Can Chart Take the Wheel on Hydrogen Fueling?

Chart eyes majority stake in HTEC to lead U.S. hydrogen station rollout.

9 May 2025

Chart Industries is steering toward a commanding role in the future of hydrogen fueling. In April, the company secured an option to acquire up to 85 percent of investor BDT & MSD’s stake in HTEC, which would boost Chart’s own 25 percent holding and potentially give it majority control.

The move isn’t a sudden takeover; it’s a phased acquisition plan. But it marks a clear shift in Chart’s ambitions: from component supplier to full-service hydrogen fueling provider. Rather than just selling parts, Chart now wants to control the full chain, from manufacturing equipment to running the fueling stations themselves.

That’s where HTEC comes in. The Canadian company specializes in hydrogen compression and dispensing, a critical piece of clean fuel infrastructure, especially for trucks and public transit. Teaming up gives Chart not just new tech, but deeper operational know-how and a faster route to market.

“Chart is stepping up from the background to become a major force in how hydrogen reaches the road,” said one energy analyst. “This deal is about control, efficiency, and delivering what the market needs, seamless, dependable fueling.”

The timing is strategic. As the U.S. ramps up clean energy mandates and pours federal funding into hydrogen corridors, the need for reliable fueling stations is growing fast. Chart’s partnership with HTEC could help cut through delays that have slowed progress for years.

Still, not everyone’s cheering. Critics worry that deeper consolidation could edge out smaller players and choke off innovation. Some are calling for tighter oversight to make sure the network remains open and competitive.

But the potential upside is hard to ignore. Chart brings scale and supply chain muscle. HTEC brings proven field experience. Together, they could accelerate the rollout of hydrogen fuel across more highways, more regions, and more fleets.

The goal is nothing less than a new model for clean energy delivery. And with this deal in motion, Chart is clearly ready to take the driver’s seat.