The separation of Cryoshelter’s LNG and LH 2 businesses recognizes the different phases of market and product development. Together, with Cryoshelter, Hexagon Purus reports it will further develop the technology and business over the coming years. Hexagon Purus ASA (owned 73.3% by Hexagon Composites) will make an initial investment of €3.5 million to acquire 40% of Cryoshelter’s LH 2 business, with options to buy remaining interests over the next five to 10 years. Together, with Cryoshelter, Hexagon says it will further develop the technology and scale up the business over the coming years. Hexagon Composites ASA will make an initial investment of €2.5 million to acquire 40% of Cryoshelter’s LNG business, with options to buy remaining interests over the next three to 10 years. This will further strengthen our efforts to drive decarbonization in the heavy-duty transport sector, support Europe and other key geographies in securing energy independence and reinforce our position as a global leader in clean energy solutions.” “The addition of Cryoshelter’s technology extends our product portfolio to include leading liquid gas solutions. Our goal is to aid the commercialization and industrialization of this technology,” Jon Erik Engeset, CEO of Hexagon Composites, says. “Cryoshelter has a potentially disruptive technology with competitive edge compared to existing technology alternatives in the market. Storage of LNG and LH 2 will add a new dimension to its existing offering, complementing its portfolio and unlocking new opportunities for Hexagon Agility (Costa Mesa, Calif., U.S.) and Hexagon Purus (Ålesund), respectively. The Hexagon Group provides compressed natural gas (CNG), including renewable natural gas (RNG), compressed hydrogen and battery-electric systems as part of its portfolio of clean fuel solutions. On April 21, Hexagon Composites (Ålesund, Norway) signed an agreement to acquire a 40% stake in Cryoshelter GmbH, a Dobl, Austria-based company specialized in the development of cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH 2).
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