Chart announced the completion of an expanded investment in HTEC Hydrogen Technology & Energy Corporation (HTEC). The investment expands Chart’s ownership to a total of 25% of HTEC’s capital stock on a fully-diluted basis.
As part of the expanded ownership, Chart partnered with I Squared Capital, which acquired 35% of HTEC’s capital stock on a fully-diluted basis in this transaction. This investment provides HTEC with significant capital to fund new green hydrogen production projects and to expand its hydrogen fueling station portfolio serving both the light-duty and heavy-duty markets.
HTEC designs, builds and operates hydrogen infrastructure to support the increasing hydrogen demand landscape, including hydrogen fuel cell electric vehicles. HTEC is active across the hydrogen value chain in Canada, with six stations expected by year-end 2021.
Together, HTEC and Chart bring a comprehensive set of solutions to the North American hydrogen market. HTEC has a suite of actionable green hydrogen production projects, existing retail fueling station networks and heavy-duty fueling station experience in British Columbia, Quebec and Alberta. Chart brings broad process technology, including hydrogen liquefaction, and a 56-year history of building hydrogen equipment, including storage tanks, trailers and heat exchangers.