Benzinga | Oct 18, 2021 12:55PM EDT

Chart Industries, Ionada Collaborate On Carbon Capture Projects

* Chart Industries, Inc (NYSE:GTLS) has signed a Memorandum of Understanding with Ionada to collaborate on Carbon Capture and Sequestration (CCUS) projects. Deal terms were not disclosed.

* Ionada develops, manufactures, and markets exhaust gas cleaning systems that reduce emissions from the marine and power generation industries.

* Under the non-exclusive cooperation agreement, the companies will develop and use technology to reduce the shipping industry's carbon footprint.

* "The solutions being developed with Ionada will greatly benefit the maritime sector and help ship owners reach greenhouse gas emission targets set forth by the International Maritime Organization (IMO)," commented Chart CEO Jill Evanko.

* Chart noted Carbon captured via Ionada's technology could be stored onboard in its CO2 ISO containers or engineered built-for-purpose type C tanks and then offloaded at ports.

* Price Action: GTLS shares are trading higher by 0.04% at $181.7 on the last check Monday.