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Chart Industries, Inc. and Crane Company Successfully Test a New Liquid Hydrogen Valve

Chart Industries, Inc.
Chart Industries, Inc.

ATLANTA, May 10, 2023 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (“Chart”, NYSE: GTLS) and Crane Company (“Crane”, NYSE:CR) have successfully tested a new cryogenic valve designed and built by Crane for liquid hydrogen applications. This is the first valve launched from Crane’s CRYOFLO™ line of bellow seal vacuum jacketed globe valves, designed and tested by Crane, with final validation, review, and testing conducted by Chart. Final testing was conducted at Chart’s one-of-a-kind liquid hydrogen test facility in New Prague, MN, USA, leveraging Chart’s 60 years of experience with hydrogen equipment and the facility’s availability of the extremely cold cryogenic liquid for testing. Liquid hydrogen is over 100 degrees Fahrenheit colder than liquid nitrogen, and significantly colder than the temperature limit of most cryogenic valves.

The testing confirms that Crane’s CRYOFLO liquid hydrogen valve design can operate safely and reliably at extremely low temperatures, while supporting best-in-class high-flow rates at low-pressure drop as designed. Notably, CRYOFLO is the first valve Chart has successfully completed a liquid hydrogen endurance test in a high-cycle application. Testing included installing Crane’s valve in a validation system provided by Chart that flowed liquid hydrogen through the valve at varying operating temperatures and pressures. The valve successfully endured well over 5,000 open/close cycles at a pressure of 150 psig/10 bar, and it required no adjustments or maintenance during the test. In addition, the Crane CRYOFLO has completed cryogenic certification and endurance testing per MSS-SP-134 standards and qualified the size range from ½-2” at 300 psi working pressure.

Chart is quickly developing new hydrogen equipment solutions and expanding production capacity for existing products to meet the needs of the growing hydrogen energy market. Cryogenic valves are an integral part of every one of these products, whether in Chart’s hydrogen liquefaction equipment and cold boxes, transport trailers, storage tanks, fuel cell vehicle fuel stations, onboard fuel tanks, or any other end-use system. Valves must be resistant to leaks, reliable to operate, and minimize impact on process performance.

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Crane is successfully accelerating the development a full line of cryogenic valves and accessories to address critical market problems including leakage, heat dissipation, and reliability in the liquefaction, storage and transportation of hydrogen and other cryogenic gases. Crane is also investing in a new state-of-the-art facility in Conroe, TX where it plans to build all of its Cryogenic and Hydrogen products while providing best-in-class customer service, quality and delivery. The qualification of the CRYOFLO bellow seal globe valves by Chart completes the technical approval of the product which is now in production and available to serve the hydrogen market globally.

About Chart Industries, Inc.
Chart Industries, Inc. is an independent global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handing 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, hydrogen, biogas, and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With over 48 global manufacturing locations and 41 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. To learn more, visit www.chartindustries.com

About Crane Company
Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company is comprised of two strategic growth platforms, Aerospace & Electronics and Process Flow Technologies, as well as the Engineered Materials segment. Crane has approximately 7,000 employees in the Americas, Europe, the Middle East, Asia and Australia. For more information, visit www.craneco.com.

FORWARD LOOKING STATEMENTS
Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning Chart and Crane’s business plans, including statements regarding objectives, future orders, business trends, fuel cell technology growth opportunities and the related commercialization opportunities using liquid hydrogen fuel systems, and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "expects," "anticipates," "believes," "projects," "forecasts," “outlook,” “guidance,” "continue," “target,” or the negative of such terms or comparable terminology.

Forward-looking statements contained in this press release or in other statements made by Chart and Crane are made based on management's expectations and beliefs concerning future events impacting the collaborative business venture of the two companies and are subject to uncertainties and factors relating to the their respective operations and business environment, all of which are difficult to predict and many of which are beyond either company’s control, that could cause the actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause the Chart and Crane’s actual results to differ materially from those described in the forward-looking statements include: the ability of both parties to successfully implement and commercialize the heavy-duty hydrogen fuel system joint development; and market acceptance of this fuel system and other clean energy product offerings; continued volatility in raw materials and supply; and risks relating to the outbreak and continued uncertainty associated with the coronavirus (COVID-19) and the related disruptions to Chart and Crane’s operations. The parties undertake no obligation to update or revise any forward-looking statement

Investor Relations Contact – Chart Industries:

John Walsh
Vice President, Investor Relations
470-367-04343
john.walsh@chartindustries.com

Investor Relations Contact – Crane Company

Jason D. Feldman
Vice President, Treasury & Investor Relations
203-363-7329
investors@craneco.com