Chart Industries, Inc. GTLS secured an order from Element Resources Inc. for its California-based green hydrogen production facility, Lancaster Clean Energy Center (LCEC).
Headquartered in Houston, TX, Element Resources is engaged in producing 100% green hydrogen. The company invests in hydrogen-related technologies, which produce zero-carbon fuel.
Per the deal, Chart Industries will supply hydrogen liquefaction system, liquid hydrogen storage tanks, trailer loadout bays, transport, ISO Containers and hydrogen compression for storage, distribution and heavy-duty fueling to the facility. LCEC, set to become one of the largest green hydrogen projects in the state, will utilize Chart Industries’ technology for hydrogen liquefaction, including the company's refrigeration technology, cold box design and associated rotating equipment.
The facility is expected to begin commercial operations in 2026. Utilizing photo voltaic solar to power Element’s electrolyzers, it will operate off-grid to deliver emission-free and renewable hydrogen. When operational, Element Resources will manufacture more than 20,000 tons of green hydrogen in a year at LCEC in its early phase.
Price Performance
In the past year, the GTLS stock has gained 31.6% compared with the industry’s 33% rise.
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Zacks Rank & Stocks to Consider
Chart Industries currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the Industrial Products sector are discussed below:
Belden Inc. BDC presently has a Zacks Rank #2 (Buy) and a trailing four-quarter earnings surprise of 12.3%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BDC’s earnings estimates have remained steady for 2024 in the past 60 days. Shares of Belden have risen 4.7% in the past year.
Tetra Tech, Inc. TTEK currently carries a Zacks Rank of 2. It delivered a trailing four-quarter average earnings surprise of 14.4%.
In the past 60 days, the Zacks Consensus Estimate for TTEK’s fiscal 2024 earnings has increased 2.9%. The stock has soared 25.6% in the past year.
Applied Industrial Technologies, Inc. AIT presently has a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 10.4%.
The Zacks Consensus Estimate for AIT’s fiscal 2024 earnings has increased 1.7% in the past 60 days. The stock has gained 43.9% in the past year.
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