The acquisition will create a one-stop full solution option for those looking for integrated technology and equipment
Chart Industries Acquires Sustainable Energy Solutions, Inc.(Credit: SatyaPrem from Pixabay)
Chart Industries, Inc. (“Chart”) (Nasdaq: GTLS) today completed the previously announced acquisition of Sustainable Energy Solutions, Inc (“SES”). SES’s Cryogenic Carbon Capture™ (“CCC”) technology eliminates most emissions from fossil fuels while enabling better use of intermittent renewables through grid-scale energy storage. Coupling SES’s CCC technology with our air-cooled heat exchangers, brazed aluminium heat exchangers, IPSMR refrigeration/liquefaction system and cryogenic storage and transport equipment creates a one-stop full solution option for those looking for integrated technology and equipment.
As previously announced, effective with our year-end 2020 reporting, Chart will report results externally in four segments: (i) Heat Transfer Systems (ii) Cryo Tank Solutions (iii) Specialty Products and (iv) Repair, Service & Leasing. SES results will be included in Specialty Products, which, in addition to carbon and direct air capture, includes end markets of hydrogen, over-the-road trucking, food & beverage, water treatment, cannabis, molecules by rail, lasers and space exploration. Combined, these markets represent total addressable near-term potential of $4.3 billion for existing Chart equipment and technologies.
“I am excited to complete the SES acquisition before year-end 2020, as our pipeline of carbon and direct air capture commercial opportunities for 2021 and 2022 is growing,” said Jill Evanko, Chart’s CEO. “We welcome Larry Baxter, Andy Baxter and the entire SES team to the Chart family.”
Source: Company Press Release