Pulsar Helium Signs and Accepts Chart Industries Firm Proposal for Commercial-Scale Helium Liquefaction Plant
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR TO BE TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO. 596/2014 ON MARKET ABUSE, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AND REGULATION (EU) NO. 596/2014 ON MARKET ABUSE.
LONDON, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Pulsar Helium Inc. (AIM: PLSR) (TSXV: PLSR) (OTCQB: PSRHF) (“Pulsar” or the “Company”), a primary helium company, is pleased to announce that, further to its announcements dated June 30, 2026 and August 3, 2026, it has signed, through its wholly-owned subsidiary, Pulsar Helium MN Inc., and accepted a proposal (the “Proposal”) from Chart Energy & Chemicals, Inc. (“Chart”), a wholly-owned subsidiary of Baker Hughes Company (“Baker Hughes”), which operates as dedicated segment of Baker Hughes following the July 2026 acquisition of Chart Industries, Inc. The Proposal represents the agreement contemplated in the Company’s August 3, 2026, announcement and establishes a staged framework for the supply of equipment for Pulsar’s proposed Rare Gas Hub in Minnesota for an aggregate value of $85.5 million paid in stages on achievement of applicable milestones under the Proposal before applicable taxes, duties, shipping, commissioning and other items or adjustments not included in the Proposal.
Summary
- Pulsar has signed Baker Hughes’ firm Proposal to supply the equipment for:
- A helium purification and liquefaction plant (and related equipment package) with helium liquification capacity of 861 liters per hour, equivalent to approximately 7.5 million liters of liquid helium annually at continuous nameplate operation (the “Helium Plant”)
- A CO2 plant with 300-tonne-per-day CO2 capture capacity (CO2 storage and loading equipment to be addressed separately) (the “CO2 Plant”)
- An upfront payment of US$5.025 million is payable upon signing and approval of TSX Venture Exchange (“TSXV”) which shall be satisfied from existing cash resources, and the next stage payment of US$8.55 million is scheduled for January 31, 2027, subject to further funding. See ‘Commercial Framework’ below for further details on the payment schedule.
Thomas Abraham-James, Director and CEO of Pulsar, commented: “Signing and accepting Baker Hughes’ Proposal is a major milestone for Pulsar and an important step in advancing our proposed Rare Gas Hub. The planned Plant has a nameplate capacity of approximately 7.5 million litres of liquid helium and over 100,000 tons of liquid CO2 annually, supporting our strategy to develop an industrial scale rare-gas processing infrastructure in Minnesota.”
Equipment Scope and Capacity
The Proposal outlines the supply of equipment for the Helium Plant and CO2 Plant. Certain additional components relating to the CO2 Plant, including CO2 storage and loading and site-support services, are outside the current equipment-supply scope and will be addressed separately.
At stated nameplate capacity, the helium system would produce approximately 7.5 million liters of liquid helium annually before operating allowances, equivalent to approximately 200 million standard cubic feet of gaseous helium per year.
Equipment manufacture is scheduled to take place over an approximate two-year period following receipt of the Milestone 2 payment. Certain equipment included in the Proposal and relating specifically to the helium liquefaction system has already been manufactured.
Proposed Lake County Site
Separately, the Company is progressing discussions regarding a prospective Plant site in Lake County, Minnesota. Any acquisition, lease or other arrangement for the site remains subject to definitive documentation, satisfactory due diligence, confirmation of site and utility suitability, and applicable permits and approvals. The Company will provide further information if and when definitive documentation is executed.
Commercial Framework
The Proposal sets an aggregate equipment-supply price of US$85.5 million, for the Helium Plant and CO2 Plant. The equipment-supply price does not represent the total installed cost of the Plant and excludes taxes, duties and tariffs, installation and commissioning, site infrastructure and interconnections, and certain other owner and third-party costs.
The First Payment totaling US$5,025,000 is payable upon signing and approval of TSXV, inclusive of an amount of US $750,000 payable under the existing Limited Notice To Proceed (“LNTP”). All LNTP amounts (totalling US$1,000,000, including the US$250,000 deposit previously paid) will be credited dollar-for-dollar against applicable price and milestone payments under the Proposal. The Company currently has cash resources of US$25.2 million. The Proposal remains subject to approval of TSXV. Payment of Milestone 2 of US$8.55 million, is scheduled for January 31, 2027. Payment of Milestone 2 will authorize Chart to commence procurement of long-lead items. If Milestone 2 is not paid by that date, the project will automatically enter a suspension period of up to 180 days, during which the reserved helium liquefaction equipment will remain protected in accordance with the Proposal. During the suspension period, Pulsar will have no obligation to pay Milestone 2, and no cancellation charge will arise solely from the suspension. At the end of the suspension period, the parties will seek to agree whether to proceed, amend the commercial arrangements or terminate the project.
The Company continues to advance financing alternatives for the remaining payments under the Proposal and the wider development costs of the Plant and intends to update shareholders as material arrangements are confirmed.
The remaining milestones are tied to defined engineering, procurement, manufacture and delivery-readiness activities. They include issuance of piping and instrumentation diagrams (“P&IDs“) for hazard and operability study review; placement of orders for the pre-treatment and column major materials; issuance of P&IDs for manufacturing; confirmation that all major equipment is ready for shipment; and Chart’s submission of final documentation. Payments are scheduled against achievement of these milestones in accordance with the agreed project timetable, and combined comprise the full US$85.5 million contract value.
Cancellation Provisions
If Pulsar elects to terminate the Proposal for convenience, cancellation payments would be determined by the stage of work completed, ranging from 0% at project award to a maximum of 70% of the total contract value following Chart’s delivery of final project documentation. No cancellation payment would arise in respect of a milestone unless the associated milestone payment had become due and been paid by Pulsar.
Remaining Project Work
Development of the Plant remains subject to, among other matters, financing, payment of the applicable milestones under the Proposal, detailed engineering and EPC work, verification and testing of the equipment, definitive site arrangements, site development, receipt of required permits and regulatory approvals, installation and successful commissioning.
On behalf of Pulsar Helium Inc.
“Thomas Abraham-James”
CEO and Director
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (218) 203-5301 (USA/Canada)
+44 (0)2033 55 9889 (United Kingdom)
https://pulsarhelium.com
https://ca.linkedin.com/company/pulsar-helium-inc.
Strand Hanson Limited
(Nominated & Financial Adviser, and Broker)
Ritchie Balmer / Rob Patrick
+44 (0) 207 409 3494
Velocity Public Affairs
(Public Relations)
Stephanie Moncada / Mike Zipko
+ 1 (218) 203-5301
pulsarhelium@velocitypublicrelations.com
Yellow Jersey PR Limited
(Financial Public Relations)
Charles Goodwin / Annabelle Wills
+44 777 5194 357
pulsarhelium@yellowjerseypr.com
About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly traded company quoted on the AIM market of the London Stock Exchange (United Kingdom) and listed on the TSX Venture Exchange with the ticker PLSR (Canada), as well as on the OTCQB with the ticker PSRHF (United States of America). Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, the Falcon project in Michigan (both in the USA), and the Tunu helium project in Greenland. Pulsar is the first mover in these locations with primary helium occurrences not associated with the production of hydrocarbons identified at both Topaz and Tunu.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements. Forward-looking statements herein include, but are not limited to, statements relating to the Company’s proposed Rare Gas Hub and the Plant, including the proposed operation, capacity, production, performance and commissioning of the same; the Company’s ability to make the applicable milestone payments under the Proposal and the timing and performance of the work contemplated by the Proposal; the receipt of TSXV approval of the Proposal and the satisfaction of the upfront payment from existing cash resources; the stated design capacity of the Helium Plant of 861 liters per hour and the equivalent annual production of approximately 7.5 million liters of liquid helium, or approximately 200 million standard cubic feet of gaseous helium, at continuous nameplate operation; the stated capture capacity of the CO2 Plant of 300 tonnes per day and the anticipated annual production of over 100,000 tons of liquid CO2; the commencement of procurement of long-lead items following payment of Milestone 2; the Company’s intention to advance financing alternatives for the remaining payments under the Proposal and wider development costs of the Plant and to update shareholders as material arrangements are confirmed; the timing of the Milestone 2 payment and subsequent milestone payments; the crediting of the LNTP deposit and LNTP payment against amounts payable under the Proposal; the suspension provisions and their operation; the cancellation provisions and the amount of any cancellation payments; the Company’s discussions regarding a prospective Plant site in Lake County, Minnesota; and the remaining work required to develop the Plant, including detailed engineering and EPC work, site development, permitting, installation and commissioning. Forward-looking statements may involve estimates and are based upon assumptions made by management of the Company, including, but not limited to, the Company's capital cost estimates, management's expectations regarding the availability of capital to fund the Company's future capital and operating requirements; the ability to obtain all requisite regulatory approvals, including TSXV approval of the Proposal; Chart’s ability to deliver the equipment in accordance with the project timetable contemplated by the Proposal; the equipment meeting the stated design specifications and performance targets; and the Company’s ability to secure a suitable Plant site and related infrastructure on acceptable terms.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, that Pulsar may be unable to obtain sufficient financing or make the applicable milestone payments under the Proposal, which could result in the suspension, delay or termination of the project; the risk that, following any suspension period, the parties may not agree to proceed with or amend the commercial arrangements; the risk that cancellation payments may become payable if Pulsar elects to terminate for convenience; the risk that the total installed cost of the Plant, including taxes, duties, tariffs, installation, commissioning, site infrastructure and other costs excluded from the equipment-supply price, may be materially higher than anticipated; the risk that Pulsar may be unsuccessful in negotiating and executing a definitive agreement for the proposed Lake County site or securing the required land rights, electrical service, natural gas service and other infrastructure on acceptable terms; the risk that the equipment to be supplied under the Proposal may not meet the anticipated condition, performance, completion or project-specific requirements; or may not perform as anticipated or at all; the risk that actual lead times may differ materially from those contemplated by the Proposal due to supply chain constraints, manufacturing delays or other factors; the risk that actual production capacity, product purity and recovery rates may differ materially from stated design specifications; the risk that the requisite state rulemaking, environmental review, permitting and implementation steps will not be completed or will be delayed; the risk that TSXV approval may not be obtained on the anticipated timeline or at all; market conditions for helium and CO2 products; and other factors set forth above as well as risk factors included in the Company’s Annual Information Form dated February 3, 2026, for the year ended September 30, 2025, found under Company’s profile on www.sedarplus.ca.
Forward-looking statements contained in this news release are as of the date of this news release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. No assurance can be given that the forward-looking statements herein will prove to be correct and, accordingly, investors should not place undue reliance on forward-looking statements. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
