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

Hexagon Composites ASA

Hexagon Composites ASA

April 21, 2022: Hexagon Composites, a planet major designer and maker of clean fuel solutions for commercial motor vehicles, signed an settlement to acquire a 40% stake in Cryoshelter GmbH, an Austria based company specialised in the improvement of cryogenic tank know-how for liquid (renewable) purely natural gas (LNG) and liquid hydrogen (LH2).

The Hexagon Group currently offers compressed natural gasoline (CNG), including renewable natural gasoline (RNG), compressed hydrogen and battery-electric units as component of its portfolio of thoroughly clean gas answers. Liquid storage of renewable purely natural fuel (LNG) and hydrogen (LH2) will add a new dimension to its existing presenting, complementing its portfolio and unlocking new prospects for Hexagon Agility and Hexagon Purus, respectively.

“Cryoshelter has a probably disruptive technologies with competitive edge when compared to current technological know-how options in the current market. Our aim is to help the commercialization and industrialization of this technologies,” suggests Jon Erik Engeset, CEO of Hexagon Composites. “The addition of Cryoshelter’s technology extends our merchandise portfolio to involve primary liquid gas answers. This will additional bolster our attempts to push decarbonization in the weighty-obligation transport sector, guidance Europe and other crucial geographies in securing strength independence and fortify our place as a international chief in clear electricity answers.”

“Our individuals have considerable education, know-how and knowledge in the engineering and style and design of cryogenic tanks. We are thrilled to team up with Hexagon as they convey industrial skills, a international existence and customer probable to escalate the scale up of our operations,” suggests Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Hexagon’s expense into our business is proof of assurance in our technological know-how.”

Data on transaction

Hexagon Composites ASA will make an preliminary expense of EUR 2.5 million to obtain 40% of Cryoshelter’s liquid (renewable) pure fuel (LNG) business enterprise, with possibilities to obtain remaining passions above the subsequent 3-10 yrs. Jointly with Cryoshelter, Hexagon will further more acquire the technology and scale up the business in excess of the coming many years.

Hexagon Purus ASA (owned 73.3% by Hexagon Composites) will make an initial financial investment of EUR 3.5 million to receive 40% of Cryoshelter’s liquid hydrogen (LH2) small business, with possibilities to purchase remaining passions in excess of the future 5-10 yrs. Alongside one another with Cryoshelter, Hexagon Purus will even more produce the know-how and company about the coming years. (Reference Hexagon Purus announcement, April 21, 2022).

The separation of Cryoshelter’s liquid (renewable) all-natural gasoline and liquid hydrogen corporations acknowledges the unique phases of market and solution enhancement. There is an established market for liquid pure gasoline mobility remedies and Cryoshelter’s technological innovation is now at a pre-industrial phase, though the market place and items for liquid hydrogen storage are in the early phase of development with longer timeframe to commercialization.

Closing of the Transaction is predicted to take location by the 3rd quarter of 2022, subject to fulfilment of certain closing situations and customary regulatory approvals.

Decarbonization will demand compressed and cryogenic remedies

In distinction with North The usa, the place compressed (renewable) all-natural fuel (RNG/CNG) is the major all-natural fuel engineering for very long-haul trucking, LNG has emerged as the foremost normal gasoline choice in Europe thanks to a considerable infrastructure community, favorable price posture and chosen truck configuration. About the past yr, the amount of new LNG truck registrations and filling stations have increased appreciably, and increased development is anticipated above the following 10 years as fleet operators are opting for readily out there, expense competitive fuels with quick emission preserving probable these as biomethane (RNG).

Supported by European legislation, it is expected that renewable normal gas, along with battery-electrical and gas cell-electrical systems will participate in a vital function in the endeavours to decarbonize the professional transportation sector in Europe.

For a lot more information and facts:

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 advanced liquid normal gas tank know-how corporation started in 2008 in Austria. The corporation has designed and secured patented technology for weighty obligation vans and buses applying cryogenic storage solutions for liquid purely natural fuel and liquid hydrogen gas based on exact engineering platform. Cryoshelter’s commercialized liquid normal gas tanks allow for for maximum utilization of space to give marketplace foremost functionality. The business is headquartered in Graz, Austria. Discover extra at www.cryoshelter.com

About Hexagon Composites ASA

Hexagon delivers safe and sound and progressive options for a cleaner electricity long run. Hexagon’s methods help storage, transportation and conversion to clean power in a large array of mobility, industrial and shopper purposes. Understand extra at www.hexagongroup.com and observe @HexagonASA on Twitter and LinkedIn.