Benzinga | Feb 2, 2021 06:12AM EST

Chart Industries Invests $15M In Svante Inc. And Signs Commercial Carbon Capture MOU

VANCOUVER, British Columbia and ATLANTA, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Svante Inc. and Chart Industries Inc. ("Chart") (NYSE:GTLS), a leading global manufacturer of liquefaction and cryogenic equipment for the energy and industrial gas markets, have entered into a binding commercial Memorandum of Understanding ("MOU"). The MOU establishes how the companies will explore commercial opportunities as channel to market preferred partners and collaborate to develop an integrated carbon capture solution using Svante's rapid adsorption technology and Chart's cryogenic carbon capture technology to make high-purity CO2 products from industrial flue gas streams. The MOU was executed in conjunction with the completion of Chart's investment in Svante in the amount of $15 million representing under 10% of its capital stock on a fully diluted basis. The investment was done as part of Svante's Series D offering which closed today.