Chart Expects More LNG, Hydrogen Demand to Fuel Growth in 2023

March 2, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Chart Industries Incorporated (NYSE:GTLS) (Atlanta, Georgia), which provides engineered equipment to the clean-energy and industrial-gas markets, enjoyed a record year for project orders in 2022. Demand for liquefied natural gas (LNG) drove a record order backlog of more than $2.3 billion, which the company called "a strong setup to our 2023 outlook." Chart anticipates demand for LNG will continue over the coming year, along with demand for hydrogen, water treatment, and carbon capture and storage services.

Industrial Info is tracking $24 billion worth of active projects involving Chart, including more than $5.7 billion worth that are under construction. Chart's full-year orders of $2.78 billion included three large-scale LNG orders totaling $620.7 million, led by $348 million associated with Cheniere Energy Incorporated's Corpus Christi Mid-Scale LNG Liquefaction Plant in Gregory, Texas. Chart also is serving as technology provider for Tellurian Incorporated's Driftwood LNG Terminal in Lake Charles, Louisiana, and is in a partnership with Plug Power Incorporated (NASDAQ:PLUG) (Latham, New York) to develop a green hydrogen-generation network.

Other companies featured: Bechtel Corporation, Shell plc (NYSE:SHEL), Vitol S.A. and Gunvor Limited.