Hexagon successfully completes 40 percent acquisition of Cryoshelter
August 01, 2022 - Stock Exchange Release
(Oslo, 1 August, 2022) Reference is made to the stock exchange announcement by Hexagon Composites on 21 April 2022, regarding the agreement to acquire a 40% stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2).
Hexagon is pleased to announce that the transaction has been successfully completed, and Hexagon Composites now owns 40% of Cryoshelter's liquid (renewable) natural gas (LNG) business, with options to buy remaining interests over the next 3-10 years. The initial investment of EUR 2.5 million extends Hexagon’s product portfolio to include leading liquid gas solutions.
Hexagon Purus ASA (owned 73.3% by Hexagon Composites) has also completed its previously announced 40% stake in Cryoshelter’s cryogenic tank technology for liquid hydrogen (LH2) (reference Hexagon Purus announcement, 1 August 2022).
“Liquid storage of renewable natural gas (LNG) and hydrogen (LH2) will add a new dimension to our existing offering, complementing our portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively,” says Jon Erik Engeset, CEO Hexagon Composites. “We are excited to be working together with Cryoshelter to further develop the technology and scale up the business over the coming years.”
For more information:
Karen Romer, SVP Communications, Hexagon Composites
Telephone: +47 950 74 950 | firstname.lastname@example.org
Ingrid Aarsnes, VP Investor Relations & ESG, Hexagon Composites
Telephone: +47 950 38 364 | email@example.com
Cryoshelter is an Austrian cryogenic storage technology company founded in 2008 by Dr. Matthias Rebernik (currently holds approximately 80% of the shares in the Company) whose PhD thesis was part of the LH2-tank project for the BMW Hydrogen 7. The Company has developed and secured patented technology for heavy-duty trucks and buses using liquid storage solutions for natural gas and hydrogen based on the same technology platform. Using proprietary designs, Cryoshelter’s commercialized liquid natural gas tanks allow for maximum utilization of frame rail space to give industry leading performance (e.g., 20-50% better fuel storage and 2-4x improved hold time versus competitors).
About Hexagon Composites
Hexagon delivers safe and innovative solutions for a cleaner energy future. Hexagon’s solutions enable storage, transportation and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.