Chart Industries, Inc and I Squared Capital (ISQ) today (8th September) completed an expanded investment of a CA$ 217 million in Htec Hydrogen Technology & Energy Corporation.
Together, Chart and I Squared Capital now own 60% of Htec. Chart’s existing ownership increased from 15.6% to a total of 25% of Htec’s capital stock on a fully diluted basis. I Squared Capital has acquired 35% of Htec’s capital stock on a fully diluted basis in this transaction.
The investment provides Htec with significant financing to fund new green hydrogen production projects and expand its hydrogen fueling station portfolio to serve both the light-duty and heavy-duty markets. The transaction also provides substantial new cash to Htec’s balance sheet and partial liquidity to HTEC shareholders.
Htec’s original shareholders and employees will retain a 40% ownership in the company. Most of the company directors will remain independent of Chart and ISQ, where the HQ will stay in British Columbia, US.
Colin Armstrong, HTEC’s President and CEO, said, “This signals both Chart’s and ISQ’s growing confidence in Htec’s people, products, and technology – and reinforces our conviction that hydrogen plays a critical role on the path to net-zero.”
Jill Evanko, Chart’s CEO and President, said, “Our increased investment in Htec and partnership with ISQ is highly strategic. It capitalizes Htec well to address near term opportunities where Chart can benefit as a core supply partner.”
Thomas Lefebvre, Partner at I Squared Capital, said, “[ISQ] is excited to partner with two industry-leading companies in HTEC and Chart in a sector that is so vital for the energy transition revolution.”
Chart is a leading global manufacturer of liquefaction and cryogenic equipment serving the energy and industrial gas markets. I Squared Capital is an independent global infrastructure investment manager focusing on clean energy, utilities, telecom and transport.
Htec has currently 17 hydrogen fueling stations operating or in development in Canada and the US. It also delivers engineering and design services and speciality products and solutions to customers around the world.