Chart Industries has today (16th Feb) acquired Cryogenic Gas Technologies (Cryo Technologies) for $55m in cash.
Established in 1995, Cryo Technologies is a manufacturer of custom engineered process systems to separate, purify, refrigerate, liquefy and distribute high value industrial gases such as hydrogen, helium, argon and hydrocarbons with design capabilities for cold boxes for hydrogen and helium use.
By combining the Cryo Technologies’ knowledge with its expertise, Chart hopes 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 an experienced and reliable equipment and process supplier for liquefaction and storage.
Chart also hopes that Cryo Technologies’ expertise in helium liquefaction will open up the helium market and will provide access to large helium liquefaction projects also requiring storage, ISO containers, and transport.
As part of the transaction, Cryo Technologies’ Founder and President Rick Hessinger, along with the entire team, will stay with Chart and continue to be located in their offices in Allentown, Pennsylvania.
“We could not be more excited to welcome Rick and the Cryo Technologies team into the Chart family,” stated Jill Evanko, Chart’s CEO and President.
“Their world class, differentiated cryogenic engineering expertise, global project experience in hydrogen and helium liquefaction coupled with our process technologies, brazed aluminium heat exchanger and cold box manufacturing capabilities creates the only multi-molecule full-solution liquefaction and equipment offering in the world.”