(Oslo, 21 April 2022) Hexagon Purus, a entire world foremost supplier of zero emission mobility options, has entered into an arrangement to get 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 pure gas (LNG) business.
Cryoshelter’s liquid hydrogen tank know-how is in the early phase of enhancement and builds on superior and differentiated LNG technological know-how that gives additional gasoline capacity and greater maintain occasions (a significant requirement for cryogenic storage) than competing offerings. The transaction brings early-phase skills in liquid hydrogen tank technologies for zero emission mobility purposes and could likely outcome in a long run complementary featuring to Hexagon Purus’ industry major compressed hydrogen cylinder technology.
Essential conditions and structure of the transaction
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First expenditure of EUR 3.5 million for 40% of the shares in Cryoshelter’s liquid hydrogen business.
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The transaction contemplates a break up of Cryoshelter into independent legal entities for the liquid hydrogen and liquid pure (renewable) fuel enterprises, enabling Hexagon Purus’ immediate financial commitment in early-phase liquid hydrogen tank engineering.
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The separation of Cryoshelter’s liquid hydrogen and liquid pure gas corporations recognizes the distinct phases of current market and product or service growth – there is an established market for liquid purely natural fuel mobility solutions and Cryoshelter’s engineering is by now at a pre-commercial stage, even though the sector and products and solutions for liquid hydrogen storage are in the early stage of growth with for a longer period runway to commercialization.
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Synergies amongst the separated business entities are anticipated to be managed in key useful spots, sharing means wherever possible.
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Hexagon Purus and Cryoshelter will more create the technological innovation and business about the future handful of decades.
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Hexagon Purus has alternatives to get remaining pursuits in Cryoshelter around the next 5 -10 several years.
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Closing of the transaction is expected to just take area in the 3rd quarter of 2022, matter to fulfilment of certain closing conditions and customary regulatory approvals.
See Hexagon Composites announcement on 21 April 2022 for much more aspects on their acquisition of Cryoshelter’s liquid pure gasoline tank know-how business.
About Cryoshelter
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Cryoshelter is a cryogenic storage technologies corporation founded in 2008 in Austria by Dr. Matthias Rebernik (currently holds somewhere around 80% of the shares in the Organization) whose PhD thesis was component of the LH2-tank challenge for the BMW Hydrogen 7.
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The Corporation has formulated and secured patented technological know-how for hefty-duty vehicles and buses applying liquid storage solutions for purely natural fuel and hydrogen centered on the exact technological know-how platform.
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Making use of proprietary models, Cryoshelter’s commercialized liquid natural gas tanks permit for highest utilization of body rail space to give marketplace primary efficiency (e.g., 20-50% far better gas storage and 2-4x enhanced maintain time compared to competitors)
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The corporation is headquartered in Graz, Austria
Upcoming probable complementary presenting to current portfolio
The transaction signifies an interesting financial commitment for Hexagon Purus and confirms the constant concentration to acquire and assistance future probable complementary hydrogen storage know-how alternatives enabling zero emission mobility. Combining compressed and liquid hydrogen storage capabilities will even more broaden and fortify Hexagon Purus’ placement as a foremost provider of zero emission mobility systems and remedies.
“We continue to be sturdy believers in our market place major compressed hydrogen cylinder technologies and that it will continue on to perform a vital job in decarbonizing the world mobility sector”, says Morten Holum, CEO of Hexagon Purus. “The investment into Cryoshelter’s early stage liquid hydrogen tank technologies can possibly reinforce and enhance our future hydrogen capabilities to push zero emission mobility”.
“We are pretty proud to team up with Hexagon Purus to produce market place main technology for storage of liquid hydrogen,”, states Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Liquid hydrogen is at this time in a very early stage and Hexagon Purus’ financial investment into our enterprise is a validation of our technology”.
About the marketplace
Hydrogen is collecting sturdy momentum as a important electrical power changeover pillar towards zero emission, and is underpinned by a worldwide change of regulators, buyers, and customers more and more targeted on decarbonization. It has become distinct that hydrogen will play a vital function in decarbonizing “hard to abate” sectors.
Liquid hydrogen storage technology can give greater power density when compared to compressed hydrogen storage, and in place and/or payload-constrained applications, such as specific large-obligation trucking applications, transport, commercial aviation and aerospace, it could be a persuasive potential alternate.
For additional info:
Mathias Meidell, Investor Relations Director, Hexagon Purus
Phone: +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 firm, allows zero emission mobility for a cleaner energy long term. Hexagon Purus is a entire world foremost service provider of hydrogen Type 4 significant-pressure cylinders, full auto systems and battery packs for gas mobile electric and battery electric powered automobiles (FCEV and BEV) such as hybrid mobility apps on mild, medium and major-duty motor vehicles, transit buses, ground storage, distribution, marine, rail, and aerospace applications.
Discover far more at www.hexagonpurus.com and observe @HexagonPurus on Twitter and LinkedIn.
