Chart Industries, Inc. (‘Chart’) designs, engineers, and manufactures process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean - clean power, clean water, clean food, and clean industrials, regardless of molecule.
The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair, and from installation to preventive maintenance and digi...
Chart Industries, Inc. (‘Chart’) designs, engineers, and manufactures process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean - clean power, clean water, clean food, and clean industrials, regardless of molecule.
The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair, and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment, and services related to liquefied natural gas (‘LNG’), hydrogen, biogas, and CO2 capture, among other applications. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe, and South America, the company maintains accountability and transparency to its team members, suppliers, customers, and communities.
The company’s primary customers are large, multinational producers and distributors of hydrocarbons, hydrogen, and industrial gases, and their end-users. The company sells its products and services to more than 10,000 customers worldwide, having developed long-standing relationships with leading companies in the gas production, distribution, and processing industries, as well as those involved in LNG, chemicals, and industrial gases. The company has an established sales and customer support presence across the globe.
Segments, Applications, and Products
The company’s reportable segments, which are also its operating segments, are as follows: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing.
The company goes to market through its One Chart global commercial, engineering, products, operations, and aftermarket organizations. Further, the company’s engineered solutions are utilized across a molecule’s value chain from production to distribution, and storage to consumption. The company’s Cryo Tank Solutions segment supplies bulk, microbulk, and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. The company’s Heat Transfer Systems segment supplies mission-critical engineered equipment and systems used in the recovery, separation, liquefaction, and purification of hydrocarbons, LNG, and industrial gases that span gas-to-liquid applications. The company’s Specialty Products segment supplies products used in specialty end-market applications, including engineered liquefaction, storage, and compression equipment for hydrogen and helium, LNG for over-the-highway vehicles, biofuels, carbon capture, food and beverage, aerospace, nuclear, marine, metals and mining, lasers, gas by rail, energy recovery, infrastructure, and water treatment end markets. The company’s Repair, Service & Leasing segment provides installation, retrofitting and refurbishment, services and repairs, preventative and contractual maintenance, and digital solutions globally, in addition to providing targeted equipment leasing solutions.
Cryo Tank Solutions
Cryo Tank Solutions (15.3% of consolidated sales for the year ended December 31, 2024) designs, manufactures, and supplies bulk, microbulk, and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. With operations in the United States, Latin America, Europe, and Asia, the company’s Cryo Tank Solutions segment serves customers globally.
Industrial Gas Applications
The company designs and manufactures bulk and packaged gas cryogenic solutions for the storage, distribution, vaporization, and application of industrial gases. The company’s products span the entire spectrum of industrial gas demand, from small customers requiring cryogenic packaged gases to large users requiring custom-engineered cryogenic storage systems in both mobile and stationary applications. Using vacuum insulation technology, the company’s cryogenic storage systems are able to store and transport liquefied industrial gases and hydrocarbon gases at temperatures from 0° Fahrenheit to temperatures nearing absolute zero. Industrial gas applications include any end-use of the major elements of air (nitrogen, oxygen, and argon), including manufacturing, welding, electronics, and medical. Principal customers for industrial applications are global industrial gas producers and distributors. Other end-users of the company’s equipment include chemical producers, manufacturers of electrical components, healthcare organizations, and companies in the oil and natural gas industries.
LNG Applications
The company supplies cryogenic solutions for the storage, distribution, and use of LNG. LNG may be utilized as an alternative to other fossil fuels, such as diesel, propane, or fuel oil, in transportation or off-pipeline applications. Examples include transit bus transportation, locomotive propulsion, marine, and power generation in remote areas. The company refers to its LNG distribution products as a ‘Virtual Pipeline,’ as the traditional natural gas pipeline is replaced with cryogenic distribution to deliver the gas to the end-user. The company supplies cryogenic trailers, ISO containers, bulk storage tanks, loading facilities, and regasification equipment specially configured for delivering LNG into Virtual Pipeline applications. Additionally, the company supplies large vacuum insulated storage tanks as equipment for purchasers of standard liquefaction plants sold by the company’s Heat Transfer Systems segment.
Heat Transfer Systems
Heat Transfer Systems (24.9% of consolidated sales for the year ended December 31, 2024) facilitates natural gas, petrochemical processing, petroleum refining, power generation, and industrial gas companies in the production or processing of their products. With primary manufacturing capabilities in the United States and Europe, Heat Transfer Systems serves customers globally. This segment supplies mission-critical engineered equipment and technology-driven process systems used in the separation, liquefaction, and purification of hydrocarbon and industrial gases that span most gas-to-liquid applications.
Natural Gas Processing (including Petrochemical) Applications
The company provides natural gas processing solutions that facilitate the progressive cooling and liquefaction of hydrocarbon mixtures for the subsequent recovery or purification of component gases. Primary products used in these applications include brazed aluminum heat exchangers, cold boxes, pressure vessels, Core-in-Kettle, air-cooled heat exchangers, and fans. The company’s brazed aluminum heat exchangers allow producers to obtain purified hydrocarbon by-products, such as methane, ethane, propane, and ethylene, which are commercially marketable for various industrial or residential uses. The company’s cold boxes are highly engineered systems that incorporate brazed aluminum heat exchangers, pressure vessels, and interconnecting piping used to significantly reduce the temperature of gas mixtures to liquefy component gases so that they can be separated and purified for further use in multiple energy, industrial, scientific, and commercial applications. The company’s air-cooled heat exchangers are used to cool or condense fluids to allow for further processing and for cooling gas compression equipment. The company’s process technology includes standard and modular plant solutions and comprises detailed mechanical design, Chart manufactured proprietary equipment, and all other plant items required to liquefy pipeline quality natural gas. Customers for the company’s natural gas processing applications include large companies in the hydrocarbon processing industry, as well as engineering, procurement, and construction (‘EPC’) contractors.
LNG Applications
The company provides process technology, liquefaction capabilities, and independent mission-critical equipment for the liquefaction of natural gas (LNG), including small to mid-scale facilities, floating LNG applications, and large base-load export facilities. The company is a leading supplier to EPC firms where it provides equipment and process technology, providing an integrated and optimized approach to the project. These process systems incorporate many of Chart’s core products, including brazed aluminum heat exchangers, Core-in-Kettle heat exchangers, cold boxes, air-cooled heat exchangers, fans, pressure vessels, and pipe work. These systems are used in global LNG projects, for both local LNG production, as well as LNG export terminals. The company’s proprietary IPSMR (Integrated Pre-cooled Single Mixed Refrigerant) and IPSMR+ liquefaction process technology offers lower capital expenditure requirements than competing processes measured on a per ton of LNG produced basis, along with very competitive operating costs.
HVAC, Power, and Refining Applications
The company’s air-cooled heat exchangers and axial cooling fans are used in heating, ventilation, and air conditioning (‘HVAC’), data center, power, and refining applications. Demand for HVAC is driven by growing construction activities and demand for energy-efficient devices, and there is also a positive impact from growing industrial production. Refining demand continues to be driven by the United States shale production, benefiting from low-cost shale oil, natural gas liquids, and gas resulting in high utilization and increased investment. The company’s air-cooled heat exchangers are used in each phase of the refining process to condense and cool gases and fluids.
Specialty Products
Specialty Products (26.8% of consolidated sales for the year ended December 31, 2024) supplies highly-engineered equipment and process technologies used in specialty end-market applications for hydrogen and helium, LNG, biofuels, carbon capture, food and beverage, metals and mining, aerospace, space exploration, lasers, and water treatment, among others. Leveraging the company’s global manufacturing presence, Specialty Products serves customers globally.
The company delivers diverse hydrogen solutions that serve both gas and liquid hydrogen across the entire value chain, including production (liquefaction), transportation, storage, and usage. Further, the company has approximately 160 years of experience working with hydrogen-related equipment, and its installed base can be found across the globe. The company also manufactures various types of compressors and heat exchangers for hydrogen applications, including brazed aluminum, air-cooled, and shell & tube varieties, in addition to mobile equipment and fueling stations.
In carbon capture, utilization, and storage (‘CCUS’) markets, the company provides full solutions, equipment, aftermarket services, and software for applications ranging from cryogenic carbon capture (‘CCC’) to direct air capture (‘DAC’). These solutions target a number of end markets, including brewing, winery, dry ice capture, biogas, and industrial. The company’s technology can be used across a variety of applications since it can capture from both high and low purity carbon streams.
The company’s water treatment technology is also reflected in the Specialty Products segment. Serving both municipal and industrial end markets globally, its water treatment solutions serve both clean and wastewater applications. The company’s solution set can also address a wide range of organic and inorganic contaminants, including arsenic and per- and polyfluorinated alkylated substances (‘PFAS’), often referred to as ‘forever chemicals.’
Repair, Service & Leasing
The company’s Repair, Service & Leasing segment (33.0% of consolidated sales for the year ended December 31, 2024) provides installation, retrofitting & refurbishment, spares, service, repair, and maintenance of its products globally, in addition to providing equipment leasing solutions to customers globally. The company has made a number of organic and inorganic investments over the years to expand its global footprint to include over 50 service centers.
To support the products and solutions the company sells, the company’s Repair, Service & Leasing segment offers services through the entire lifecycle of its products, focusing on the optimized performance and lifespan of Chart proprietary equipment. Aftermarket services include extended warranties, plant start-up, parts, 24/7 support, monitoring and process optimization, as well as repair, maintenance, spares, and upgrades.
The company installs, services, and maintains compressors and other rotating equipment, as well as refurbishes bulk and packaged gas cryogenic solutions for the storage, distribution, vaporization, and application of industrial gases. With multiple service locations in the Americas, Europe, and Asia, the company not only services Chart products, but it also services numerous other manufacturers, including many of the company’s competitors. The company provides services for storage vessels, VIP, reconfiguration, relocation, trailers, ISO containers, vaporizers, and other gas-to-liquid equipment.
Additionally, the company offers a variety of targeted leasing options on certain types of Chart equipment, providing its customers with the flexibility to quickly respond to seasonal or sudden increases in demand, with similar flexibility when existing equipment is being repaired or refurbished.
Uptime is the company’s digital platform that seamlessly integrates data related to equipment performance. The system combines active inputs, such as temperature, pressure, and vibration, with reference parameters from manuals, specifications, and maintenance reports. When the data is analyzed, it provides a unique foundation for maintaining and enhancing operational excellence.
Ventsim DESIGN is the company’s proprietary mine ventilation software that is used and trusted by over 2,500 mines, universities, consultants, government, and research organizations. Ventsim DESIGN is a complete integrated mine and tunnel ventilation software package for the design and testing of ventilation circuits, including airflow, pressure, heat, gases, power, radon, fire, and many other types of ventilation information.
Engineering and Product Development
The company’s engineering and product development activities are focused primarily on developing new and improved technologies, solutions, and equipment for the users of molecules, hydrocarbons, and industrial gases across all industries served. The company’s engineering, technical, and commercial employees actively assist customers in specifying their needs and in determining appropriate products to meet those needs.
Marketing
The company markets its products and services in each of its segments throughout the world primarily through direct sales personnel and independent sales representatives, as well as distributors. The technical and custom design nature of the company’s products requires a professional, highly trained sales force. The company uses independent sales representatives and distributors to market its products and services in certain foreign countries and in certain North American regions. These independent sales representatives supplement the company’s direct sales force in dealing with language and cultural matters. The company’s domestic and foreign independent sales representatives earn commissions on sales, which vary by product type.
Customers
The company sells its products primarily to gas producers, distributors, and end-users across energy, industrial, power, HVAC, and refining applications in countries throughout the world. Sales to the company’s top ten customers accounted for 26% of consolidated sales in 2024.
To minimize credit risk from trade receivables, the company reviews the financial condition of potential customers in relation to established credit requirements before sales credit is extended, and the company monitors the financial condition of customers to help ensure timely collections and to minimize losses. In addition, for certain domestic and foreign customers, the company requires advance payments, letters of credit, bankers’ acceptances, and other such guarantees of payment.
Research and Development
The company incurred research and development costs of $38.3 for the year ended December 31, 2024.
History
Chart Industries, Inc., a Delaware corporation, was founded in 1859. The company was incorporated in 1992.
