Benzinga | May 7, 2021 08:03AM EDT

Chart Industries And ABB Announce Commercial And Development Agreement For Standardizing Control Packages And Instrumentation In Chart's Modular Offerings; Financial Details Not Disclosed

Chart Industries, Inc. ("Chart") (NYSE:GTLS), a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries today signed a Development and Commercial Memorandum of Understanding ("MOU") with ABB, Inc. ("ABB") (NYSE:ABB), a leading global technology company providing control system and electrical equipment to support Chart's modular offerings for liquefied natural gas, hydrogen, biogas, water treatment and CO2 Capture projects.



Chart and ABB have complementary offerings and share a passion for clean energy, water and industrial applications. Our partnership is modularizing solutions in key emerging segments to drive down cost and minimize risks. As part of the MOU, ABB will develop standard modular controls, automation, power supply and telecoms solutions for (but not limited to) the following Chart offerings:

* Hydrogen and natural gas liquefaction plants where there is significant electrical content

* Transform Materials' plants, a sustainable chemical company with a patented net-carbon-negative process to cost-effectively produce high purity acetylene and hydrogen

* BlueInGreen water treatment dissolution skids

* Carbon capture plants

"The combination of our extensive process technology and equipment offering for standardized, modular, and short lead-time small-scale solutions will be further bolstered by this work with ABB, whose long history and experience in instrumentation, controls, power supply and automation technologies will help bring our offering to the next level," stated Jill Evanko, Chart's CEO and President.

Brandon Spencer, President of ABB Energy Industries added "Sustainability is at the center of our collaboration with Chart Industries. Our partnership brings together Chart Industries' process knowledge and technology with ABB's extensive experience in automation and power, resulting in innovative solutions and reduced cost. Ultimately, our goal is to support the commercial viability of these emerging segments."