Chart Industries and ZEV Station Execute MoU for Hydrogen Equipment for Novel Multimodal Stations

By: Chart Industries, Inc. via GlobeNewswire

March 15, 2023 at 07:00 AM EDT

ATLANTA and PALM SPRINGS, Calif., March 15, 2023 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”), and ZEV Stations, Co. (“ZEV Station”), executed a Memorandum of Understanding (“MoU”) enabling the two companies to collaborate on novel deployment for US-based, multimodal hydrogen stations with Chart equipment. Working together, the companies’ goal is development of fast-fuel multiple modes for heavy-duty transportation at the same station, uniting different standards of gaseous and liquid hydrogen vehicle fueling using high flow and efficiency liquid pumping.

Chart is a leading global engineering design and manufacturer of highly engineered equipment in multiple applications for the clean energy and industrial gas markets. ZEV Station is an environmentally focused B-Corporation committed to developing zero-carbon based fueling – EV charging & Hydrogen – serving both types of zero emission vehicles at the same station. Under this agreement, Chart will supply liquid hydrogen fuel station equipment and hydrogen liquefaction, to support ZEV Station’s multimodal hydrogen stations. This type of station will service hydrogen vehicles up to Class 8 heavy-duty trucks using Chart’s liquid-based equipment enabling at least 8 kg per minute fills.

ZEV Station will achieve the highest value for its production and station operations in the United States through Chart’s domestic manufacturing. It will also leverage almost 60 years of Chart experience in manufacturing hydrogen equipment, including fuel station components. Next steps beyond this agreement include further station co-development and Chart equipment orders in 2023 and 2024.

“Chart’s cutting-edge hydrogen equipment is a great complement to ZEV Station’s novel system integration. Chart’s liquid technology enables fast fueling like diesel through a range of gaseous and liquid protocols,” said Jesse Schneider, ZEV Station’s CEO/CTO. “We believe multimodal stations are needed to help converge the standards of heavy-duty hydrogen fueling. This will drive a more widespread fuel cell truck deployment and accelerate the transition away from fossil fuels.”

“ZEV Station has an innovative approach to scaling heavy-duty highway stations for higher vehicle throughput than today’s stations,” stated Jill Evanko, Chart’s CEO and President. “This MoU brings Chart’s extensive technology and equipment to the project. We look forward to supporting ZEV Station’s endeavors to deliver the fastest fueling options to the hydrogen vehicle market.”

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. Our 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. We are committed to excellence in environmental, social, and corporate governance (ESG) issues both for our company as well as our customers. With over 25 global manufacturing locations from the United States to China, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.

About ZEV Station Co

ZEV Station, with main offices in Palm Springs California, is on a mission to remove the vehicle from the carbon equation™ with ultra-fast, carbon-free fueling for all Zero Emission Vehicles (ZEVs) off the highway. Their core belief is that charging will replace gasoline and hydrogen will replace diesel. To drive this conversion, ZEV Station is combining fast electric vehicle charging with high throughput hydrogen stations. ZEV Station currently has an EV Class 6 ZEV fleet with FedEx ISPs with DC Fast Chargers. Their goal is to bridge the gap between two transportation megatrend-- electric and hydrogen for heavy duty transport -- by leveraging renewable hydrogen at scale. To learn more, visit www.zev-station.com

Contacts:

Chart Industries, Inc.
John Walsh
VP, Investor Relations
1-770-721-8899
john.walsh@chartindustries.com

ZEV Stations Co
Lani Jordan
(760) 699 7359
admin@zev-station.com

FORWARD-LOOKING STATEMENTS

Certain statements made in this 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 s 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: slower than anticipated growth and market acceptance of hydrogen 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 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/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e05ae9b6-4a17-431f-ab15-6616d5111772.