Chart Industries acquired Cryogenic Gas Technologies, a supplier of custom cryogenic processing systems and equipment, for $55 million.
Cryo Technologies, based in Pennsylvania USA, manufactures custom-engineered process systems to separate, purify, refrigerate, liquefy and distribute industrial gases such as hydrogen, helium, argon, and hydrocarbons with design capabilities for cold boxes for hydrogen and helium use.
Chart and Cryo Technologies have worked together for 20 years, having complementary nature of the business. The acquisition was completed yesterday, on 16 February 2021.
Chart’s CEO and president Jill Evanko welcomes Cryo Technologies’ founder and president Rick Hessinger and their team: “Their world-class , differentiated cryogenic engineering expertise, global project experience in hydrogen and helium liquefaction coupled with our process technologies, brazed aluminum heat exchanger and cold box manufacturing capabilities creates the only multi-molecule full-solution liquefaction and equipment offering in the world.”
Both businesses are very active in commercial order pipelines and there are multiple requests for hydrogen liquefaction and processing.
Chart hopes to increase active commercial opportunities for both companies, including design and installation. It wants to offer the market a unique one-stop shop for customers who want to liquefy and market the hydrogen molecule, regardless of plant capacity, but need reliable equipment and process supplier for liquefaction and storage.
Additionally, with Cryo Technologies’ expertise in helium liquefaction, Chart wants to open acces the helium market and provide large helium liquefaction projects also requiring storage, ISO containers, and transport.