GTLS - Chart Industries invests and inks comemercial agreement with green-tech mobility startup Cryomotive
Chart Industries (GTLS) closed a minority investment of €6.5M in Cryomotive offering an in-kind contribution to develop Cryomotive’s cryogenic storage and refueling technology.Germany-based Cryomotive, a green-tech mobility startup, for developing a disruptive clean hydrogen storage and refueling technology platform focused on compressed cold hydrogen and cryogenic high-pressure storage.Fuel cell powered long-haul commercial vehicles market is expected to rapidly grow to 700K+ units by 2035 in Europe and China alone, excluding coach buses, trains, ships and aircraft.Besides, Cryomotive and Chart have entered into a strategic partnership, including Chart's minority investment and in-kind contribution, as well as a commercial agreement."This investment in and commercial agreement with Cryomotive adds another option for our customers looking at renewable fuel sources and another near-term application for our liquid hydrogen pump," CEO and President Jill Evanko commented.Led by the investment and agreement, Chart is increasing its hydrogen addressable market by $100M to include the application of the liquid hydrogen pump, hydrogen storage
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Chart Industries invests and inks comemercial agreement with green-tech mobility startup, Cryomotive