(Oslo, 21 April 2022) Hexagon Purus, a globe primary provider of zero emission mobility remedies, has entered into an agreement to receive 40% of Cryoshelter GmbH’s (“Cryoshelter”) liquid hydrogen small business. The transaction is in conjunction with Hexagon Composites’ acquisition of a 40% stake in Cryoshelter’s liquid natural gas (LNG) enterprise.
Cryoshelter’s liquid hydrogen tank engineering is in the early phase of development and builds on excellent and differentiated LNG technological know-how that gives more fuel potential and higher maintain instances (a vital necessity for cryogenic storage) than competing offerings. The transaction provides early-phase knowledge in liquid hydrogen tank know-how for zero emission mobility purposes and could likely outcome in a long term complementary featuring to Hexagon Purus’ industry top compressed hydrogen cylinder technologies.
Important phrases and structure of the transaction
Original expense of EUR 3.5 million for 40% of the shares in Cryoshelter’s liquid hydrogen enterprise.
The transaction contemplates a split of Cryoshelter into individual authorized entities for the liquid hydrogen and liquid normal (renewable) fuel companies, enabling Hexagon Purus’ immediate financial investment in early-phase liquid hydrogen tank know-how.
The separation of Cryoshelter’s liquid hydrogen and liquid all-natural gasoline corporations recognizes the distinctive phases of market and product advancement – there is an established market place for liquid normal fuel mobility alternatives and Cryoshelter’s technological innovation is presently at a pre-commercial stage, whilst the sector and goods for liquid hydrogen storage are in the early phase of advancement with more time runway to commercialization.
Synergies between the separated small business entities are expected to be taken care of in important functional regions, sharing means in which achievable.
Hexagon Purus and Cryoshelter will additional develop the technological innovation and business enterprise over the future several a long time.
Hexagon Purus has choices to buy remaining passions in Cryoshelter above the upcoming 5 -10 a long time.
Closing of the transaction is expected to choose area in the third quarter of 2022, topic to fulfilment of particular closing circumstances and customary regulatory approvals.
See Hexagon Composites announcement on 21 April 2022 for much more particulars on their acquisition of Cryoshelter’s liquid normal gas tank technology organization.
Cryoshelter is a cryogenic storage technologies firm launched in 2008 in Austria by Dr. Matthias Rebernik (at the moment retains around 80% of the shares in the Company) whose PhD thesis was section of the LH2-tank job for the BMW Hydrogen 7.
The Organization has created and secured patented technology for hefty-responsibility vehicles and buses employing liquid storage methods for all-natural fuel and hydrogen dependent on the exact same technological know-how system.
Applying proprietary types, Cryoshelter’s commercialized liquid natural gas tanks allow for highest utilization of body rail house to give market top overall performance (e.g., 20-50% superior gas storage and 2-4x improved maintain time as opposed to competitors)
The business is headquartered in Graz, Austria
Future prospective complementary presenting to existing portfolio
The transaction signifies an interesting financial investment for Hexagon Purus and confirms the continuous concentrate to acquire and help upcoming opportunity complementary hydrogen storage know-how alternatives enabling zero emission mobility. Combining compressed and liquid hydrogen storage abilities will further broaden and bolster Hexagon Purus’ posture as a top service provider of zero emission mobility technologies and options.
“We continue to be robust believers in our industry major compressed hydrogen cylinder technological know-how and that it will keep on to play a vital role in decarbonizing the international mobility sector”, states Morten Holum, CEO of Hexagon Purus. “The investment decision into Cryoshelter’s early stage liquid hydrogen tank technologies can perhaps reinforce and complement our future hydrogen abilities to push zero emission mobility”.
“We are quite proud to team up with Hexagon Purus to establish current market leading engineering for storage of liquid hydrogen,”, states Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Liquid hydrogen is currently in a quite early phase and Hexagon Purus’ expense into our company is a validation of our technology”.
About the market
Hydrogen is gathering solid momentum as a key power changeover pillar in direction of zero emission, and is underpinned by a world-wide change of regulators, investors, and customers significantly concentrated on decarbonization. It has become very clear that hydrogen will participate in a critical purpose in decarbonizing “hard to abate” sectors.
Liquid hydrogen storage technologies can offer you bigger strength density in contrast to compressed hydrogen storage, and in house and/or payload-constrained purposes, these as certain large-duty trucking apps, transport, business aviation and aerospace, it could be a persuasive long run substitute.
For additional information and facts:
Mathias Meidell, Trader Relations Director, Hexagon Purus
Telephone: +47 909 82 242 | [email protected]
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | [email protected]
About Hexagon Purus
Hexagon Purus, a Hexagon Composites enterprise, allows zero emission mobility for a cleaner power future. Hexagon Purus is a entire world major service provider of hydrogen Form 4 high-pressure cylinders, finish auto techniques and battery packs for gasoline mobile electrical and battery electric powered automobiles (FCEV and BEV) such as hybrid mobility apps on light-weight, medium and heavy-obligation autos, transit buses, ground storage, distribution, marine, rail, and aerospace applications.
Discover more at www.hexagonpurus.com and adhere to @HexagonPurus on Twitter and LinkedIn.