An inerting system (10) for an aircraft (12) includes one or more fuel tank circuits (15) associated with fuel tanks (16). An air source (17) supplies pressurized air. A heat exchanger (56) cools the pressurized air. An air separation module (46) is in fluid communication with the heat exchanger (56) and separates inerting gas from the pressurized air. A controller (40) controls flow of the inerting gas from the air separation module (46) to the fuel tanks (16).