Chart Industries and I Squared Capital have invested $217 million in Hydrogen Technology & Energy Corporation (HTEC) (ISQ).
HTEC will use the funds to develop new green hydrogen production projects and extend its hydrogen fueling station portfolio, which will serve both light-duty and heavy-duty vehicles. HTEC presently operates or is developing 17 hydrogen fueling stations in Canada and the United States.
Chart is a global liquefaction and cryogenic equipment manufacturer that serves a variety of applications in the energy and industrial gas end industries, including hydrogen.
ISQ is a global infrastructure investment management with a concentration on sustainable energy, utilities, telecommunications, and transportation in the Americas, Europe, and Asia.
This transaction increases Chart’s stake in HTEC to 25% and gives ISQ a 35 percent stake. The founding stockholders and staff of HTEC will retain a 40% stake in the company.
“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.”