Hexagon to acquire stake in an advanced liquid gas storage technology company, enhancing its portfolio of clean fuel solutions

Hexagon to acquire stake in an advanced liquid gas storage technology company, enhancing its portfolio of clean fuel solutions

Hexagon Composites ASA

April 21, 2022: Hexagon Composites, a earth main designer and maker of cleanse gas alternatives for professional cars, signed an settlement to acquire a 40% stake in Cryoshelter GmbH, an Austria primarily based firm specialised in the enhancement of cryogenic tank technology for liquid (renewable) organic gasoline (LNG) and liquid hydrogen (LH2).

The Hexagon Group right now provides compressed purely natural fuel (CNG), together with renewable all-natural gasoline (RNG), compressed hydrogen and battery-electric powered methods as section of its portfolio of cleanse gasoline remedies. Liquid storage of renewable pure gas (LNG) and hydrogen (LH2) will insert a new dimension to its present offering, complementing its portfolio and unlocking new possibilities for Hexagon Agility and Hexagon Purus, respectively.

“Cryoshelter has a perhaps disruptive engineering with competitive edge when compared to existing engineering alternate options in the industry. Our objective is to help the commercialization and industrialization of this technology,” states Jon Erik Engeset, CEO of Hexagon Composites. “The addition of Cryoshelter’s technological innovation extends our products portfolio to incorporate top liquid gasoline solutions. This will more strengthen our attempts to push decarbonization in the large-responsibility transportation sector, aid Europe and other critical geographies in securing vitality independence and strengthen our placement as a international leader in clean up electrical power methods.”

“Our folks possess comprehensive education and learning, awareness and expertise in the engineering and style of cryogenic tanks. We are fired up to crew up with Hexagon as they bring industrial expertise, a world wide presence and purchaser probable to escalate the scale up of our functions,” claims Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Hexagon’s expense into our corporation is proof of self-confidence in our technologies.”

Info on transaction

Hexagon Composites ASA will make an original financial investment of EUR 2.5 million to get 40% of Cryoshelter’s liquid (renewable) pure gasoline (LNG) business enterprise, with possibilities to obtain remaining interests in excess of the future 3-10 many years. Collectively with Cryoshelter, Hexagon will even more establish the technologies and scale up the enterprise about the coming several years.

Hexagon Purus ASA (owned 73.3% by Hexagon Composites) will make an initial expenditure of EUR 3.5 million to get 40% of Cryoshelter’s liquid hydrogen (LH2) enterprise, with solutions to invest in remaining passions over the next 5-10 many years. Alongside one another with Cryoshelter, Hexagon Purus will additional develop the technological innovation and small business above the coming decades. (Reference Hexagon Purus announcement, April 21, 2022).

The separation of Cryoshelter’s liquid (renewable) natural fuel and liquid hydrogen businesses recognizes the unique phases of marketplace and product or service progress. There is an recognized industry for liquid pure gasoline mobility methods and Cryoshelter’s engineering is by now at a pre-commercial stage, whilst the marketplace and merchandise for liquid hydrogen storage are in the early phase of enhancement with for a longer time timeframe to commercialization.

Closing of the Transaction is envisioned to acquire place by the 3rd quarter of 2022, matter to fulfilment of particular closing problems and customary regulatory approvals.

Decarbonization will require compressed and cryogenic solutions

In distinction with North The united states, exactly where compressed (renewable) pure gasoline (RNG/CNG) is the principal purely natural gas technologies for lengthy-haul trucking, LNG has emerged as the major organic gas alternative in Europe due to a substantial infrastructure network, favorable price tag place and desired truck configuration. In excess of the very last yr, the variety of new LNG truck registrations and filling stations have improved substantially, and greater growth is predicted in excess of the future decade as fleet operators are opting for quickly out there, value competitive fuels with immediate emission saving possible these types of as biomethane (RNG).

Supported by European legislation, it is envisioned that renewable pure gas, alongside battery-electric and fuel cell-electrical technologies will enjoy a crucial part in the initiatives to decarbonize the commercial transportation sector in Europe.

For additional information and facts:

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

Ingrid Aarsnes, VP Investor Relations and ESG, Hexagon Composites
Telephone: +47 950 38 364 | [email protected]

About Cryoshelter GmbH

Cryoshelter is an highly developed liquid organic gas tank technological innovation enterprise started in 2008 in Austria. The firm has produced and secured patented technologies for heavy obligation vans and buses using cryogenic storage methods for liquid all-natural gasoline and liquid hydrogen gasoline centered on identical technological innovation platform. Cryoshelter’s commercialized liquid purely natural fuel tanks allow for utmost utilization of house to give sector primary effectiveness. The company is headquartered in Graz, Austria. Learn extra at www.cryoshelter.com

About Hexagon Composites ASA

Hexagon delivers safe and progressive methods for a cleaner energy long term. Hexagon’s options help storage, transportation and conversion to clean up electrical power in a broad vary of mobility, industrial and consumer applications. Master extra at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.