Hexagon acquires stakes in Cryoshelter
Cryoshelter has a potentially disruptive technology with a competitive edge compared to existing technology alternatives.
Hexagon Composites agreed to buy a 40% stake in Cryoshelter GmbH, an Austria-based company specialising in developing cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2).
The deal will complement Hexagon portfolio and unlock new opportunities for Hexagon Agility and Hexagon Purus.
Hexagon Purus ASA (owned 73.3% by Hexagon Composites) will make an initial investment of €3.5 million to acquire 40% of Cryoshelter’s liquid hydrogen (LH2) business, with options to buy the remaining interests over the next 5-10 years. Together with Cryoshelter, Hexagon Purus will further develop the technology and business over the coming years.
Hexagon Composites ASA will make an initial investment of EUR 2.5 million to acquire 40% of Cryoshelter’s liquid (renewable) natural gas (LNG) business, with options to buy the remaining interests over the next 3-10 years.
Closing of the Transaction is expected to occur by the third quarter of 2022, subject to regulatory approvals.
The separation of Cryoshelter’s liquid (renewable) natural gas and liquid hydrogen businesses recognise the different market and product development phases. There is an established market for liquid natural gas mobility solutions. Cryoshelter’s technology is already at a pre-commercial stage, while the market and products for liquid hydrogen storage are in the early stage of development with a longer timeframe to commercialisation.