HTEC Hydrogen Technology & Energy Valuation, Funding & Investors

HTEC Hydrogen Technology & Energy is valued at $386M as of September 2021.

Last HTEC Hydrogen Technology & Energy valuation

$386M

Undisclosed stage · Sep 2021

Last HTEC Hydrogen Technology & Energy funding round

$171M

Undisclosed stage · Sep 2021

Cumulative funding HTEC Hydrogen Technology & Energy raised

$187M

across 2 funding rounds

Key investors in HTEC Hydrogen Technology & Energy

HTEC Hydrogen Technology & Energy Overview

About HTEC Hydrogen Technology & Energy

HTEC Hydrogen Technology & Energy is a North Vancouver-headquartered developer of hydrogen fuel cell systems and energy storage solutions. Based in British Columbia, Canada, the company engineers stationary power units and mobile hydrogen refueling stations for remote communities and industrial applications. HTEC collaborates with Ballard Power Systems on proton exchange membrane technology to support clean energy transitions in marine and backup power sectors.


Founded

2004

HQ

CanadaVancouver

Website

htec.ca

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$386M (Sep 2021)

HTEC Hydrogen Technology & Energy Valuation

HTEC Hydrogen Technology & Energy is currently valued at $386M, based on its undisclosed-stage round in September 2021.

The $171M round was led by I Squared Capital, with participation from Chart Industries.

HTEC Hydrogen Technology & Energy's valuation has grown 4.0x from $97M at its strategic investment round in December 2020 to $386M in September 2021, across 2 priced rounds.

HTEC Hydrogen Technology & Energy valuation by funding round

HTEC Hydrogen Technology & Energy valuation by funding round
DateStageValuation
Sep 2021Undisclosed stage$386M
Dec 2020Strategic investment$97M

HTEC Hydrogen Technology & Energy Funding History

HTEC Hydrogen Technology & Energy has raised a total of $187M across 2 funding rounds.

HTEC Hydrogen Technology & Energy's first fundraising round was a $16M strategic investment round in December 2020. The most recent completed round was a $171M undisclosed-stage round in September 2021.

HTEC Hydrogen Technology & Energy funding rounds

HTEC Hydrogen Technology & Energy funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2021Undisclosed stageI Squared Capital (lead); Chart Industries$171M$386MHTEC Hydrogen Technology & Energy Corporation, based in Vancouver, British Columbia, designs, builds, and operates hydrogen infrastructure to support growing demand for hydrogen, including green hydrogen production projects and fueling stations for light-duty and heavy-duty markets, particularly fuel cell electric vehicles. The company focuses on low-carbon hydrogen solutions to aid net-zero goals and the global clean energy transition. On September 8, 2021, HTEC completed a CAD$217 million (US$171 million) investment from Chart Industries, Inc. and I Squared Capital, with I Squared Capital acquiring 35% of HTEC's capital stock on a fully-diluted basis and Chart expanding its prior 15.6% stake to 25%, resulting in the two investors collectively owning 60% while original shareholders and employees retain 40%. The transaction provides significant cash to HTEC's balance sheet for funding new projects, expanding its hydrogen fueling portfolio, and offering partial liquidity to existing shareholders. I Squared Capital, an infrastructure investor with over $30 billion in assets under management, partnered with Chart, a global manufacturer of liquefaction and cryogenic equipment. HTEC's leadership, including President and CEO Colin Armstrong, highlighted the investment as validation of the company's people, products, and technology in the hydrogen sector. I Squared Capital's Partner Thomas Lefebvre noted excitement about partnering with HTEC and Chart in the vital energy transition sector. The majority of HTEC's directors remain independent, and the company stays headquartered in British Columbia.
Dec 2020Strategic investmentChart Industries (lead)$16M$97MHTEC Hydrogen Technology & Energy Corporation designs, builds, and operates hydrogen fuel supply solutions to support hydrogen fuel cell electric vehicles, partnering with governments, industrial gas companies, automotive firms like Shell, 7-Eleven, Toyota, and Hyundai, and energy companies to deliver sustainable hydrogen. On December 15, 2020, Chart Industries completed a CAD$20 million strategic investment in HTEC, acquiring 15% ownership, alongside a binding commercial Memorandum of Understanding (MOU) for collaboration on hydrogen projects, equipment supply, and market expansion, particularly in Canada. The investment strengthens HTEC's capacity to meet demand for hydrogen production, distribution, and fueling stations, enabling expansion into new markets using Chart's liquefaction and cryogenic equipment expertise. HTEC had experienced unprecedented growth in team size and delivery capacity prior to the investment, positioning it to accelerate hydrogen solutions with Chart's backing.

Who has invested in HTEC Hydrogen Technology & Energy?

2 investors have backed HTEC Hydrogen Technology & Energy across its funding rounds, including Chart Industries and I Squared Capital.

Lead investors include I Squared Capital and Chart Industries.


HTEC Hydrogen Technology & Energy Investors

Investors in HTEC Hydrogen Technology & Energy by funding rounds participated
InvestorHQRoundsRoleFirst check

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HTEC Hydrogen Technology & Energy Competitors

HTEC Hydrogen Technology & Energy competitors include listed companies like Kalyon Güneş Teknolojileri, Cloud Live Technology, JinkoSolar and West Holdings, and private ones like Qvantum and Viridi Parente.

Public and private companies comparable to HTEC Hydrogen Technology & Energy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
QvantumSwedenMalmöPrivate--$347M-
Kalyon Güneş TeknolojileriTurkeyTurkeyPublicly listed--$496M-
Cloud Live TechnologyChinaChinaPublicly listed$50M($11M)$281M-
JinkoSolarChinaChinaPublicly listed$9.8B($44M)$564M0.6x
West HoldingsJapanJapanPublicly listed$304M$74M$571M2.7x
Viridi ParenteUnited StatesBuffalo, NYPrivate--$700M-

HTEC Hydrogen Technology & Energy Public Comps

HTEC Hydrogen Technology & Energy is still privately-owned, but its public comps include Akastor, Gevo, Nel, Lydia Yeşil Enerji, Ashtead Technology, Energiekontor, Aydem Yenilenebilir Enerji, Cosel, IC Enterra and Sterling and Wilson.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Akastor$42M($24M)8.1x8.0x(13.8x)21.4x
Gevo$161M$7M3.2x2.7x71.7x10.7x
Nel$103M($115M)2.7x3.1x(2.4x)(7.5x)
Lydia Yeşil Enerji$1M-367.9x---
Ashtead Technology$273M$107M1.9x1.9x4.9x5.1x
Energiekontor$193M$99M3.5x2.7x6.8x8.0x
Aydem Yenilenebilir Enerji$265M$75M3.1x2.2x11.0x5.7x
Cosel$161M($13M)1.0x0.9x(11.9x)15.7x

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Common questions about HTEC Hydrogen Technology & Energy

When was HTEC Hydrogen Technology & Energy founded?HTEC Hydrogen Technology & Energy was founded in 2004.
Where is HTEC Hydrogen Technology & Energy headquartered?HTEC Hydrogen Technology & Energy is headquartered in Vancouver, Canada.
Is HTEC Hydrogen Technology & Energy publicly listed?No, HTEC Hydrogen Technology & Energy is a private, VC-backed company.
What is HTEC Hydrogen Technology & Energy's valuation?HTEC Hydrogen Technology & Energy was last valued at $386M in its undisclosed-stage round in September 2021.
How much funding has HTEC Hydrogen Technology & Energy raised?HTEC Hydrogen Technology & Energy has raised $187M across 2 funding rounds.
What was HTEC Hydrogen Technology & Energy's last funding round?HTEC Hydrogen Technology & Energy's last funding round was a $171M undisclosed-stage round in September 2021, led by I Squared Capital.
Who are HTEC Hydrogen Technology & Energy's investors?HTEC Hydrogen Technology & Energy's investors include Chart Industries and I Squared Capital.
Which companies are comparable to HTEC Hydrogen Technology & Energy?Companies comparable to HTEC Hydrogen Technology & Energy include Qvantum, Kalyon Güneş Teknolojileri, Cloud Live Technology, JinkoSolar, West Holdings and Viridi Parente.

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