Chart Industries makes $25 million hydrogen technology investmentApril 5, 2021
The company broadened its H2 portfolio with a 5 percent equity stake in Transform Materials.
Chart Industries has been making a number of different forms of hydrogen technology investment of late. Most recently, it closed March by completing a $25 million purchase of a 5 percent equity stake in Transform Materials.
Transform is a Florida-based company that uses net-carbon-negative gas conversion processes.
Transform Materials’ process is highly selective and cost effective, converting the methane within natural gas into high-value direct use or downstream reaction products through the use of net-carbon-negative processes. Chart Industries’ hydrogen technology investment into the Florida company is seen as reflection of Chart’s rising interest in H2.
Chart already offers a range of different services targeting the H2 market. They likely view this most recent acquisition as another step into this promising and growing market.
“We transform methane into acetylene and hydrogen, critical precursors for the synthesis of high-value chemical end products, without using traditional techniques that form carbon dioxide,” said Transform Materials Chair David Soane.
Transform Materials views Chart’s hydrogen technology investment as a highly promising one.
“We saw immediately how Chart’s process chemicals and hydrogen technologies can help us deliver clean, high-purity hydrogen and acetylene to our customers at scale,” added Soane.
Beyond Chart’s new stake in Transform, the two companies have also signed a commercial memorandum of understanding (MoU). The MoU is intended to broaden the collaboration between the two companies, including commercial and equipment supply arrangements in which Chart will supply projects undertaken by Transform.
“This investment in and commercial agreement with Transform Materials is yet another step toward expanding our customers’ options in our high-growth clean-energy markets, in particular hydrogen,” said Chart President and CEO Jill Evanko. “Perhaps most impactful about Transform’s patented process technology is that there is no oxygen involved in the reaction, so therefore no carbon dioxide is generated – the very definition of clean.”
Chart Industries is continuing to use moves like this hydrogen technology investment to expand its role in the emerging H2 economy. It is among many companies responding to the global transition into renewable energy and seeking to create a strong foundation when that market matures.