Chart Industries will supply technology for Blue Spruce's Dry Piney Helium and Carbon Sequestration Project in Wyoming.
Quiver AI Summary
Chart Industries, Inc. announced its partnership with Blue Spruce Operating LLC to supply a Nitrogen Rejection Unit (NRU) and helium processing technology for the Dry Piney Helium and Carbon Sequestration Project in Sublette County, Wyoming. Chart successfully completed the front-end engineering and design for the NRU and helium plant. Jill Evanko, CEO of Chart, expressed enthusiasm about collaborating with Blue Spruce on this significant project, which is expected to yield over 800 million cubic feet of liquid helium and 80 MMcfpd of natural gas annually while sequestering up to 4.5 million metric tons of CO2. The project aims to become a major source of helium in the U.S. market. Chart is recognized for its leadership in cryogenic processing and is committed to environmental, social, and corporate governance.
Potential Positives
- Chart Industries has been selected for a significant partnership on Blue Spruce Operating's large-scale Dry Piney Helium and Carbon Sequestration Project, enhancing their portfolio in the helium market.
- The successful completion of the front-end engineering design for the Nitrogen Rejection Unit and helium plant signifies a key milestone, indicating strong project management capabilities.
- At full capacity, the Dry Piney Project is projected to produce over 800 million cubic feet of bulk liquid helium annually, boosting Chart's position in the helium supply chain.
- The project aligns with Chart's commitment to environmental governance by contributing to carbon sequestration efforts, showcasing their focus on sustainable technologies.
Potential Negatives
- While the press release highlights a strategic partnership with Blue Spruce Operating, it does not disclose specific financial terms or projected revenues, raising concerns about the potential profitability of the project.
- The announcement includes a lengthy commitment to providing operational support over "many decades," which can imply long-term resource allocation and financial commitment without immediate returns.
- There is no mention of any potential risks or challenges associated with the project, which could make stakeholders wary about transparency regarding possible difficulties ahead.
FAQ
What is the Dry Piney Helium and Carbon Sequestration Project?
The Dry Piney Project is an initiative by Blue Spruce Operating to produce helium and sequester CO2 in Sublette County, WY.
What technologies is Chart providing for this project?
Chart is providing the Nitrogen Rejection Unit (NRU) and helium process technology for the Dry Piney Project.
How much helium will the Dry Piney Project produce?
At full capacity, the project is expected to produce over 800 million cubic feet of bulk liquid helium per year.
What environmental benefits does this project offer?
The project will permanently sequester up to 4.5 million metric tons of CO2 annually through gas processing operations.
Who is Chart Industries?
Chart Industries, Inc. is a global leader in gas and liquid molecule handling technologies, providing solutions for clean energy and industrial applications.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GTLS Insider Trading Activity
$GTLS insiders have traded $GTLS stock on the open market 6 times in the past 6 months. Of those trades, 6 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $GTLS stock by insiders over the last 6 months:
- LINDA S HARTY has made 2 purchases buying 6,000 shares for an estimated $353,729 and 0 sales.
- JILLIAN C. EVANKO (President and CEO) has made 2 purchases buying 653 shares for an estimated $102,419 and 0 sales.
- PAUL E MAHONEY purchased 500 shares for an estimated $53,275
- HERBERT HOTCHKISS (VP, GC and Secretary) purchased 212 shares for an estimated $24,956
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$GTLS Hedge Fund Activity
We have seen 260 institutional investors add shares of $GTLS stock to their portfolio, and 306 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CAPITAL WORLD INVESTORS removed 1,394,704 shares (-77.7%) from their portfolio in Q4 2024, for an estimated $266,165,311
- WOLF HILL CAPITAL MANAGEMENT, LP added 529,872 shares (+inf%) to their portfolio in Q4 2024, for an estimated $101,120,772
- UBS GROUP AG added 509,039 shares (+414.6%) to their portfolio in Q4 2024, for an estimated $97,145,002
- POINT72 ASSET MANAGEMENT, L.P. removed 416,150 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $51,660,861
- BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC removed 347,096 shares (-96.1%) from their portfolio in Q4 2024, for an estimated $66,239,800
- MORGAN STANLEY added 336,784 shares (+34.4%) to their portfolio in Q4 2024, for an estimated $64,271,858
- JANUS HENDERSON GROUP PLC added 301,060 shares (+23.0%) to their portfolio in Q4 2024, for an estimated $57,454,290
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Full Release
ATLANTA, March 11, 2025 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (“Chart”), a global leader in energy and industrial gas solutions today announced our selection by Blue Spruce Operating LLC to provide the Nitrogen Rejection Unit (“NRU”) and helium process technology and associated equipment for their Dry Piney Helium and Carbon Sequestration Project to be located in Sublette County, WY.
Recently, the NRU and helium plant front-end engineering and design was successfully completed by Chart.
“We are pleased to partner with Blue Spruce Operating on their unique and large-scale Dry Piney Helium and Carbon Sequestration Project,” stated Jill Evanko, Chart’s CEO and President. “We look forward to delivering this project on-time across the coming two years, as well as providing operational support to Blue Spruce over the many decades this project will be producing helium and other valuable products.”
“Chart Industries is an industry leader in cryogenic processing and technologies required for Blue Spruce Operating to separate, recover, and liquefy helium to purity grade for sale to our global customers,” stated Brad Gentry, Vice President – Midstream.
“Blue Spruce Operating continues to advance its design and commercial progress towards final investment decision. The completion of front-end engineering design for the NRU and helium plant packages represents a key milestone in the overall design effort. This strategic partnership, combined with Chart’s specialized technology offerings, will enable Blue Spruce to become a significant domestic resource for bulk liquid helium supplies and natural gas into the western U.S. Opal Hub market.”
At full operational capacity, the Dry Piney Project is anticipated to produce over 800 million cubic feet per year of bulk liquid helium, approximately 80 MMcfpd of natural gas, and permanently sequester up to 4.5 million metric tons of CO 2 per year through the operation of two separate gas processing trains.
About Chart Industries
Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ - clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com .
Investor Contact:
John Walsh
Senior Vice President, Investor and Government Relations
770-721-8899
[email protected]
This press release was published by a CLEAR® Verified individual.
