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Chart Industries and BNG Clean Fuel Corporation announced their executed Memorandum of Understanding, MoU, for Chart to supply the hydrogen liquefaction process technology, associated equipment as well as a series of hydrogen fuelling stations. Additionally, the companies will collaborate to develop further industry relationships with customers in the end-use industries described above to utilize BNG's "hub, spoke and wheel model" facilities for hydrogen production, virtual pipeline networks, bulk cargo shipping, and fuel dispensing stations. BNG is focused first on their DenverH2 pilot hub with dual-22 ton per day capacity hydrogen liquefaction facilities, a centrally located storage terminal, 10 liquid hydrogen stations, tankers and mobile fuelling equipment which will be provided by Chart. While no orders have been booked at Chart related to this MOU or project, they are anticipated to be booked in 2023 and 2024 for both the equipment and process technology scope. "BNG is taking a pragmatic approach to scaling of the hydrogen economy, with a focus on the hub and spoke model starting in North America," stated Jill Evanko, Chart's CEO and President. "This MOU brings Chart's extensive technology and equipment experience to the project. We look forward to supporting BNG's endeavors to deliver another option to the hydrogen end-use market."
Raymond James analyst Pavel Molchanov upgraded Chart Industries to Strong Buy from Market Perform with a $160 price target. Chart has a diverse range of products with a sustainability dimension, including solutions for hydrogen, renewable natural gas, curtailment of gas flaring, water treatment, and carbon capture, Molchanov tells investors in a research note. The analyst sees a longer-term opportunity to achieve better-than-expected cost synergies and faster deleveraging with near-term balance sheet risk and integration uncertainty.
BTIG analyst Gregory Lewis names TechnipFMC (FTI) as his BTIG Top Pick for first half of 2023, replacing Chart Industries (GTLS) on that list. TechnipFMC is a "leading subsea and equipment and services provider", securing about 25% of subsea tieback contracts over the last five years, which is more than any other company, the analyst tells investors in a research note. Lewis is also positive on Technip position as the only company among its peers that offers an integrated subsea product offering for both subsea production systems, or SPS, and subsea umbilicals, risers, flowlines, or SURF. The analyst has a Buy rating and a $15 price target on the stock.
Raven SR and Chart Industries announced their agreement to collaborate globally on the liquefaction, storage, and transportation of hydrogen as well as pure carbon dioxide produced from Raven SR's non-combustion Steam/CO2 Reformation process of converting waste to renewable fuel. Raven SR produces transportation-grade hydrogen as well as Fischer-Tropsch synthetic fuels, including sustainable aviation fuel, using local waste as a feedstock, including green waste, municipal solid waste, organic waste, and methane from municipal solid waste or stranded natural gas wells. A byproduct of this process is captured CO2, which when liquefied is a commodity used for food and beverage production, fertilizer production, and other consumer applications. "We are excited to partner with Raven SR, a world leader in sustainable solutions, including waste to energy and transportation applications," stated Jill Evanko, Chart's CEO and President. "This collaboration brings two companies together that combined can offer a robust solution set of options for renewables customers as well as further progressing our customers' CO2 reduction goals."
Chart Industries and Raven SR, a renewable fuels company, announced their agreement to collaborate globally on the liquefaction, storage, and transportation of hydrogen as well as pure carbon dioxide produced from Raven SR's non-combustion Steam/CO2 Reformation process of converting waste to renewable fuel. Raven SR produces transportation-grade hydrogen as well as Fischer-Tropsch synthetic fuels, including sustainable aviation fuel, using local waste as a feedstock, including green waste, municipal solid waste, organic waste, and methane from municipal solid waste or stranded natural gas wells. A byproduct of this process is captured CO2, which when liquefied is a commodity used for food and beverage production, fertilizer production, and other consumer applications. In addition, CO2 can be a feedstock for concrete or alternative fuels such as eFuels.
After Chart Industries completed a capital raise last week to fund its $4.4B acquisition of Howden, BofA analyst Chase Mulvehill said he thinks this removes "a big overhang" for the stock, which he views as "too cheap even considering increased debt levels." While decreasing his price target on Chart shares to $190 to reflect these capital market transactions and his Chart/Howden pro forma model, Mulvehill reiterates a Buy rating on the shares and put Chart on the firm's SMID cap top picks list.
