Chart Industries, Inc. (“Chart”) (NASDAQ: 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 investment
in HTEC Hydrogen Technology & Energy Corporation (“HTEC”) in
the amount of CAD $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
fueling station networks, heavy-duty fueling station experience and
electrolysis opportunities in British Columbia, Quebec and Alberta,
this investment achieves both criteria for our 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,” says 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.”
Included at the end of this release is a
supplemental presentation that further describes the investment.
This investment provides further opportunities to achieve a
significant portion of our addressable market of $1.1 billion for
Chart’s quickly growing hydrogen business by 2023. Fourth quarter
to date (October 1, 2020 through December 11, 2020), Chart has
booked record hydrogen equipment orders totaling $18.1 million, an
85% sequential increase over the third quarter of 2020, and we
expect this trend to continue.
Winston & Strawn LLP and Stikeman Elliott
LLP served as legal advisors to Chart on the HTEC transaction. Fort
Capital Partners acted as financial advisor to HTEC on the
transaction, and Blake, Cassels & Graydon LLP as legal
counsel.
Chart will hold an investor call to discuss
today’s announcement on Tuesday, December 15, 2020 at 9:30am
eastern time. Participants may join the conference call by dialing
(877) 312-9395 in the U.S. or (970) 315-0456 from outside the U.S.,
entering conference ID 9077086. Please log-in or dial-in at least
five minutes prior to the start time. A taped replay of the
conference call will be archived on the Company’s website,
www.chartindustries.com. You may also listen to a recorded replay
of the conference call by dialing (855) 859-2056 in the U.S. or
(404) 537-3406 outside the U.S. and entering Conference ID
9077086.
About Chart Industries,
Inc.
Chart Industries, Inc. is a leading independent
global manufacturer of highly engineered equipment servicing
multiple applications in the Energy and Industrial Gas markets. Our
unique product portfolio is used in every phase of the liquid gas
supply chain, including upfront engineering, service and repair.
Being at the forefront of the clean energy transition, Chart is a
leading provider of technology, equipment and services related to
liquefied natural gas, hydrogen, biogas and CO2 Capture amongst
other applications. We are committed to excellence in
environmental, social and corporate governance (ESG) issues both
for our company as well as our customers. With over 25 global
locations from the United States to Asia, Australia, India, Europe
and South America, we maintain accountability and transparency to
our team members, suppliers, customers and communities. To learn
more, visit www.Chartindustries.com.
About HTEC
HTEC is unlocking the potential of hydrogen to
reduce climate change and air pollution. The company designs,
builds and operates hydrogen fuel supply solutions to support the
deployment of hydrogen fuel cell electric vehicles. Partnering with
government, industrial gas companies, key equipment suppliers,
automotive companies, and energy companies, HTEC is delivering
safe, reliable, convenient, sustainable and low-cost hydrogen to
customers and consumers, how, when and where they need it.HTEC:
Fueling the Drive to Hydrogen. www.htec.ca
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning the Company’s business
plans, including statements regarding completed acquisitions, cost
synergies and efficiency savings, objectives, future orders,
revenues, margins, earnings or performance, liquidity and cash
flow, capital expenditures, business trends, governmental
initiatives, including executive orders and other information that
is not historical in nature. Forward-looking statements may be
identified by terminology such as "may," "will," "should," "could,"
"expects," "anticipates," "believes," "projects," "forecasts,"
“outlook,” “guidance,” "continue," “target,” or the negative of
such terms or comparable terminology.
Forward-looking statements contained in this
press release or in other statements made by the Company are made
based on management's expectations and beliefs concerning future
events impacting the Company and are subject to uncertainties and
factors relating to the Company's operations and business
environment, all of which are difficult to predict and many of
which are beyond the Company's control, that could cause the
Company's actual results to differ materially from those matters
expressed or implied by forward-looking statements. Factors that
could cause the Company’s actual results to differ materially from
those described in the forward-looking statements include: the
Company’s ability to successfully integrate recent acquisitions and
achieve the anticipated revenue, earnings, accretion and other
benefits from these acquisitions; risks relating to the recent
outbreak and continued uncertainty associated with the coronavirus
(COVID-19) and the other factors discussed in Item 1A (Risk
Factors) in the Company’s most recent Annual Report on Form 10-K
filed with the SEC and Quarterly Reports on Form 10-Q, which should
be reviewed carefully. The Company undertakes no obligation to
update or revise any forward-looking statement.
For more information on, click here:
http://ir.chartindustries.com/
Supplemental materials are available
at http://ml.globenewswire.com/Resource/Download/5c326287-ef8a-4856-bc64-d69c2fe872a6
Investor Relations Contact:
Wade Suki, CFA |
Director of Investor Relations |
832-524-7489 |
wade.suki@chartindustries.com |
For more information on HTEC, click
here:
https://www.htec.ca/
HTEC Contact:
Shannon HallidayVP, Sales &
Marketing604-904-0412 ext. 123shalliday@htec.ca
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