Chart Industries has made yet another move in the emerging hydrogen economy, having yesterday (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
In addition to the investment, the companies have also inked a Memorandum of Understanding (MoU) to establish a commercial collaboration and equipment supply agreements, through which Chart with supply Transform projects.
“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. That means we can meet important future needs of the petrochemical industry without creating harmful greenhouse gases,” said David Soane, Chairman of Transform Materials.
“An important benefit of our technology is that it repurposes the carbon that methane—a potent greenhouse gas—contains, so that it doesn’t enter the atmosphere. 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.”
“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,” added Jill Evanko, Chart’s CEO and President.
“Perhaps most impactful about Transform’s patented process technology is that there is no oxygen involved in the reaction, so therefore no carbon dioxide is generated – the very definition of clean.”