What Foster does

Foster, operating under the brand Fortune Gases (Fostar) at fortune-gas.com, is a Hangzhou, China-based manufacturer of cryogenic process equipment and industrial gas systems, founded in 2000 and listed on the Shanghai Stock Exchange main board under ticker 603173. The company's product portfolio spans air separation units (standard ASU, nitrogen generation, liquid ASU), rare gas extraction and liquefaction systems (krypton, xenon, helium, neon), natural gas treatment and liquefaction (LNG), syngas and hydrogen separation cold boxes, and supporting cryogenic hardware including coil-wound heat exchangers, distillation columns, vaporizers, vacuum cryogenic storage tanks, and flat storage tanks. End markets include energy and resources, chemicals, materials, environmental protection (with explicit CCUS positioning), pulp and paper, electronics, machinery, and construction—reflecting a diversified industrial gas processing customer base rather than a single vertical dependency.

The business model is a capital-equipment OEM model with three explicit revenue streams: turnkey EPC project delivery, after-sales service, and on-site service. Notable executed projects include the GOX85000 ASU in Guangxi Chongzuo (described as the largest air separation project in China's smelting industry), the GOX31000 cold box in Chizhou, a 350 TPD EPC LNG plant in Shanxi, a GAN220,000 overseas plant, and five GOX23000 cold boxes shipped to the United States. The company has invested in a sea-port-adjacent large-module workshop to lower export logistics costs and has obtained ASME U + U2 Stamp certification to qualify for North American and other regulated pressure-vessel markets. Reported headcount is 501–1,000 employees, consistent with mid-tier Chinese cryogenic OEM scale. Note: one input data block describes a separate "Foster" medical polymer compounds business acquired by GEON Performance Solutions in January 2025; that entity does not match Foster's firmographic profile (Hangzhou, China, founded 2000, sse:603173) and is treated here as a data conflation rather than a business line of the cryogenic equipment firm.

Name

Foster

Website

https://fortune-gas.com

Company type

Private

Founded year

2000

Headcount range

501–1,000 employees

Short description

Foster (Fortune Gases / Fostar) is a Hangzhou, China-based OEM that designs and manufactures cryogenic cold boxes, air separation units, LNG systems, and related industrial gas processing equipment for energy, chemical, metallurgical, and other industrial customers worldwide.

Ownership category

akta.pro rank

Product category

Industrial Gas Equipment

NAICS

Power Boiler and Heat Exchanger Manufacturing (332410), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

Oil & Gas Field Machinery & Equipment (3533), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Industrial Gas & Air Separation Equipment (ASU, PSA, Cryogenic Systems) (IMAHAEAI)

akta.pro secondary industries

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Cryogenic Liquids & Distribution (IMAEACAK), Gas Processing Plant Equipment & Skids (Separators, Heat Exchangers, Turboexpanders) (EUAAABAH)

Keywords

• Cryogenic equipment manufacturing
• Air separation units
• Industrial gas solutions
• LNG plant engineering
• Cryogenic storage tanks

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Medical Polymer Compounds: Foster develops and sells specialized medical-grade polymer compounds for use in medical devices, including implantable products. Following the acquisition by GEON Performance Solutions in January 2025, the compounds are distributed globally through channel partners like Formerra.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Foster (Hangzhou Fortune Cryogenic Group, SSE: 603173) designs, manufactures, and delivers cryogenic process equipment and industrial gas solutions, including air separation units (ASUs), cryogenic cold boxes, LNG/natural gas liquefaction plants, rare gas extraction systems, syngas/hydrogen units, coil-wound heat exchangers, distillation columns, vaporizers, and cryogenic storage and transport tanks. The company also provides turnkey EPC project delivery, on-site services, and after-sales support for industrial customers in energy, chemical, metallurgy, electronics, and materials sectors worldwide.

Product overview

Foster offers medical-grade polymer compounds designed for medical device applications. The product portfolio includes radiopaque compounds and USP Class VI grades suitable for implantable products, with formulations aligned to ISO 10993 biocompatibility standards. These highly engineered compounds serve healthcare manufacturers requiring materials for demanding medical device requirements.

Differentiator

Problem solved

Functional benefit

Products and services

• Air Separation Unit (ASU) Industrial-scale air separation systems that separate atmospheric air into oxygen, nitrogen, argon and other industrial gases, including dedicated nitrogen generation units and liquid air separation units, sold to industrial gas and energy customers.
• Rare Gases Extraction Systems Cryogenic systems for extracting and liquefying rare atmospheric gases, including krypton/xenon units, helium/neon/krypton/xenon plants, and dedicated helium extraction and liquefaction equipment.
• Natural Gas Treatment & Liquefaction (LNG) Plants Cryogenic systems for natural gas treatment and liquefaction into LNG, including modular EPC LNG plants delivered to industrial gas and energy customers.
• Syngas & Hydrogen Systems Cryogenic processing systems for syngas and hydrogen production, including CO-H2 separation cold boxes designed for overseas markets, supplied to chemical and new energy customers.
• Cryogenic Process Equipment Core cryogenic hardware sold as standalone engineered units, including coil-wound heat exchangers (CWHE), cold boxes for PDH and alkene processes, distillation columns, and vaporizers used across ASU, LNG, ethylene, and petrochemical applications.
• Cryogenic Storage & Transport Equipment Vacuum cryogenic storage tanks and flat storage tanks designed for industrial storage and transport of liquefied gases such as LNG, liquid oxygen, liquid nitrogen, and liquid argon.
• Turnkey EPC Services Engineering, procurement and construction services delivering complete cryogenic plants on a turnkey basis, integrating Foster-manufactured equipment with on-site construction and commissioning.
• On-Site and After-Sales Services Field service offerings including on-site installation support and after-sales maintenance for Foster-supplied cryogenic equipment and plants.

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core and flagship.

• FormerracoreChannel Partner/ Reseller/ Distributor · 1 January 2025Formerra announced an agreement with GEON Performance Solutions to become the preferred distributor of Foster medical compounds in Europe. This agreement expands the existing distribution partnership that currently covers North and South America, enabling healthcare manufacturers across Europe to access Foster's medical-grade polymer compounds.
• GEON Performance SolutionsflagshipOEM/ Whitelabel/ Licensing Partner · 1 January 2025GEON Performance Solutions acquired Foster in January 2025. The acquisition enabled GEON to expand its medical polymer portfolio and establish Formerra as the distributor for Foster products in Europe.

Scale indicators1 record

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Air Liquide: Global industrial gas major with large ASU fleet and Engineering & Construction division. Comparable as an integrated gas/engineering player that both competes with and procures from equipment makers like Fortune.
• Linde plc: World's largest industrial gases and engineering company, operating ASUs globally and offering plant-design, turnkey construction, and aftermarket services. Comparable to Fortune as both an ASU end-user/operator and EPC customer competitor.
• Air Products and Chemicals: Global industrial gas and hydrogen liquefaction company with significant ASU EPC operations. Competes with Fortune in large-scale gasification, syngas, hydrogen, and LNG projects.
• Messer Group: Privately held global industrial gases company operating ASU fleets and serving similar steel, chemical, and medical end markets. Comparable as a customer-adjacent competitor in turnkey ASU and gas plant projects.

Direct peers

• Hangzhou Hangyang Co., Ltd. Hangzhou-based Chinese manufacturer of air separation units, cryogenic equipment, and hydrogen liquefaction plants. Closest domestic competitor to Fortune in ASU and cryogenic process equipment for industrial gas, steel, and chemical customers.
• Sichuan Air Separation Equipment (SASE) Group: Major Chinese designer and manufacturer of large and medium-sized air separation units, cryogenic equipment, and gas processing plants. Competes directly with Fortune in domestic ASU and LNG/cryogenic equipment bids.
• Chart Industries: US-listed global leader in cryogenic equipment, including cold boxes, heat exchangers, liquefaction process technology, and cryogenic storage and transport. Direct overlap with Fortune's cryogenic process equipment, cold boxes, and LNG offerings.
• Beijing Tianhai Industry Co., Ltd. Chinese manufacturer of cryogenic storage tanks, transport tanks, and cryogenic equipment for LNG, industrial gases, and chemicals. Direct peer in cryogenic storage and transport that complements ASU peers like Fortune.

Regional players

• Cryoport Systems (Cryolor / Cryoport group): European-headquartered cryogenic logistics and equipment provider (legacy Cryolor) supplying cryogenic tanks and transport for industrial gas and life-sciences markets. Comparable in cryogenic storage and transport equipment category.
• INOX Air Products: India's largest industrial gas producer with growing ASU and cryogenic equipment footprint. Comparable as an emerging-market ASU/gas company that Fortune may increasingly compete with in cross-border EPC bids.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fortune_gas

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Foster