April 21, 2022: Hexagon Composites, a environment leading designer and maker of cleanse gasoline remedies for industrial automobiles, signed an agreement to acquire a 40% stake in Cryoshelter GmbH, an Austria based mostly business specialized in the improvement of cryogenic tank technologies for liquid (renewable) all-natural gas (LNG) and liquid hydrogen (LH2).
The Hexagon Group right now supplies compressed all-natural gas (CNG), which includes renewable normal gas (RNG), compressed hydrogen and battery-electrical devices as element of its portfolio of thoroughly clean gasoline methods. Liquid storage of renewable pure gas (LNG) and hydrogen (LH2) will add a new dimension to its present providing, complementing its portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively.
“Cryoshelter has a likely disruptive technology with aggressive edge as opposed to existing technology solutions in the market place. Our purpose is to help the commercialization and industrialization of this technology,” claims Jon Erik Engeset, CEO of Hexagon Composites. “The addition of Cryoshelter’s know-how extends our products portfolio to incorporate major liquid gasoline options. This will more reinforce our attempts to drive decarbonization in the weighty-duty transportation sector, assistance Europe and other critical geographies in securing power independence and strengthen our position as a international chief in thoroughly clean strength alternatives.”
“Our persons possess considerable training, information and encounter in the engineering and layout of cryogenic tanks. We are fired up to staff up with Hexagon as they convey industrial abilities, a worldwide existence and customer possible to escalate the scale up of our operations,” claims Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Hexagon’s financial investment into our firm is evidence of self-assurance in our technologies.”
Info on transaction
Hexagon Composites ASA will make an preliminary investment of EUR 2.5 million to get 40% of Cryoshelter’s liquid (renewable) organic gas (LNG) company, with options to buy remaining interests about the up coming 3-10 several years. Alongside one another with Cryoshelter, Hexagon will more create the technology and scale up the business enterprise over the coming years.
Hexagon Purus ASA (owned 73.3% by Hexagon Composites) will make an original investment decision of EUR 3.5 million to receive 40% of Cryoshelter’s liquid hydrogen (LH2) company, with choices to purchase remaining passions around the up coming 5-10 several years. Alongside one another with Cryoshelter, Hexagon Purus will more develop the technological innovation and business more than the coming a long time. (Reference Hexagon Purus announcement, April 21, 2022).
The separation of Cryoshelter’s liquid (renewable) pure fuel and liquid hydrogen organizations acknowledges the different phases of current market and merchandise growth. There is an established sector for liquid normal gasoline mobility solutions and Cryoshelter’s technological innovation is presently at a pre-business phase, while the current market and goods for liquid hydrogen storage are in the early stage of advancement with for a longer time timeframe to commercialization.
Closing of the Transaction is expected to consider spot by the third quarter of 2022, subject matter to fulfilment of specified closing ailments and customary regulatory approvals.
Decarbonization will involve compressed and cryogenic remedies
In contrast with North The us, where by compressed (renewable) purely natural gasoline (RNG/CNG) is the main purely natural gas technologies for prolonged-haul trucking, LNG has emerged as the top normal fuel choice in Europe because of to a major infrastructure community, favorable cost situation and most popular truck configuration. Above the final calendar year, the variety of new LNG truck registrations and filling stations have elevated appreciably, and greater growth is expected around the following ten years as fleet operators are opting for conveniently available, value aggressive fuels with immediate emission saving probable this kind of as biomethane (RNG).
Supported by European laws, it is envisioned that renewable purely natural fuel, alongside battery-electric powered and fuel mobile-electric powered systems will participate in a crucial position in the efforts to decarbonize the business transportation sector in Europe.
For more details:
Karen Romer, SVP Communications, Hexagon Composites
Phone: +47 950 74 950 | [email protected]
Ingrid Aarsnes, VP Trader Relations and ESG, Hexagon Composites
Telephone: +47 950 38 364 | [email protected]
About Cryoshelter GmbH
Cryoshelter is an sophisticated liquid organic gasoline tank technology enterprise founded in 2008 in Austria. The firm has created and secured patented know-how for weighty duty vans and buses making use of cryogenic storage solutions for liquid natural fuel and liquid hydrogen fuel centered on exact same technology platform. Cryoshelter’s commercialized liquid natural fuel tanks permit for maximum utilization of area to give industry foremost effectiveness. The enterprise is headquartered in Graz, Austria. Find out a lot more at www.cryoshelter.com
About Hexagon Composites ASA
Hexagon provides risk-free and progressive answers for a cleaner electrical power long term. Hexagon’s remedies enable storage, transportation and conversion to cleanse electrical power in a vast range of mobility, industrial and shopper purposes. Master a lot more at www.hexagongroup.com and abide by @HexagonASA on Twitter and LinkedIn.