the United States and an international presence in Asia, Australia, Europe and Latin America. To learn more, visit www.ChartinreUstries.com.
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