Hexagon Purus acquires stake in cryogenic hydrogen storage technology company, adding future complementary capabilities to its portfolio

Hexagon Purus acquires stake in cryogenic hydrogen storage technology company, adding future complementary capabilities to its portfolio

Hexagon Purus ASA

(Oslo, 21 April 2022) Hexagon Purus, a globe main provider of zero emission mobility solutions, has entered into an arrangement to acquire 40% of Cryoshelter GmbH’s (“Cryoshelter”) liquid hydrogen enterprise. The transaction is in conjunction with Hexagon Composites’ acquisition of a 40% stake in Cryoshelter’s liquid pure gas (LNG) small business.

Cryoshelter’s liquid hydrogen tank engineering is in the early phase of development and builds on exceptional and differentiated LNG engineering that provides a lot more gasoline capacity and increased maintain occasions (a critical necessity for cryogenic storage) than competing offerings. The transaction brings early-stage know-how in liquid hydrogen tank know-how for zero emission mobility applications and could potentially final result in a future complementary giving to Hexagon Purus’ sector main compressed hydrogen cylinder engineering.

Important terms and composition of the transaction

  • Original expenditure of EUR 3.5 million for 40% of the shares in Cryoshelter’s liquid hydrogen business.

  • The transaction contemplates a break up of Cryoshelter into individual legal entities for the liquid hydrogen and liquid all-natural (renewable) gas companies, enabling Hexagon Purus’ direct investment in early-phase liquid hydrogen tank know-how.

  • The separation of Cryoshelter’s liquid hydrogen and liquid normal gasoline enterprises acknowledges the various phases of sector and solution growth – there is an recognized current market for liquid all-natural fuel mobility options and Cryoshelter’s engineering is previously at a pre-commercial phase, although the current market and items for liquid hydrogen storage are in the early phase of growth with for a longer time runway to commercialization.

  • Synergies involving the separated business enterprise entities are envisioned to be maintained in key useful areas, sharing assets where by probable.

  • Hexagon Purus and Cryoshelter will even more acquire the technological innovation and organization more than the subsequent few yrs.

  • Hexagon Purus has solutions to get remaining passions in Cryoshelter above the following 5 -10 years.

  • Closing of the transaction is anticipated to acquire put in the 3rd quarter of 2022, issue to fulfilment of selected closing problems and customary regulatory approvals.

See Hexagon Composites announcement on 21 April 2022 for far more details on their acquisition of Cryoshelter’s liquid pure fuel tank technology business.

About Cryoshelter

  • Cryoshelter is a cryogenic storage technology enterprise launched in 2008 in Austria by Dr. Matthias Rebernik (presently retains roughly 80% of the shares in the Enterprise) whose PhD thesis was portion of the LH2-tank undertaking for the BMW Hydrogen 7.

  • The Enterprise has created and secured patented know-how for major-duty vehicles and buses applying liquid storage options for organic fuel and hydrogen dependent on the exact technology platform.

  • Employing proprietary models, Cryoshelter’s commercialized liquid purely natural gas tanks allow for for utmost utilization of frame rail room to give business major performance (e.g., 20-50% improved gas storage and 2-4x improved hold time vs . rivals)

  • The enterprise is headquartered in Graz, Austria

Long term probable complementary giving to existing portfolio

The transaction signifies an eye-catching financial investment for Hexagon Purus and confirms the continuous emphasis to develop and guidance potential likely complementary hydrogen storage technology solutions enabling zero emission mobility. Combining compressed and liquid hydrogen storage capabilities will even further broaden and reinforce Hexagon Purus’ position as a primary company of zero emission mobility technologies and alternatives.

“We continue being robust believers in our marketplace main compressed hydrogen cylinder technological innovation and that it will go on to play a crucial purpose in decarbonizing the world wide mobility sector”, suggests Morten Holum, CEO of Hexagon Purus. “The financial investment into Cryoshelter’s early phase liquid hydrogen tank technological innovation can potentially bolster and enhance our upcoming hydrogen capabilities to push zero emission mobility”.

“We are quite proud to team up with Hexagon Purus to establish industry top know-how for storage of liquid hydrogen,”, suggests Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Liquid hydrogen is at present in a really early stage and Hexagon Purus’ expense into our business is a validation of our technology”.

About the market

Hydrogen is collecting potent momentum as a critical strength changeover pillar towards zero emission, and is underpinned by a world-wide shift of regulators, investors, and individuals significantly centered on decarbonization. It has turn into distinct that hydrogen will enjoy a important part in decarbonizing “hard to abate” sectors.

Liquid hydrogen storage technological innovation can offer you increased power density in comparison to compressed hydrogen storage, and in place and/or payload-constrained applications, these as sure heavy-responsibility trucking apps, transport, commercial aviation and aerospace, it could be a powerful long run option.

For additional details:

Mathias Meidell, Trader Relations Director, Hexagon Purus
Telephone: +47 909 82 242 | [email protected]

Karen Romer, SVP Communications, Hexagon Composites
Phone: +47 950 74 950 | [email protected]

About Hexagon Purus

Hexagon Purus, a Hexagon Composites corporation, permits zero emission mobility for a cleaner power potential. Hexagon Purus is a world primary supplier of hydrogen Style 4 substantial-tension cylinders, comprehensive auto systems and battery packs for gasoline cell electrical and battery electric vehicles (FCEV and BEV) including hybrid mobility apps on light-weight, medium and major-obligation automobiles, transit buses, floor storage, distribution, maritime, rail, and aerospace purposes.

Discover extra at www.hexagonpurus.com and observe @HexagonPurus on Twitter and LinkedIn.