North Vancouver’s Hydrogen Technology and Energy Co. (HTEC) has some new shareholders and $217 million to help it expand its North American market for hydrogen fuelling infrastructure.
Chart Industries, a global manufacturer of liquefaction and cryogenic equipment, has increased its stake in HTEC from 15.6% to 25%, the companies announced Wednesday.
Chart has also brought in another investor, I Squared Capital (ISQ), a global infrastructure investor, which is taking a 35% stake. ISQ is an investment manager focused on clean energy, utilities, telecommunications and transportation in the Americas, Europe and Asia.
This represents an equity investment of $217 million, which HTEC says will help it expand its business in North America. HTEC designs, builds and operates hydrogen fuelling infrastructure for the hydrogen used in fuel cell vehicles.
“Chart and ISQ’s investment will help to expand our capacity to deliver hydrogen supply solutions in support of the global clean energy transition,” HTEC CEO Colin Armstrong said in a news release.
“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.”
This investment provides HTEC with significant capital to fund new green hydrogen production projects and to expand its hydrogen fuelling station portfolio serving both the light-duty and heavy-duty markets.
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 fuelling station networks and heavy-duty fuelling station experience in British Columbia, Quebec and Alberta.
“This additional vote of confidence from Chart and new investment from I Squared Capital gives HTEC the funding and partnerships necessary to accelerate our development of low carbon hydrogen solutions, which are crucial to rapidly hit global net-zero targets,” added Armstrong. “We are pleased to be working very closely with both organizations.”