The investment will support HTEC’s capacity to meet increasing market demand for the company’s hydrogen fuel supply solutions
VANCOUVER, BRITISH COLUMBIA, December 15, 2020 – HTEC Hydrogen Technology & Energy Corporation (HTEC) is excited to announce completion of a CAD$20 million financing with Chart Industries, Inc. (Chart), a leading global manufacturer of liquefaction and cryogenic equipment for the energy and industrial gas markets. In addition to the investment, Chart and HTEC have entered into a binding commercial Memorandum of Understanding (MOU). The MOU establishes how the companies will collaborate to develop, improve, and expand both HTEC and Chart’s initiatives in the emerging hydrogen energy market.
“This is a great day for HTEC! Strategic collaborations with leaders like Chart have been an important part of our evolution,” says Colin Armstrong, HTEC’s President and CEO. “Chart understands the critical role hydrogen plays in the creation of more sustainable energy systems. The company offers a great range of products and services in the clean energy space and we’re excited to work together to support the growing global push towards hydrogen.”
HTEC has been developing hydrogen fuel supply solutions since 2005. The Company opened Canada’s first retail hydrogen station in 2018 and today operates a four-station network in British Columbia (BC). Two more stations and a hydrogen production facility will start construction in the new year. Beyond BC, HTEC is providing fueling infrastructure to light and heavy-duty fueling projects in Alberta, Quebec, and California, all utilizing HTEC’s modular and scalable PowerCube distribution system and PowerFill gas transfer module.
“This investment in and commercial agreement with HTEC is yet another step in expanding our high-growth products and businesses within Chart, specifically clean energy and specialty products and markets,” states Jill Evanko, Chart’s CEO and President. “We are excited to have a more significant presence in Canada, a country with a federal government as well as provincial governments committing substantial funding to boosting the hydrogen fuel sector including a National Hydrogen Strategy to be released before year-end.”
Chart’s investment strengthens HTEC’s ability to meet growing market demand for hydrogen production, distribution, and fueling-station solutions. It also opens up opportunities for HTEC to expand its technology and infrastructure offerings into new markets and jurisdictions and to utilize Chart’s broad hydrogen equipment and liquefaction offering.
“The last year has been one of unprecedented growth for HTEC, in terms of our team and our capacity to deliver hydrogen solutions with continued efficiency and success,” continues Armstrong. “Today’s announcement positions HTEC to accelerate this push and progress with the backing of a committed strategic investor and partner.”
Fort Capital Partners acted as financial advisor to HTEC on the transaction, and Blake, Cassels & Graydon LLP as legal counsel.
HTEC is unlocking the potential of hydrogen to reduce climate change and air pollution. The company designs, builds, and operates hydrogen fuel supply solutions to support the deployment of hydrogen fuel cell electric vehicles. Partnering with government, industrial gas companies, key equipment suppliers, automotive companies, and energy companies, HTEC is delivering safe, reliable, convenient, sustainable, and low-cost hydrogen to customers and consumers, how, when, and where they need it.
HTEC: Fueling the Drive to Hydrogen. www.htec.ca
About Chart Industries, Inc.
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Chart’s unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service, and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas, and CO2 Capture amongst other applications. Chart is committed to excellence in environmental, social, and corporate governance (ESG) issues both for the company and its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, Chart maintains accountability and transparency to its team members, suppliers, customers, and communities. To learn more, visit www.Chartindustries.com.
Read Chart’s press release here.