Hexagon Purus acquires stake in cryogenic hydrogen storage technology company, introducing potential complementary capabilities to its portfolio
(Oslo, 21 April 2022) Hexagon Purus, a earth top supplier of zero emission mobility methods, has entered into an arrangement to receive 40% of Cryoshelter GmbH’s (“Cryoshelter”) liquid hydrogen business. The transaction is in conjunction with Hexagon Composites’ acquisition of a 40% stake in Cryoshelter’s liquid all-natural fuel (LNG) company.
Cryoshelter’s liquid hydrogen tank technology is in the early stage of progress and builds on remarkable and differentiated LNG engineering that provides more fuel potential and bigger keep situations (a vital necessity for cryogenic storage) than competing offerings. The transaction provides early-phase abilities in liquid hydrogen tank know-how for zero emission mobility apps and could possibly outcome in a foreseeable future complementary offering to Hexagon Purus’ market leading compressed hydrogen cylinder technologies.
Critical terms and structure of the transaction
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Original financial commitment of EUR 3.5 million for 40% of the shares in Cryoshelter’s liquid hydrogen enterprise.
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The transaction contemplates a break up of Cryoshelter into independent legal entities for the liquid hydrogen and liquid natural (renewable) gasoline enterprises, enabling Hexagon Purus’ immediate financial investment in early-phase liquid hydrogen tank technological innovation.
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The separation of Cryoshelter’s liquid hydrogen and liquid purely natural gasoline organizations acknowledges the unique phases of market and solution growth – there is an proven market place for liquid purely natural fuel mobility answers and Cryoshelter’s technological innovation is previously at a pre-industrial stage, although the industry and products for liquid hydrogen storage are in the early phase of growth with for a longer period runway to commercialization.
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Synergies amongst the separated business enterprise entities are expected to be maintained in vital functional places, sharing means wherever possible.
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Hexagon Purus and Cryoshelter will even more build the technological know-how and company around the future number of years.
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Hexagon Purus has selections to purchase remaining interests in Cryoshelter in excess of the up coming 5 -10 yrs.
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Closing of the transaction is envisioned to acquire location in the 3rd quarter of 2022, subject to fulfilment of particular closing disorders and customary regulatory approvals.
See Hexagon Composites announcement on 21 April 2022 for far more details on their acquisition of Cryoshelter’s liquid normal fuel tank engineering enterprise.
About Cryoshelter
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Cryoshelter is a cryogenic storage engineering company founded in 2008 in Austria by Dr. Matthias Rebernik (currently retains roughly 80% of the shares in the Enterprise) whose PhD thesis was section of the LH2-tank venture for the BMW Hydrogen 7.
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The Corporation has created and secured patented technologies for heavy-obligation trucks and buses applying liquid storage remedies for organic gas and hydrogen based on the similar know-how platform.
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Employing proprietary designs, Cryoshelter’s commercialized liquid normal gas tanks enable for highest utilization of body rail space to give sector major effectiveness (e.g., 20-50% superior gasoline storage and 2-4x enhanced maintain time compared to competition)
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The organization is headquartered in Graz, Austria
Future probable complementary presenting to existing portfolio
The transaction represents an attractive expense for Hexagon Purus and confirms the ongoing focus to produce and assist long run possible complementary hydrogen storage technological know-how answers enabling zero emission mobility. Combining compressed and liquid hydrogen storage abilities will further more broaden and reinforce Hexagon Purus’ placement as a main company of zero emission mobility technologies and solutions.
“We continue being potent believers in our market place major compressed hydrogen cylinder technological know-how and that it will proceed to perform a crucial position in decarbonizing the world mobility sector”, says Morten Holum, CEO of Hexagon Purus. “The investment decision into Cryoshelter’s early phase liquid hydrogen tank technological innovation can most likely bolster and complement our upcoming hydrogen capabilities to drive zero emission mobility”.
“We are incredibly proud to group up with Hexagon Purus to develop industry primary technological innovation for storage of liquid hydrogen,”, says Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Liquid hydrogen is at present in a very early stage and Hexagon Purus’ investment into our enterprise is a validation of our technology”.
About the market
Hydrogen is gathering strong momentum as a key electricity transition pillar in the direction of zero emission, and is underpinned by a worldwide shift of regulators, traders, and customers progressively focused on decarbonization. It has develop into distinct that hydrogen will engage in a important job in decarbonizing “hard to abate” sectors.
Liquid hydrogen storage technologies can provide higher strength density in contrast to compressed hydrogen storage, and in place and/or payload-constrained apps, such as sure large-obligation trucking purposes, delivery, industrial aviation and aerospace, it could be a persuasive potential choice.
For more facts:
Mathias Meidell, Investor 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 company, enables zero emission mobility for a cleaner energy potential. Hexagon Purus is a earth main supplier of hydrogen Form 4 superior-pressure cylinders, full motor vehicle devices and battery packs for gasoline cell electric and battery electric powered vehicles (FCEV and BEV) including hybrid mobility purposes on mild, medium and weighty-obligation automobiles, transit buses, floor storage, distribution, maritime, rail, and aerospace applications.
Study more at www.hexagonpurus.com and adhere to @HexagonPurus on Twitter and LinkedIn.
