Chart Industries Signs Agreement With Stork Engineers & Contractors.CLEVELAND--(BUSINESS WIRE)--May 4, 1999-- Chart Industries, Inc. (NYSE NYSE See: New York Stock Exchange :CTI) today reported that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Cryenco Sciences Inc., has signed a cooperation and licensing agreement with Stork Engineers & Contractors B.V., of Amsterdam, The Netherlands, to develop TADOPTR technology for the liquefaction of gases Liquefaction of gases The process of refrigerating a gas to a temperature below its critical temperature so that liquid can be formed at some suitable pressure, also below the critical pressure. Gas liquefaction is a special case of gas refrigeration. . TADOPTR technology uses thermoacoustic ther·mo·a·cou·stic adj. Of or relating to a process using rapid, repetitive acoustical shocks to achieve cooling: a thermoacoustic condenser for use in refrigeration. energy to liquefy liquefy /liq·ue·fy/ (lik´wi-fi) to become or cause to become liquid. natural gas and other industrial gases. With no moving parts, the technology is very reliable and therefore particularly suitable for offshore and other remote locations. Los Alamos National Laboratory Los Alamos National Laboratory (LANL) (previously known at various times as Site Y, Los Alamos Laboratory, and Los Alamos Scientific Laboratory) is a United States Department of Energy (DOE) national laboratory, managed and operated by Los Alamos National started to develop TADOPTR technology in 1989. In 1994, Cryenco obtained the exclusive licensing rights for the technology and has developed a small-scale prototype to demonstrate technical feasibility for larger liquefaction liquefaction, change of a substance from the solid or the gaseous state to the liquid state. Since the different states of matter correspond to different amounts of energy of the molecules making up the substance, energy in the form of heat must either be supplied to capacities. Under the agreement, Stork has exclusive worldwide licensing rights for applying TADOPTR technology at larger-capacity installations in the oil & gas, refining and energy supply industries, as well as for other installations. Cryenco retains rights for all other fields of applications -- principally industrial gases and smaller-capacity hydrocarbon applications. The agreement requires Stork and Cryenco to meet certain performance milestones during the large-capacity development program. Chart Industries, Inc., manufactures standard and custom-built industrial process equipment primarily for low-temperature and cryogenic applications. Headquartered in Cleveland, Ohio, Chart has domestic operations located in 16 states and international operations located in Australia, China, Czech Republic, England, Germany and Singapore. For more information on Chart Industries, Inc., via the Internet, visit our home page at HYPERLINK http://chart-ind.com or the Corporate News on the Net page at HYPERLINK http://www.businesswire.com/cnn/cti.htm or via fax through our News on Demand Service at (800) 311-7462. |
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