Chart Industries, Inc. announced the formation of ChartWater™, a division of Chart Industries within the Specialty Products segment, focused on leveraging its core engineering and manufacturing expertise along with its global footprint, to bring additional innovative water treatment solutions to market. ChartWater™ further solidifies Chart’s position in the growing water treatment space while establishing the framework for organic and inorganic expansion as it continues to invest in growth platforms focused on providing sustainable solutions for a wide variety of industries and applications.
“We recognize the importance and magnitude of the challenges at the nexus of society’s clean energy and clean water needs globally,” said Chart Industries CEO and President Jill Evanko. “ChartWater™ was born out of Chart and BlueInGreen’s (“BIG”) shared commitment to providing solutions to these challenges.”
BlueInGreen was acquired by Chart in November 2020, and continues to be based out of Fayetteville, Arkansas. BIG was named one of the fastest-growing private companies in America by Inc. Magazine in August 2020 and continues to thrive as one of the Centers of Excellence under the ChartWater™ umbrella, with BlueInGreen CEO and President Chris Milligan, P.E. leading the business.
“ChartWater™ is more than just a name,” said Milligan. “It is an investment in Chart’s ongoing commitment to develop, acquire, and provide a portfolio of premier solutions and world-class expertise to help our customers meet their ESG goals. And water is a BIG (pun intended) part of that.”
“Energy production consumes a tremendous amount of fresh water, and the production of clean water consumes a tremendous amount of energy. You can’t ignore the energy-water nexus if a core element of your growth platform is enabling society’s transition to a low-carbon economy,” Evanko said. “We see a tremendous opportunity to not only continue to grow existing markets for these water treatment solutions, but to also leverage our work in other areas – like LNG, hydrogen, biogas, and carbon capture – to provide an even more integrated solution for our customers.”
Water currently represents an estimated three-year, total addressable market (“TAM”) of $700 million and a $2.3 billion TAM for Chart by 2030. ChartWater™ and its technology Centers of Excellence (“COE”) set the stage for continued growth and value creation by providing a portfolio of proven innovations and engineering expertise. BIG will remain focused on growing its core platforms of aeration, pH Adjustment, oxidation, and odor control. Also, the ChartWater™ division will focus on supporting water treatment applications with cryogenic storage, vaporization, and related expertise through targeted organic product and application development.