Chart Industries has once again built upon its extensive hydrogen portfolio, having on Wednesday (31st March) completed a $25m investment in Transform Materials for a 5% equity stake.
Based in Florida, Transform Materials uses a highly selective, cost-effective, net-carbon-negative process converts the methane in natural gas into high-value products suitable for direct use or downstream reactions
This acquisition is believed to contribute to Chart’s growing hydrogen interest. The company already offers several services to the hydrogen market and see this investment as a means to break further into the lucrative market.
David Soane, Chairman of Transform Materials, said, “We transform methane into acetylene and hydrogen, critical precursors for the synthesis of high-value chemical end products, without using traditional techniques that form carbon dioxide.”
“We saw immediately how Chart’s process chemicals and hydrogen technologies can help us deliver clean, high-purity hydrogen and acetylene to our customers at scale.”
Read more: Chart expands its hydrogen business
Read more: Inside Chart Industries’ hydrogen business
In addition to this investment, Chart and Transform have also signed a commercial Memorandum of Understanding (MoU) that will look to expand on the collaboration, with commercial and equipment supply arrangements for Chart to supply Transform projects.
Jill Evanko, CEO and President of Chart, said, “This investment in and commercial agreement with Transform Materials is yet another step toward expanding our customers’ options in our high-growth clean-energy markets, in particular hydrogen.”