Chart Industries Inc. has announced the completion of an investment in HTEC Hydrogen Technology & Energy Corp. (HTEC) in the amount of CAN$20 million for 15.6% of its capital stock on a fully-diluted basis.
HTEC designs, builds, and operates hydrogen fuel supply solutions to support the deployment of hydrogen fuel cell electric vehicles. It has significant hydrogen development experience in the Canadian market, with signed contracts for numerous projects across the country. With HTEC’s existing retail fuelling station networks, heavy-duty fuelling station experience and electrolysis opportunities in British Columbia, Quebec and Alberta, this investment achieves both criteria for Chart’s strategic inorganic investments in clean energy, specialty markets and repair and service. First, the investment brings access to customers and commercial projects that could not be accessed without significant organic investment. Second, the investment brings access to regions/geographies for the respective products and applications that otherwise could not readily be accessed due to lack of product experience in the region, certification requirements, or government funding and relationships.
In conjunction with this strategic investment, Chart and HTEC also executed a binding commercial Memorandum of Understanding (MoU). The MoU establishes the commercial collaboration and equipment supply arrangements for Chart to supply HTEC projects. HTEC’s strong customer base, including Shell, 7 Eleven, Toyota and Hyundai, along with its solid relationships with Canadian governments will help facilitate opportunities to expand Chart’s equipment presence both geographically and across global customers.
“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,” stated 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.”
“Strategic collaborations, like the one we’re thrilled to be announcing today with Chart, have been a critical part of our company’s evolution,” said Colin Armstrong, HTEC’s President and CEO. “We are proud to work with Chart and are excited about the range of products they offer that will play a key role in the global push towards more sustainable energy systems.”
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/16122020/chart-invests-in-htec/