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

Hexagon Purus ASA

Hexagon Purus ASA

(Oslo, 21 April 2022) Hexagon Purus, a world primary provider of zero emission mobility methods, has entered into an agreement to receive 40% of Cryoshelter GmbH’s (“Cryoshelter”) liquid hydrogen company. The transaction is in conjunction with Hexagon Composites’ acquisition of a 40% stake in Cryoshelter’s liquid all-natural gasoline (LNG) small business.

Cryoshelter’s liquid hydrogen tank technology is in the early phase of development and builds on superior and differentiated LNG technology that provides extra fuel potential and better maintain instances (a significant need for cryogenic storage) than competing offerings. The transaction brings early-stage expertise in liquid hydrogen tank technologies for zero emission mobility applications and could most likely result in a upcoming complementary providing to Hexagon Purus’ current market primary compressed hydrogen cylinder know-how.

Key conditions and framework of the transaction

  • Initial investment decision of EUR 3.5 million for 40% of the shares in Cryoshelter’s liquid hydrogen business enterprise.

  • The transaction contemplates a split of Cryoshelter into separate lawful entities for the liquid hydrogen and liquid all-natural (renewable) gasoline corporations, enabling Hexagon Purus’ immediate investment decision in early-stage liquid hydrogen tank engineering.

  • The separation of Cryoshelter’s liquid hydrogen and liquid normal gas businesses recognizes the unique phases of marketplace and merchandise advancement – there is an founded current market for liquid pure fuel mobility answers and Cryoshelter’s technology is now at a pre-commercial phase, although the current market and products and solutions for liquid hydrogen storage are in the early phase of progress with for a longer period runway to commercialization.

  • Synergies amongst the divided enterprise entities are anticipated to be managed in critical purposeful areas, sharing methods where by possible.

  • Hexagon Purus and Cryoshelter will even more create the engineering and business about the subsequent several a long time.

  • Hexagon Purus has alternatives to invest in remaining passions in Cryoshelter around the future 5 -10 many years.

  • Closing of the transaction is anticipated to consider position in the 3rd quarter of 2022, matter to fulfilment of certain closing situations and customary regulatory approvals.

See Hexagon Composites announcement on 21 April 2022 for much more aspects on their acquisition of Cryoshelter’s liquid normal gasoline tank know-how company.

About Cryoshelter

  • Cryoshelter is a cryogenic storage know-how firm founded in 2008 in Austria by Dr. Matthias Rebernik (now retains approximately 80% of the shares in the Organization) whose PhD thesis was section of the LH2-tank task for the BMW Hydrogen 7.

  • The Company has developed and secured patented technological innovation for weighty-obligation vans and buses making use of liquid storage answers for pure gas and hydrogen based mostly on the exact same technologies platform.

  • Making use of proprietary designs, Cryoshelter’s commercialized liquid organic gas tanks allow for most utilization of frame rail room to give marketplace main functionality (e.g., 20-50% far better gasoline storage and 2-4x enhanced keep time vs . competition)

  • The organization is headquartered in Graz, Austria

Upcoming prospective complementary supplying to present portfolio

The transaction signifies an attractive investment for Hexagon Purus and confirms the continuous target to build and assistance future likely complementary hydrogen storage know-how options enabling zero emission mobility. Combining compressed and liquid hydrogen storage abilities will additional broaden and strengthen Hexagon Purus’ place as a major supplier of zero emission mobility technologies and alternatives.

“We keep on being strong believers in our market foremost compressed hydrogen cylinder know-how and that it will continue on to participate in a key purpose in decarbonizing the world wide mobility sector”, says Morten Holum, CEO of Hexagon Purus. “The financial investment into Cryoshelter’s early section liquid hydrogen tank know-how can most likely bolster and enhance our future hydrogen abilities to push zero emission mobility”.

“We are extremely proud to crew up with Hexagon Purus to build market place primary technology for storage of liquid hydrogen,”, suggests Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Liquid hydrogen is now in a quite early stage and Hexagon Purus’ investment into our enterprise is a validation of our technology”.

About the market place

Hydrogen is accumulating powerful momentum as a critical power transition pillar in the direction of zero emission, and is underpinned by a global shift of regulators, investors, and people more and more focused on decarbonization. It has turn into crystal clear that hydrogen will participate in a critical function in decarbonizing “hard to abate” sectors.

Liquid hydrogen storage engineering can supply better energy density as opposed to compressed hydrogen storage, and in area and/or payload-constrained apps, these types of as sure heavy-obligation trucking applications, transport, industrial aviation and aerospace, it could be a persuasive long run option.

For far more info:

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 company, permits zero emission mobility for a cleaner power future. Hexagon Purus is a planet primary service provider of hydrogen Sort 4 significant-tension cylinders, comprehensive automobile devices and battery packs for gasoline mobile electrical and battery electric motor vehicles (FCEV and BEV) such as hybrid mobility applications on light-weight, medium and large-obligation motor vehicles, transit buses, ground storage, distribution, maritime, rail, and aerospace apps.

Discover additional at www.hexagonpurus.com and adhere to @HexagonPurus on Twitter and LinkedIn.