04-06-2021

Chart invests in Carbon Capture Technology

Chart Industries Inc, a leading global manufacturer of liquefaction and cryogenic equipment serving multiple applications in the energy and industrial gas end markets, including carbon capture, today announced the completion of a minority investment in Earthly Labs Inc, for the amount of $5 million and a commercial Memorandum of Understanding. Earthly Labs is the leading provider of small-scale carbon capture systems offering an affordable, small footprint technology platform called “CiCi ®” to capture, recycle, reuse, track and sell CO2. Earthly Labs proprietary approach includes hardware, software and services to address half of all existing carbon dioxide emissions from industrial sources while converting molecules to value.  Chart’s investment will be used by Earthly Labs to accelerate its innovation to capture as much as 20 times the CO2 from large craft breweries, meet the CO2 conversion needs of wineries, distilleries, and cannabis, and accelerate offerings immediately in the Canadian market.  With more small-scale CO2 capture customers tracking their daily performance than ever before, Earthly Labs will invest in its IOT software platform to enable customers to easily monitor, report, share, and accelerate their decarbonization efforts with their own customers and stakeholders.

Since inception, Earthly Labs has included Chart cryogenic CO2 storage tanks, vaporizers, and regulators as a standard part of its offering to customers. The commercial MOU signed by the parties in connection with Chart’s investment provides a framework to formalize the relationship and accelerate Earthly Labs’ high demand into even higher order and revenue growth. Earthly Labs' market-driven solution is unique in the carbon capture space, offering quick installation, fast payback, and a cloud-based software solution enabling real-time CO2 capture insights and ongoing value.

“CO2 is used in the production and packaging of beer, wine, cannabis and food. CO2 is also emitted into the atmosphere as these products are made. What a great idea — capture and reuse the CO2!” stated Jill Evanko, CEO and President of Chart. “We are thrilled with our continued and elevated partnership with Earthly Labs, another natural combination of technology and equipment in a high growth market that also advances a more sustainable world.”

Chart’s investment in Earthly Labs strengthens an already existing partnership between the companies that is a natural fit. Not only are many of Chart’s customers the users of CO2, many of them are users in the applications that Earthly Labs targets — food & beverage. Additionally, both companies share a passion for advancing diversity goals.

"Chart has been part of our technology solution since our inception and they are a global leader in CO2 cryogenic storage. Their investment brings more than capital to Earthly Labs and will accelerate our ability to serve the exponentially growing global market demand for small-scale carbon capture solutions," said Amy George, CEO of Earthly Labs. "CEO Jill Evanko has positioned Chart as one of the top leaders to meet the climate challenge today and into the future, whether you are a small business or a multi-national wanting to eliminate your carbon footprint and waste. We are thrilled to partner to work with urgency together."

As the result of this investment and commercial MOU, Chart is increasing its carbon and direct air capture addressable market size from $600 million to $800 million in the near-term. This increase is driven by the existing and growing global demand for Earthly Lab’s affordable CCUS solution as well as Chart’s ability to cross-sell the solution to its existing CO2 customers.