HTEC has purchased a 21.37-acre tract of industrial land in North Vancouver to develop a hydrogen liquefaction plant as part of the company’s H2 Gateway project.

The deal, which has closed, is the largest industrial land transaction in North Vancouver’s history, said Avison Young, which represented HTEC.

North Vancouver-based HTEC purchased the 100 Forester Street site from ERCO Worldwide for an undisclosed amount. Under the terms of the agreement, ERCO will lease back a portion of the property on a long-term basis for its manufacturing operations, which include generating by-product hydrogen gas through electrolysis.

CBRE represented Mississauga, Ont.-based ERCO.

“This transaction marks a significant milestone in our mission to deliver clean hydrogen transportation fuel to B.C. and the broader Pacific Northwest region,” said Colin Armstrong, HTEC’s president and CEO, in a news release. “We extend our sincere gratitude to Avison Young, CBRE, and the advisory teams for their unwavering support in making this project a reality.”

HTEC’s acquisition is tied to a $337-million investment that the hydrogen production and distribution company received from Canada Infrastructure Bank. The investment, in the form of a loan, will finance the development of the liquefaction plant on the acquired property and three new hydrogen production facilities in the B.C. communities of Burnaby, Nanaimo and Prince George.

The CIB funds will also finance the construction of up to 20 refuelling stations in B.C. and Alberta, more than doubling the number of hydrogen refuelling stations now in place in Canada. Fourteen of the 20 stations will be able to refuel 300 heavy-duty vehicles per day.

All of the projects are being developed as part of HTEC’s H2 Gateway, a hydrogen fuel supply-chain network. The estimated $900-million H2 investment program is dedicated to the development of hydrogen transportation ecosystems that drive adoption of the fuel in targeted regional hubs.

Ryan Kerr and Ian Whitchelo, Avison Young principals based in Vancouver, and Amir Pourmina, a senior financial analyst with the firm on the West Coast, were the exclusive advisors and agents for HTEC.

CBRE’s Chris MacCauley and Travis Blanleil fulfilled the same roles exclusively for ERCO.

Pictured: Future HTEC hydrogen liquefaction plant on newly acquired land in North Vancouver, B.C.

Image: CNW Group/Canada Infrastructure Bank