Good morning and welcome to the Chart Industries Inc. Strategic Investment Conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. This company's supplemental presentation was issued earlier this morning. If you have not received the release, you may access it by visiting Chart's website at www.chartindustries.com. A telephone replay of today's broadcast will be available following the conclusion of the call until May 26th, 2021.
The replay information is contained in the company's press release. Before we begin, the company would like to remind you that statements made during this call that are not historical, in fact, are forward-looking statements. Please refer to the information regarding forward-looking statements and risk factors included in the company's latest SEC filings. The company undertakes no obligation to update publicly or revise any forward-looking statements. I would now like to turn the conference over to Jillian Evanko, Chart Industries CEO.
Thanks, Tammy, and good morning, everyone. Thanks for joining us on short notice for another exciting investment in commercial agreement that further penetrates our product offering in hydrogen, as well as gives our customers more choices as the energy transition escalates.
Today's minority investment of EUR 6.5 million in Cryomotive, a leading green tech mobility startup in Germany developing a disruptive clean hydrogen storage and fueling technology platform focused on compressed cold hydrogen and cryogenic high-pressure storage.
Cryomotive's proprietary CcH2 CryoGas technology aims to decarbonize long-haul commercial vehicles while keeping the range and fueling time similar to diesel and reaching per diem cost of ownership this decade. Given its cryogenic nature in our associated commercial MOU, Cryomotive will utilize Chart equipment such as our hydrogen storage tanks, high-pressure liquid hydrogen pump, and our trailers and transports, to name a few.
We will go into detail surrounding that shortly, but first, let's step back and talk about the macro role of hydrogen in the energy transition. If you can believe it, it was only one year ago this month that the world started paying close attention to hydrogen as a clean power source, and hence the hydrogen hype began.
But it truly has progressed dramatically over the past 12 months from hype to reality, as evidenced by our $71 million of hydrogen orders in the Q1 of 2021. You can see the breadth of the hydrogen projects underway, as well as multiple geographies involved on slide three. On the right-hand side of slide three, these are snippets of announcements that came out in the past few days.
But perhaps the best way to summarize what's happening in the world today was what the International Energy Agency, or the IEA, stated this week in its new roadmap for achieving net-zero global carbon emissions by 2050: that annual gains in energy efficiency must be three times faster over the next decade, and also that oil demand should never again exceed the level of 100 million barrels seen just two years ago.
So what does that mean for us? What it means is that we will continue to differentiate ourselves with our broadest set of process technologies, products, and solutions for the expanding and diverse hydrogen market, as well as all of our specialty markets.
We believe having a full solution offering, as well as an à la carte menu coupled with our unique upfront engineering skill set, offers our customers what they want as they assess their role in sustainability and achieving their carbon reduction targets. What they want are choices. Many of you have seen our slide 4 previously, and we continue to stay disciplined when investing inorganically. Typically, an investment will meet two of the three criteria shown.
Cryomotive fits all three of these principles perfectly, bringing us access to their strong relationships across Europe, China, Korea, and Japan, and adding competitive cryogenic storage and refueling technologies for one of our sweet spots, heavy-duty vehicles, and long-haul applications. We continue to build our ecosystem of clean organically through investments, acquisitions, and partnerships, as shown on slide 5.
Our minority investment in Cryomotive brings with it a commercial supply agreement and further builds our differentiated offering, this time with a business based in Germany, one of the leading global countries in climate actions. Additionally, we are pleased with Cryomotive's focus on cryogenic storage and fueling technologies for long-haul vehicular applications, where, with Chart equipment, we'll help deliver modular, compact, and cost-effective cryogenic hydrogen stations and onboard tanks.
As with many technologies in the hydrogen market, it is critical that it is proven out. In this case, Cryomotive's technology has been piloted and demonstrated by BMW and their partners. Slides 6 and 7 show the benefits of cryo-compression, which is what we're referring to as CCH2, or Cryomotive's cryo-compression offering, and liquid hydrogen, both options we now have available for customers. Before we get into specifics, what is cryo-compressed hydrogen, or CCH2?
It's liquid hydrogen that is compressed to high pressure and can have a slightly higher density than liquid hydrogen, and it also allows for longer hold time of the tanks. Both liquid hydrogen and CCH2 have significantly higher density hydrogen storage than compressed or gaseous hydrogen. To calibrate you on slide 6, the legend in the middle shows what we believe to be the four main fueling options when you're looking at cost, distance, safety, and scale comparisons for vehicles.
The orange star represents CCH2, Cryomotive's cryocompression storage and fueling technology. The blue star, labeled HLH2, is Chart's liquid hydrogen technology and equipment. The green cloud is gaseous hydrogen 700 bar, or H70, and the gray circle is standard diesel.
Out of all the slides in the deck, this is perhaps the most important: to solve for what is critical in assessing solutions in addition to the table stakes, which are being green and clean. So the other things that are critical in assessing this are space, weight, fill times, energy consumption, and safety. While still not quite as fast to fill or as long-distance as diesel today, both CCH2 and HLH2 are right up there and far surpass gaseous 700 bar hydrogen applications.
And I expect our magic man and Chief Technology Officer, Doug Ducote, to quickly catch diesel fill times with our liquid hydrogen pump. Both liquid and cryocompressed storage systems can hold the given amount of hydrogen onboard utilizing half the space and half the weight of a gaseous H70 system. And one of the key elements of handling any molecule is safety.
Both HLH2 and CCH2 are lower-pressure storage technologies compared with 700 bar high-pressure storage, which means lower compressed energy and force behind any potential system leaks. The low temperature also of HLH2 and CCH2 does not lead to concerns of high-temperature weakening of the storage tank, i.e., the metallurgy that we talk about that is possible with 700 bar high pressure. Slide 7 is another important differentiator for Chart and Cryomotive's tanks.
They are modular, and they can fit any package behind the truck cabin and/or side-mounted. The pictures on the bottom of the slide are LNG applications that visually represent the same locations that hydrogen tanks would be set on the trucks. I would also point out that both Chart and Cryomotive's optionality can handle total capacities up to 115 kg CCH2 or liquid hydrogen.
So to reiterate, weight and space are not a concern in either of these solutions. Moving to slide 8, you can see the executives on Cryomotive's leadership team. Like I always say, we only partner and invest in the best in their respective spaces. Not only does Dr. Brunner hold a dozen patents on cryogenic hydrogen storage and fueling technologies, he works closely with the European Commission, U.S.
Department of Energy, and Research Council of Norway, all of which are important as both public and private sector move the hydrogen economy forward. Coupling Dr. Brunner's experience as BMW's hydrogen fuel cell technology project leader with his partners, Dr. Heyer and Mr. Forstner's global experience, Cryomotive is set to continue to innovate and grow rapidly.
What I also love about our growing portfolio of options is that our fantastic Chart global engineering team led by the magic man Ducote is coupled with the best innovative experts in their respective spaces: Dr. Brunner and Mr. Forstner on CCH2, Dr. Soane and Mr. Jarratt at Transform Materials, Rick Hassinger on Liquefaction from Cryo Technologies, Colin Armstrong integrating hydrogen solutions at HTEC, and Claude Letourneau at Svante, Andy and Larry Baxter with SES killing it on cryogenic carbon capture, just to name a few.
So I really love that dream team of engineering innovation that we're pulling together. We've already hit on the geographic customer relationship and customer optionality that Chart and Cryomotive together bring. On slide 9, you can see an expanded synergy list. I'd point out two in particular.
The first is that Cryomotive is a full member of the German Clean Energy Partnership, which influences the rule setting on hydrogen mobility, in particular around standards and certifications. And you've heard me talk about standards and certifications being a differentiator for equipment that's used in hydrogen applications. Second, the Cryomotive CCH2 fueling option is liquid hydrogen-based, which promotes our full product line.
Consistent with our investment principles, we have executed a commercial supply agreement in conjunction with our investment. This agreement structures that we will have the opportunity to supply various equipment to the Cryomotive CCH2 solution, which you can see on slides 10 and 11. We're definitely excited to have another avenue to supply our hydrogen equipment that we've been producing for over 50 years, as you've heard me say many, many times.
Liquid hydrogen storage tanks are utilized in the supply chain from production through transport and storage at the cryocompressed hydrogen vehicle fuel station. Our liquid hydrogen storage tank and controlled dispensing will provide a highly efficient station that will fuel cryocompressed vehicles faster than today's 700 bar gaseous stations - I already commented on fill time - and comparable to the diesel fueling experience.
Most critical in the fuel equipment is the hydrogen pump, which, of course, will be capable of dual use for cryocompressed and liquid hydrogen fueling. Moving to slide 11, transporting the liquid hydrogen to the cryocompressed stations will be a crucial part of the supply chain. As you're aware, we provide a variety of sized hydrogen transports, most recently manufacturing a unique shorter trailer that can be used as 2 trailers behind a single truck.
We expect a variety of ways to transport hydrogen in the future. And with our existing product offering, we can provide all the options that people can think of, including rail, isocontainers, and the trailers that I just mentioned. So moving on to slide 12, which shows our specialty addressable market across the coming few years. Today's investment modestly expands our near-term hydrogen TAM, as we believe this part of the hydrogen value chain will take a few years to get broadly commercially adopted and scaled.
But if you look out further than the next 3-4 years, this number will dramatically increase for us. So we're expanding the near-term, i.e., 3-4-year addressable market as a result of our Cryomotive investment and commercial agreement by $100 million. This results in our total specialty TAM being just over $6 billion.
I want to take a moment here to share some updates around a broader set of the specialty products. Hydrogen equipment continues to be of high interest to our customers - you've heard that today - with trailers actually being the most in demand right now. This morning, we were awarded another 6 hydrogen trailer order, and we're quoting on an additional 45 trailers for various customers. McPhy and Chart continue to work together on numerous projects.
And also, I'd point out that our EUR 30 million McPhy investment in mid-October of 2020 was worth EUR 41.6 million as of March 31st. So we're pretty pleased with that return to date. Don't forget one of my personal favorite and perhaps most underappreciated specialty markets: water treatment and water dissolution, which we now refer to as ChartWater. In 2019, we booked $5.3 million of water-related equipment orders for the full year.
Last year, in 2020, we booked $12.5 million, including 4 synergy orders with BlueInGreen, which joined the Chart family in November of 2020. Year-to-date 2021, through Monday of this week, we've booked or verbally been awarded $6.9 million of water-related orders, of which $5.2 million is quarter-to-date in the Q2.
Food and beverage is one that has plenty of potential this year, but even more so in the years ahead, especially with companies in the space often chasing the same themes such as nitro beverages or oxygen water. Historically, as the weather warms, we do see an increased level of distributor activity for food and beverage, and we see a similar trend happening this quarter so far. Quarter-to-date, we're at 83% of our internal second-quarter order plan in food and beverage.
We're seeing restaurant new construction and upgrades continue to be expected to be up as the year continues, and continued high demand for CO2 applications such as cannabis in concrete installations. While many of our carbon capture opportunities are covered under NDAs and therefore we're limited on what we can share, we recently successfully demonstrated SES's small pilot system in Saudi Arabia in collaboration with KAUST.
We are working on a few small commercial opportunities in the Middle East for CCUS that are through pre-FEED studies in the current state. Slide 13 reflects the hydrogen addressable market evolution over the past year. Many of you have seen this slide over the past couple of months, but the evolution has really been an expansion both organically and inorganically.
A few additional points to my comment earlier about if you look to 2025 to 2030 for these onboard vehicle storage tanks. To give you a little bit of sense of magnitude, numbers from our and Cryomotive's commercial truck customers, there's hundreds of thousands of units of opportunity later in the decade and as you head into the 2030 decade. First, keep in mind that FCETs, or let's just call them the fuel cell trucks, will have multiple onboard tanks on each truck.
The quantity depends on whether they're regional or long haulers, designs, etc., but multiple tanks per unit. Combining a handful of trucking customers' estimates just for 2030, we're hearing from four or five customers over 50,000 units. That's just specific to Class 8 trucking. When you expand to other vehicular applications and other potential customers, it goes into the hundreds of thousands of units.
I'm going to conclude on slide 14 that while our Pac-Man strategy of inorganic investment and commercial agreements to supply Chart equipment continues to be pertinent and continues to be active, it does not change our conservative approach to our balance sheet and continued prioritization of debt paydown.
You can see on slide 14 our pro forma net leverage ratio of 2.07 as of March 31st for this investment, and we expect to further reduce the net leverage ratio in the coming months. With that, I'll turn it back over to Tammy for Q&A.
At this time, if you would like to ask a question, you will need to press star one on your telephone keypad. To withdraw your question, press the pound key. One moment while we compile the Q&A roster. Your first question comes from the line of Eric Stein with Craig-Hallum.
Good morning, Jill.
Hey, Eric.
Hey, just wanted to see if you could expand on this a little bit. On one hand, well, you're waiting on the market first for Cryomotive, but how far do you view this from commercialization? On one hand, it seems like progress has been made there. On the other hand, some of the commentary would indicate that it's more developmental stage. So how should we think about that?
Yeah. I mean, the offering is there, and it's ready. There's a little bit of waiting on, as you said, the market. There's some further R&D that's happening just around the cryocompressed station itself. So the testing and the piloting has been done on the tanks, and then there's going to be some further development needed around the pump for the CCH2.
So my comments are just to calibrate everybody that we see this as an explosive market opportunity in the later part of the decade and into the 2030s. We just don't want anybody to get out over their skis because this will take some time to develop for adoption. And as onboard and long haul regional haulers are looking at the various different options, we really felt that this is another great way to play in that and to provide our customers that optionality.
But there's still a lot of work happening in the market and a lot of, especially the Class 8 commercial truck customers, trying to figure out what is the solution that they're going to use 2025 and beyond. So that's the calibration on my remarks.
Got it. That's helpful. And then maybe if you could just expand a little bit on the testing that BMW and partners are doing, maybe some details around that and maybe where that stands in their process?
Yeah. So the Cryomotive equipment and technology has been fully tested through the pilot program with BMW. So that's completed, actually. That was done a few years back, a couple of years back. And so the pilot itself is complete. It's proven out and has the support of BMW. Now, beyond that, for other customers, I'm under NDA with the other potential customers that I can talk to.
So I can't give you more than that, but I can tell you there's multiple different of the names that you would know that are interested in understanding more about the CCH2 technology as they make the decision. I'd probably step back and make the comment at a broader, more macro statement around the fact that liquid hydrogen and CCH2 are really going to be the winners for long haul.
And so this is less about passenger vehicles than it is kind of Class 8 and above, given the density, given the distance, and given the fill times. So having these two options really gives a way to get more access to the market of the two potential solutions for these longer haul vehicles.
Okay. Thanks a lot.
Thanks, Eric.
Your next question comes from the line of Rob Brown with Lake Street Capital Markets.
Hi, Jill.
Hey, Rob.
Could you give us a sense of the investment, sort of what percentage ownership you have of Cryomotive?
Yeah. That's one of those where, yeah, as you're negotiating with the other side, it's like, "Well, they don't want you to tell because they're still looking for further financing in the future going forward." And in fairness, we agreed with that. But I can tell you that we indicated minority. So obviously, it's sub 49.9%. It's double digits for us. It's somewhere between less than 25% but more than 10%, to give you a sense of that.
Okay. Great. Thank you. That's great. And then in terms of the end-market applications, does this extend into rail and marine as well, or are they really focused on the Class 8 market?
Now, this also extends into rail and marine, coach buses, you name it. So the vehicular applications and also long haul heavy-duty transport applications. So we're pretty excited about the breadth of the potential for these applications, and similar to liquid hydrogen.
And what we like about the combination of this offering is there are going to be various different end users that are going to choose different solutions and different ways to play, whether it's Class 8, whether it's marine, buses, etc. So having the optionality of the kind of two best solutions is what we wanted to accomplish here to further corner the market.
Okay. Great. Congrats. Thank you.
Thanks, Rob.
Your next question comes from the line of John Walsh with Credit Suisse.
Yeah. Hi. It's Tamjid Chowdhury. For John, I just had a quick question on how do we think about Chart's opportunity around hydrogen with Cryomotive overall? Is there a dollar content per vehicle, or should we think about dollar content per project? Can you sort of help us frame that for us?
Yeah. We're pretty careful around sharing average selling prices or $ per unit. But I would say take an HLNG vehicle tank that we sell today, and you can apply a similar type of pricing structure to whether it's an HLH2 or a CCH2 tank. And we're happy to provide at least a range to you offline, which we'll have Wade follow up with you directly on that.
Awesome. Thank you. As a quick follow-up, are vehicle OEMs sort of trying to replicate the Cryomotive technology in-house? Have you heard anything around that? It kind of seems like it could be part of their sort of vertical integration process versus using an outside supplier.
Most of what we're hearing from our customers, which are the same types of vehicle OEMs that you're referring to, is that they're really not looking to own the technology or manufacture the onboard tanks themselves. They're just looking for what is the right solution for them as they look to this cleaner and greener type of discussion. So it's been and it was the same conversation that we had over the course of the last 10 years around HLNG for onboard.
It's just not something that they're looking to do themselves or own themselves. They really are looking for the right partners to do it. And we're Chart's well-positioned as a result of our HLNG relationships to kind of piggyback and just jump off from there as we move to liquid hydrogen or CCH2.
And then the same applies for Cryomotive's relationships in some of the other geographies, in particular Southeast Asia, where we haven't had as much penetration from our products for onboard vehicle tanks that they've had in their early stages of pilots and discussions. So much more around the Class 8 guys and the OEM truck guys looking for partners in this versus looking to own it as part of their own supply chain.
Thank you so much for the color. I'll pass it over.
Thank you.
Your next question comes from the line of Graham Price with Raymond James.
Hey. Good morning. Thanks for taking my questions. I guess my first one, looking at the $100 million in TAM additions that you outlined, was just curious if we could get a little more color on kind of the buildup for that, maybe kind of the breakout between sort of the transport systems that you outline, the stationary tanks, and then was curious how you see government incentives playing into that.
Yeah. Hey, Graham. Good morning. Definitely, the split that we're seeing here is about in our $100 million TAM estimate. I think that this evolves as you get further out from our near-term TAM to that later in the decade as you go into the 2030s. But my comments around the onboard tanks themselves, that you have multiple tanks per transport, and then you'll have fewer stations.
So really, the TAM is 75% of the tanks themselves, and then 25% would be related to the associated stations. Now, obviously, stations have higher dollar content per station than an individual tank or two tanks. So you have to kind of look at that split. I'm giving you unit split in the 75/25 versus in dollars.
Now, if I look at the customers and how they're playing out here, what we're seeing is there's 3 or 4 in particular of the truck OEMs that have pretty aggressive 2025 figures in terms of units that they're intending to have out in the field. Then you get to kind of the second-tier group that are in the middle. So they're in development now, and they're looking at what type of options they're going to use.
And they're giving kind of what I would call a conservative estimate around their numbers for 2025. And then the third group, which is, "Hey, listen. We don't know what we're going to do yet, and we're still evaluating." That third group, we haven't included at all in our TAM. And I think that we'll get some more as a result of that. But again, this is still very early market and early decision-making from these types of customers.
Got it. Understood. Thanks. That's very helpful. And then you mentioned in the slides that the partnership gives you a greater presence in the European hydrogen markets. I was just curious if you could speak a little more to maybe which European markets this unlocks and what opportunities you see there.
Definitely. I would even expand your comment to also certain countries in Southeast Asia that Cryomotive works closely with the Sino-German Engineering and Innovation Committees. So we're pretty excited about the relationships that they have there. Germany is definitely the number one area that we're seeing plenty of action in and quite active in general, as you guys know, on truck OEM side of things.
That is a market that we also manufacture locally. So we have multiple manufacturing locations in Germany, which helps from a supply chain perspective but also helps, to your point, Graham, around the public sector or the government funding type of side of things. So having local leadership that is well connected to the government, in particular in Germany, we see that as a significant benefit. And even today, Dr. Brunner is with the CEP discussing these options. So we like that connection.
I also comment that Dr. Brunner is related to Norway's decision-making. We see close linkage between Germany, Italy, and France from a government policy perspective, in particular related to hydrogen and cleaner renewable answers. So those would be the three target areas for this particular application in Europe. And then you go over to Southeast Asia. And I think that the potential in Korea, Japan, and China are all significant and, if not, higher and larger than the potential in the EU for these types of applications.
Granted, you have the Japanese truck OEMs and passenger vehicle OEMs. So that's a natural place to play. But you're also seeing big leaps and bounds in Korea by the government in China toward looking for hydrogen as part of this solution. And again, I'd point that to that's going to be later in the decade and into the following decade. But he who has these options right now and has them proven out and has them with standards and certifications is going to be the best set up as this growth unfolds.
Understood. Understood. Thank you very much for taking my questions.
Thank you. Have a great day.
Your next question comes from the line of J.B. Lowe with Citi.
Hey, Jill. Can you remind me real quick the dollar value for one of the hydrogen trailer orders? So you guys did 6 this morning, you said. What does that represent in terms of an order value?
Hey, morning, JB. Yeah. Good question. It depends, yeah. I'll give you the standard silly CEO answer. It depends on the design and the size of the trailer, but it truly does. But you can pretty much, for a good proxy, kind of use anywhere between $1.1 million-$1.5 million per trailer.
Gotcha. Okay. On the cryocompressed tank, I'm curious. This is a technology that's been kind of being looked at a lot recently. Is anyone else or I guess, who else is looking at doing something similar to what your investment today is doing?
We have not found any in our diligence, we did not find any direct other options like this, which was one of the things that was very appealing to us. I'll come back around to very specifically answer your question. The second part of what we found really appealing about this is there will be standards and certifications and government policy, in particular country-specific in the EU, around what the options are.
We like having the cryocompressed option in case, for example, liquid isn't one of the choices that wins. It gives us another kind of option for playing in particular regions that may choose one answer over the other from a regulatory perspective. If you look at the other players, certainly, there's players that are in the space that would likely be looking at cryocompressed hydrogen as an answer.
And I would guess that those players would be probably some of the industrial gas guys. And you might see some of the others, and as I commented to somebody's earlier question, we're seeing more around the OEMs themselves looking for partners to bring the solutions and to be the manufacturers of the solutions versus them wanting to own it or develop it themselves. So I think you might see more partnerships in that respect. But right now, we haven't found any other company that is playing like Cryomotive is.
Gotcha. Last question for me is the pilot projects that you guys are working on with that SES is working on in Saudi and potential projects in the Middle East, are those the projects that you've spoken before that you're hoping to get a CCUS order sometime by the end of the year? Is that the geography that we should be looking for?
Yeah. There's other geographies that we're pretty active in in terms of getting through all of the pilot, all of the demonstration requirements. But those are ones that we're really on lockdown of what we're talking about. I think the most imminent from an order perspective is Saudi or let's just say more generically, the Middle East.
My reference to a few of the projects is one of them is the one that I referenced on, I think it was the February call. And then the other couple that are in the works we hadn't referenced previously. But as you get to prove these things out and you're getting through successful demonstrations, you get more parties that are related interested.
And so that's part of our strategy. But as I've said previously, I think that we'll be able to get one of these into the books in 2021 from an order perspective. And I think the Middle East has the highest probability of being the one that we get in.
Okay. Perfect. Thanks, Jill.
Thank you.
Again, to ask an audio question, please press star one on your telephone keypad. Your next question comes on the line of Walter Liptak with Seaport.
Good morning.
Hey, Walter.
Hey. I wanted to ask just a couple of questions. One about you mentioned this technology will be used for long-distance trucking. I wonder if there's a way that you can describe sort of the time or distance between refueling versus other technologies?
Yeah. And by far, the distance when you're comparing to a gaseous hydrogen solution and this really applies to both the CCH2 as well as the HLH2 option is the differentiator. So when you're comparing that to the gaseous hydrogen, which would be the natural place to compare, you could also compare it to battery or electric as an option.
And what we're talking about here is getting darn near close to the same distances that diesel gets you right now. So if you look at a long haul, you're talking in the hundreds of miles type of distance when you're looking at CCH2 and HLH2.
One of the things that I'd point out here is I made a comment in my prepared remarks that it depends on if you're going to be a regional hauler or a long hauler because regional haulers are still going to need the solution of fast fill times and maximum filling levels depending on how their hold times look. But both HLH2 and CCH2 have a longer hold time in the tanks than you would get from just a compressed storage system.
So you won't have that heat leak in the quick turn of keeping something in place that you would have when you compare it to gaseous hydrogen. So that hold time of the tanks is a very important distinction. And CCH2 has even longer hold time than liquid hydrogen or HLH2 does.
But both of them are, you're talking three or four days in a week and a half compared to a day or two when you're comparing it to some of the traditionals. So definitely, we believe that both of these are winners when you're looking at distance, when you're looking at storage, and when you're looking at kind of energy efficiency, especially around storage.
But then the other one that's really important when you get down to it from a practical standpoint is how quick can you fill your tank? And that's something that our liquid hydrogen pump and CCH2 offer a faster fill when you compare it to some of the other solutions that are out there, including when you're talking about charging a battery.
Okay. Great. Thanks for that. And I wondered about the investment. Is this a one-and-done sort of investment? It sounds like you alluded to that there might be ongoing investments that you'll be making into Cryomotive. And I wonder if there's any visibility to how much that might be.
No. So this is a one-and-done from an investment perspective. Now, without going into the details of the agreement, if there are other investment opportunities over the course of the coming years, we would have the opportunity to take more share. Now, in terms of the in-kind contribution, I think, is what you're referencing, Walt, that is around engineering support and further development on the solutions and the options that are out there.
So we will, as we always do with our investments, work together around ensuring that upfront engineering is there and the engineering capability when you're putting the pieces and parts together is supported by Chart. That's what the in-kind contribution comment is.
Oh, okay. I was just wondering if Cryomotive is not profitable, I wondered if there was going to be cash calls to maintain your ownership percentage?
No. There is not.
Okay. All right. Great. Thank you.
Thank you.
There are no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.