Page 1

NEWS RELEASE Chart Industries Acquires L.A. Turbine 2021-07-01 ATLANTA , July 01 , 2021 ( GLOBE NEWSWIRE ) Chart Industries , Inc. ( " Chart " ) ( NYSE : GTLS ) today announced the acquisition of L.A. Turbine ( " LAT " or " L.A. Turbine " ) for $ 80 million in cash ( subject to certain customary adjustments ) . L.A. Turbine is a global leader in turboexpander design , engineering , manufacturing , assembly and testing process for new and aftermarket equipment , with significant in - house engineering expertise . Expanders are utilized in the following Chart offerings , and with LAT in the Chart portfolio , we now can offer a more comprehensive " one stop shop " solution and provide more options for our customers in these applications : • Hydrogen & helium liquefaction • Carbon capture and energy storage • Industrial gas • Natural gas processing • Small - scale LNG plants • Propane dehydrogenation ( PDH ) plants • Heavy hydrocarbon removal process for LNG plants • Petrochemical This acquisition aligns with our inorganic investment principles and contributes to our financial growth and strength through expanded revenue and profit . LAT's capabilities are a natural fit and deliver a competitive point of differentiation for Chart . There is a very unique expander required for hydrogen and helium liquefaction which is difficult to obtain in the market due to a limited number of companies like LAT that are capable of designing and producing it . Further , within the last three years , the other qualified suppliers have been acquired by companies that only use their hydrogen and helium turboexpanders for in - house dedicated purposes ( i.e. discontinuing sales to third parties ) . These very specialized expanders are difficult to design and produce as they require very high efficiency , in some cases oil free machines , foil bearings for plants producing 10 tons per day and smaller , and magnetic bearings for larger helium and hydrogen liquefaction plants . Plus , this part of the liquefier is one of the longest lead - time items at one to two years depending on the configuration . L.A. Turbine has these capabilities in- house and our ownership of these capabilities will further position us to win liquefaction projects and deliver them in significantly shorter timeframes , a further differentiator in the expanding liquefaction market . 1