HTEC, the privately held British Columbia-based hydrogen infrastructure solutions provider, has received a CAD 217m investment from Chart Industries and I Squared Capital, according to a news release.
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
Winston & Strawn and Stikeman Elliott served as legal advisors to Chart, while I Squared Capital used Stikeman Elliott, Kirkland & Ellis and Greenhill & Co. as financial advisor. Fort Capital Partners acted as financial advisor to HTEC on the transaction, and Blake, Cassels & Graydon as legal counsel.
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 market, the release states.
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.
Chart is a 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.
