Yahoo Finance Wolf Carbon Solutions and Chart Industries sign MOU to collaborate on Carbon Capture Utilization and Storage (CCUS) Projects along Mt. Simon Hub System
ATLANTA, July 29, 2022 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (“Chart”) (NYSE: GTLS), a leading diversified global manufacturer of highly engineered cryogenic equipment and technologies for the industrial gas and clean energy industries, is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with Wolf Carbon Solutions U.S. LLC (“Wolf”). Wolf is an affiliate of Wolf Midstream, a $4 billion multi-asset energy infrastructure organization based in Calgary, Alberta.
Through the cooperation agreement, both companies will jointly identify, develop, pursue and execute projects using Chart’s Sustainable Energy Solutions (“SES”) Cryogenic Carbon Capture (“CCC”) technology at mutually agreed upon host sites located along Wolf’s recently announced Mt. Simon Hub carbon pipeline system. The proposed Mt. Simon Hub will run from Cedar Rapids, Iowa, to central Illinois. Carbon that would otherwise be emitted into the atmosphere will be captured via Chart CCC™ technology and transported, stored and permanently sequestered in the proposed Mt. Simon Hub carbon capture, transport and sequestration system. This collaboration will also focus on future phases of the Wolf project including an extension north toward Chicago and east into Indiana and the Ohio River Valley, where refineries and cement, steel, petrochemical and other operational industries are looking to capture, transport and sequester CO2 emissions from their industrial facilities. These various industrial sources of carbon emissions are ideal candidates for deploying Sustainable Energy Solutions’ (SES) Cryogenic Carbon Capture™ (CCC) technology for post-combustion carbon capture.
“The partnership between Wolf Carbon Solutions and Chart is a meaningful step forward for improving the carbon footprint of the Midwest United States,” stated Jill Evanko, Chart’s CEO and President. “The carbon capture and storage projects being jointly developed will help facility owners and operators reach their greenhouse gas emission reduction targets, in particularly hard to abate industries.”
“Wolf is excited to partner with Chart, an established global cryogenic engineering and manufacturing company and leader in carbon capture technology,” stated David Schmunk, Wolf’s President. “Wolf’s infrastructure and Chart’s technology bring a complementary, unmatched service offering to accelerate the decarbonization needs of the industrial Midwest U.S.”
About Chart Industries, Inc.
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the energy and industrial gas markets. The company’s unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, 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 25 global locations 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 Wolf Carbon Solutions
Wolf Carbon Solutions US LLC (Wolf) is a private company backed by Canada Pension Plan Investment Board (CPP Investments). Wolf is an affiliate of Wolf Midstream, a $4 billion multi-asset energy infrastructure organization based in Calgary, Alberta. The company is committed to transforming the future of carbon reduction through the development of world-scale CO2 infrastructure. Wolf Midstream owns and operates the Alberta Carbon Trunk Line (“ACTL”). ACTL infrastructure includes CO2 conditioning and compression, and one of the world’s largest capacity CO2 pipelines where captured CO2 is currently being used for enhanced oil recovery with future access to the Wolf Midstream sequestration hub currently under development. The ACTL system has safely captured three million tons of CO2 since the system began operations in 2020.
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’s business plans, including statements regarding objectives, future orders, revenues, business trends, water treatment and clean energy market size and growth opportunities, 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 are made based on management's expectations and beliefs concerning future events impacting Chart and are subject to uncertainties and factors relating to Chart's operations and business environment, all of which are difficult to predict and many of which are beyond Chart's control, that could cause Chart's actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause Chart’s actual results to differ materially from those described in the forward-looking statements include: Chart’s ability to successfully integrate recent acquisitions and achieve the anticipated revenue, earnings, accretion and other benefits from these acquisitions; slower than anticipated growth and market acceptance of carbon capture and other new clean energy product offerings; inability to effectively reduce carbon emissions from industrial sources globally at anticipated costs and energy outputs; inability to achieve expected pricing increases or continued volatility in raw materials and supply; risks relating to the outbreak and continued uncertainty associated with the coronavirus (COVID-19 and its variants) and the conflict between Russia and Ukraine and the other factors discussed in Item 1A (Risk Factors) in Chart’s most recent Annual Report on Form 10-K filed with the SEC, which should be reviewed carefully. Chart undertakes no obligation to update or revise any forward-looking statement.
For more information, click here: http://ir.chartindustries.com/
Chart Industries Investor Relations Contact:
Wade Suki, CFA
Director of Investor Relations
832-524-7489
wade.suki@chartindustries.com
Wolf Carbon Solutions Contact:
Nicholas Noppinger
Sr VP, Corporate Development
917-716-6679
nick.noppinger@wolfcarbonsolutions.com
