Flowserve and Chart Industries Announce Partnership to Further Enable Hydrogen Economy

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, and Chart Industries, Inc. (NYSE: GTLS), a leading manufacturer of highly engineered equipment servicing applications in the clean energy and industrial gas markets, announced today that the companies have entered into an agreement to support the growth of hydrogen as an alternative, cleaner fuel source.

As part of this agreement, Flowserve will acquire in-process R&D related to Chart’s liquid hydrogen fueling pump and will be Chart’s sole manufacturer and supplier of the pump once commercial production has begun. Chart will use these pumps in its liquid hydrogen fuel station equipment for fuel cell vehicles. This equipment will be incorporated into systems that will be used to fuel hydrogen-powered Fuel Cell Electric Trucks, Cars, Buses, as well as future hydrogen vehicles. Currently, more than 100 liquid hydrogen fueling systems are planned to be put into operation over the next five years in locations including California, Australia, and South Korea.

“We understand that hydrogen represents a significant opportunity in helping the world reduce carbon emissions, and one of the first steps in creating a sustainable hydrogen value chain is to innovate and commercialize hydrogen technologies,” said Scott Rowe, Flowserve president and chief executive officer. “We are thrilled to partner with Chart to advance our offerings in the hydrogen market in alignment with our Diversification, Decarbonization and Digitization strategy, as well as support the development and commercialization of hydrogen as an energy source to build a better, brighter world for everyone.”

“Chart is proud to be recognized as a leader in the clean energy transition by providing technology, equipment and services related to the Nexus of Clean™ - clean power, clean water, clean food and clean industrials,” said Jillian Evanko, Chart Industries chief executive officer. “By partnering with a global flow control leader like Flowserve, we can accelerate the adoption of hydrogen infrastructure utilizing both teams’ core expertise.”

To read more about Flowserve’s offerings within the hydrogen space, visit: https://flowserve.widen.net/view/pdf/lk2xi5oewq/MULTIBR000549_EN_A4.pdf?t.download=true

To learn more about Chart’s hydrogen fueling stations, visit: https://www.chartindustries.com/Products/Hydrogen-Fueling-Stations

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

About Chart Industries: Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the clean Energy and Industrial Gas markets. The company’s unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture among other applications. To learn more, visit www.chartindustries.com.

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