ATLANTA - Chart Industries , Inc. (NYSE:GTLS), a provider of clean energy and industrial gas solutions, has been selected to supply hydrogen compression technology for Repsol’s €657 million expansion of its Sines complex in Portugal. The initiative is part of Repsol (OTC:REPYY)'s strategy to produce 100% recyclable materials at its new Polypropylene and Polyethylene plants, utilizing solar-powered green hydrogen.
The expansion, known as the Alba Project, is scheduled to commence operations in 2025 and represents the largest industrial investment in Portugal in the last ten years. Chart Industries will contribute two diaphragm compressors to ensure a reliable, contamination-free, high-pressure hydrogen supply for the facility's processes.
Jill Evanko, CEO of Chart Industries, expressed the company’s pride in supporting Repsol's transformative project, emphasizing their commitment to sustainable and efficient energy solutions.
Chart Industries, with a global manufacturing and service presence, focuses on technologies for handling gas and liquid molecules in various applications, including liquefied natural gas, hydrogen, and CO2 capture. The company's involvement in the Alba Project aligns with its broader commitment to environmental, social, and governance (ESG) excellence.
Repsol's Sines Industrial Complex is poised to become one of Europe's most advanced with this expansion, aligning with the company's goal of achieving net-zero emissions by 2050. The use of green electrolytic hydrogen, powered by solar energy, underscores Repsol's dedication to energy transition initiatives.
InvestingPro Insights
Chart Industries (NYSE:GTLS) has seen a significant uptick in its financial metrics, with the latest data from InvestingPro showing a robust 110.73% revenue growth over the last twelve months as of Q1 2024. This surge in revenue is a testament to the company's expanding footprint in the clean energy sector, highlighted by its recent deal with Repsol for the Alba Project. The company's gross profit margin stands at a healthy 31.66%, indicating efficient operations and strong profitability potential.
InvestingPro Tips suggest that Chart Industries operates with a significant debt burden, which is a critical factor for investors to consider. However, the company is also expected to see net income growth this year, and analysts are optimistic about sales growth in the current year. These insights can help investors gauge the company's future performance amidst its ambitious projects like the Alba Project.
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