Chart Industries and I Squared Capital Complete Investment in HTEC Hydrogen Technology & Energy Corporation
Chart Industries, Inc. (“Chart”) (NYSE: GTLS), a leading global manufacturer of liquefaction and cryogenic equipment serving multiple applications in the energy and industrial gas end markets, including hydrogen, today announced the completion of an expanded investment in HTEC Hydrogen Technology & Energy Corporation (“HTEC”). Chart’s existing ownership in HTEC, following an initial investment that was completed in December 2020, was 15.6% of its capital stock on a fully-diluted basis. The investment being announced today expanded Chart’s ownership to a total of 25% of HTEC’s capital stock on a fully-diluted basis. As part of the expanded ownership, Chart partnered with I Squared Capital, an independent global infrastructure investment manager focusing on clean energy, utilities, digital infrastructure, transport and social infrastructure, which acquired 35% of HTEC’s capital stock on a fully-diluted basis in this transaction. Together, Chart and I Squared Capital own 60% of HTEC. 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. Among other things, Chart’s agreement with I Squared Capital provides Chart with preferential rights with respect to the purchase of shares of HTEC capital stock from this transaction that I Squared Capital may decide to sell in the future. In certain circumstances, Chart’s purchase of HTEC shares from I Squared Capital may be completed using Chart’s common stock.
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