Pulsar Helium Accepts Baker Hughes Unit's $85.5 Million Equipment Proposal for Minnesota Rare Gas Hub

GlobeNewswire··US·Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Pulsar Helium Inc. has signed and accepted a firm proposal from Chart Energy & Chemicals, a wholly-owned subsidiary of Baker Hughes, to supply equipment for its proposed Rare Gas Hub in Minnesota at an aggregate value of $85.5 million, paid in stages on achievement of applicable milestones before taxes, duties, shipping and commissioning. The proposal covers a helium purification and liquefaction plant with capacity of 861 liters per hour, equivalent to approximately 7.5 million liters of liquid helium annually at continuous nameplate operation, and a CO2 plant with 300-tonne-per-day capture capacity, with CO2 storage and loading to be addressed separately. An upfront payment of US$5.025 million is payable on signing and TSX Venture Exchange approval, satisfied from existing cash resources, followed by a US$8.55 million Milestone 2 payment scheduled for January 31, 2027, which would authorize Chart to begin procuring long-lead items; if unpaid by that date the project automatically enters a suspension period of up to 180 days. Pulsar, which reports cash resources of US$25.2 million, said it continues to advance financing alternatives for the remaining payments and wider development costs, and is separately progressing discussions on a prospective plant site in Lake County, Minnesota. CEO Thomas Abraham-James called the signing a major milestone, noting the planned plant's nameplate capacity of approximately 7.5 million litres of liquid helium and over 100,000 tons of liquid CO2 annually.

Impact on assets 3

Energy Transition & Power Demand▲ · 2 stocks
Pulsar Helium Inc.
PLSR
▲ PositiveCapitalrelevance

Pulsar accepts the $85.5M equipment proposal, advancing its Minnesota Rare Gas Hub development with staged milestone payments.

Baker Hughes Co
BKR
▲ PositiveDemandrelevance

Baker Hughes subsidiary Chart Energy & Chemicals wins an $85.5M equipment supply proposal for Pulsar's helium/CO2 plant.

Critical Materials & Supply Chain▲ · 1 stocks

Off-coverage companies 1

Chart Energy & ChemicalsPrivate▲ Positive
Demandrelevance

Chart Energy & Chemicals, a Baker Hughes unit, is the named equipment supplier receiving the $85.5M firm proposal.

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