HTEC Finalizes CAD$217 Million Transaction with Chart Industries and I Squared Capital

8 Sep 2021 | Press Release

The investment will accelerate HTEC’s efforts to develop low carbon hydrogen solutions to meet net-zero goals, and signals growing international confidence in Canada’s hydrogen sector

VANCOUVER, BRITISH COLUMBIA, September 8, 2021 – HTEC is pleased to announce the completion of a CAD$217 million investment in the Company by Chart Industries, Inc. (Chart) and I Squared Capital (ISQ). Chart is a leading global manufacturer of liquefaction and cryogenic equipment serving multiple applications in the energy and industrial gas end markets, including hydrogen.

ISQ is an independent global infrastructure investment manager focusing on clean energy, utilities, telecom and transport in the Americas, Europe, and Asia.

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. The transaction provides significant new cash to HTEC’s balance sheet and partial liquidity to HTEC shareholders.  This investment expands Chart’s ownership of HTEC to 25 percent and provides ISQ a 35 percent holding; HTEC’s original shareholders and employees will retain a 40 percent ownership in the company.  The majority of directors of HTEC remain independent of Chart and ISQ, and the Company will remain headquartered in British Columbia

“This is an exciting day for our company, HTEC’s great shareholders, and partners – new and old! Chart and ISQ’s investment will help to expand our capacity to deliver hydrogen supply solutions in support of the global clean energy transition,” says Colin Armstrong, HTEC’s President and CEO. “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.”

Please click on the following link to Chart’s official press release.

HTEC provides the glue of the clean hydrogen value chain, integrating technologies, systems, people, and partnerships for hydrogen’s role in the global zero-emission future. As a market leader in North American clean hydrogen infrastructure solutions, HTEC has 17 hydrogen fueling stations operating or in development in Canada and the United States today. The company also delivers engineering and design services and specialty products and solutions to customers around the world.

“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, while also providing flexibility to further consolidate our ownership position in a high-growth hydrogen business with significant Canadian presence and customer base,” stated Jill Evanko, Chart’s CEO and President.  “Canada is a high growth market for hydrogen, given the government’s commitments to the clean energy transition, with the hydrogen sector being a meaningful part of that commitment.”

“I Squared Capital has tracked the growth of hydrogen in North America for some time and 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,” said Thomas Lefebvre, Partner at I Squared Capital.

Winston & Strawn LLP and Stikeman Elliott LLP served as legal advisors to Chart on the transaction.  I Squared Capital used Stikeman Elliott LLP and Kirkland & Ellis LLP as legal advisors and Greenhill & Co. as financial advisor. Fort Capital Partners acted as financial advisor to HTEC on the transaction, and Blake, Cassels & Graydon LLP as legal counsel.


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.  Our 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. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers.  With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities.  To learn more, visit


About I Squared Capital

I Squared Capital is an independent infrastructure investor with over $30 billion in assets under management and specializing in sourcing, managing, and building global infrastructure platforms in North America, Europe, Latin America and Asia. Headquartered in Miami, the firm has more than 160 professionals across its offices in Hong Kong, London, New Delhi, and Singapore. I Squared Capital has invested in a diverse portfolio of 35 companies in 51 countries across the energy, utilities, digital infrastructure, transport, and social infrastructure sectors, with over 15,000 employees and providing essential services to millions of people around the world.


About HTEC

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.



Shannon Halliday
Vice President, Sales & Marketing, HTEC
604-904-0412 ext. 123