Chart Industries, Inc. (“Chart”) (NASDAQ: GTLS), a leading global
manufacturer of liquefaction and cryogenic equipment serving
multiple applications in the energy and industrial gas end markets,
including hydrogen, today announced of its firm undertaking to
subscribe to the share capital increase initiated today by McPhy
(Euronext Paris: MCPHY – ISIN: FR0011742329) for an amount of 30
million euros, which will result in approximately c. 4.3% of the
capital of McPhy, post completion of an anticipated 150 million
euros capital offering (expected close tomorrow, October 14, 2020).
McPhy specializes in zero-carbon hydrogen production and
distribution equipment.
In conjunction with the strategic investment,
Chart and McPhy also executed a commercial Memorandum of
Understanding (“MOU”). The MoU between McPhy and Chart is intended
to set the pace of commercial collaboration to stimulate new
hydrogen demand for the parties’ respective equipment and solutions
globally, by identifying new customers and projects. Chart and
McPhy will also work on studying options to scale up projects for
production, storage, transport and fueling in all addressable
markets. Included at the end of this release is a supplemental
presentation that describes the agreement and expanded addressable
market for Chart’s hydrogen business by 2023 to $1.1 billion.
“We are thrilled to welcome Chart Industries as
a strategic investor and partner, bringing deep expertise in their
hydrogen-related applications,” stated Laurent Carme, McPhy Chief
Executive Officer, “We anticipate new commercial opportunities in
hydrogen across Europe and globally through this partnership.”
Chart’s 23 global locations for manufacturing
equipment, including 10 in Europe, offer capabilities to
manufacture hydrogen equipment in China, India, Europe and the
United States. We look forward to working together with McPhy to
accelerate the change of scale for McPhy’s manufacturing
capabilities. Additionally, we view the opportunity to work
commercially with other shareholders of McPhy, including anchor
investors EDF Pulse Croissance, Ecotechnologies Fund managed by
Bpifrance Investissement and Technip Energies as particularly
significant, in light of the recent European Union clean energy
stimulus package as well as France’s recently released 7 billion
euro plan to use hydrogen in industrial processes and transport to
cut its carbon dioxide output by 6 million tons by
2030. With the intense and extensive government and
private industry progress around the world for the utilization of
hydrogen as a key part of the clean energy destination, covering
the full value chain to offer cost competitive and scalable
solutions will create a unique position for our partnership to play
a leadership role in the global buildout of competitive zero-carbon
hydrogen and on the decarbonization of industrial processes, energy
storage and mobility. This industry is so blessed (pun intended),
even Pope Francis has a hydrogen-powered car now!
“We are excited about our next step in
partnering with global leaders for a full hydrogen value chain
offering, from production through end use construction,” stated
Jill Evanko, Chart’s CEO & President. “We view this strategic
investment and more so, partnership, as an exceptional commercial
step for our combined teams to bring new commercial opportunities
in Europe and the United States jointly forward where we will have
an unmatched hydrogen offering.”
Winston & Strawn served as legal advisor to
Chart on the McPhy transaction. Chart will hold an investor call to
discuss today’s transactions on Tuesday, October 13, 2020 at 2:00pm
eastern time. Participants may join the conference call by dialing
(877) 312-9395 in the U.S. or (970) 315-0456 from outside the U.S.,
entering conference ID 3079444. Please log-in or dial-in at
least five minutes prior to the start time. A taped
replay of the conference call will be archived on the Company’s
website, www.chartindustries.com. You may also listen to a
recorded replay of the conference call by dialing (855) 859-2056 in
the U.S. or (404) 537-3406 outside the U.S. and entering Conference
ID 3079444.
About Chart Industries,
Inc.
Chart Industries, Inc. is a leading independent
global manufacturer of highly engineered equipment servicing
multiple applications in the Energy and Industrial Gas
markets. Our unique product portfolio is used in every phase
of the liquid gas supply chain, including upfront engineering,
service and repair. Being at the forefront of the clean
energy transition, Chart is a leading provider of technology,
equipment and services related to liquefied natural gas, hydrogen,
biogas and CO2 Capture amongst other applications. We are committed
to excellence in environmental, social and corporate governance
(ESG) issues both for our company as well as our customers.
With over 25 global locations from the United States to Asia,
Australia, India, Europe and South America, we maintain
accountability and transparency to our team members, suppliers,
customers and communities. To learn more, visit
www.Chartindustries.com.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning the Company’s business
plans, including statements regarding completed acquisitions, cost
synergies and efficiency savings, objectives, future orders,
revenues, margins, earnings or performance, liquidity and cash
flow, capital expenditures, business trends, governmental
initiatives, including executive orders and other information that
is not historical in nature. Forward-looking statements may
be identified by terminology such as "may," "will," "should,"
"could," "expects," "anticipates," "believes," "projects,"
"forecasts," “outlook,” “guidance,” "continue," “target,” or the
negative of such terms or comparable terminology.
Forward-looking statements contained in this
press release or in other statements made by the Company are made
based on management's expectations and beliefs concerning future
events impacting the Company and are subject to uncertainties and
factors relating to the Company's operations and business
environment, all of which are difficult to predict and many of
which are beyond the Company's control, that could cause the
Company's actual results to differ materially from those matters
expressed or implied by forward-looking statements. Factors
that could cause the Company’s actual results to differ materially
from those described in the forward-looking statements
include: the Company’s ability to successfully integrate
recent acquisitions and achieve the anticipated revenue, earnings,
accretion and other benefits from these acquisitions; risks
relating to the recent outbreak and continued uncertainty
associated with the coronavirus (COVID-19) and the other factors
discussed in Item 1A (Risk Factors) in the Company’s most recent
Annual Report on Form 10-K filed with the SEC and Quarterly Reports
on Form 10-Q, which should be reviewed carefully. The Company
undertakes no obligation to update or revise any forward-looking
statement.
For more information, click here:
http://ir.chartindustries.com/
Supplemental Presentation:
http://ml.globenewswire.com/Resource/Download/edc9ee32-8e81-454c-96f7-fda8aff32c22
Investor Relations
Contact:
Wade Suki, CFA |
Director of Investor
Relations |
832-524-7489 |
wade.suki@chartindustries.com |
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